4 Simple Tips For Renting Out Your Property While You Travel

Travelling or settling down? Which one do you prefer?

Although conventional logic says you must pick between the two options, the truth is that you can have your cake and eat it too. Owning real estate is never a bad thing, not when it takes years to get onto the property ladder. Plus, the money you make from renting it out will cover your mortgage, and your travel expenses, to ensure you can spend as much time overseas as possible.

However, listing it as a rental isn’t a walk in the park. If you decide to do it, you need to consider the following.

Insurance

The policy you have at the moment isn’t suitable. Once an insurer finds out that you have used the house for commercial purposes, i.e., to make money, they’ll void the agreement. Then, you’ll be liable to pay every penny of the damages. Therefore, it’s essential to bump up your coverage to include landlord and guest insurance. This isn’t just a smart move; it’s the law. Don’t fret about the increased rates yet because several insurance companies merge the major coverages. For example, you might be able to get homeowner and landlord insurance for a flat fee.

Property Management

Again, hiring a property manager adds to the costs, and you want to keep them low to avoid spending money unnecessarily. See here for more. Still, it’s essential to factor in the ease of access you don’t have when you’re abroad. If something goes wrong, who will be the first point of contact? If the property needs cleaning, who will turn up with a dustpan and brush? When they need to check-in on the booking day, how will you give them the keys? There are lots of little things you can’t control remotely, which is why a property manager is worth the investment.

House Rules

Not only do you have to minimise damages (they are expensive), but you have to maintain a working relationship with the community. The last thing you want is to return home and be a pariah because the neighbourhood had to put up with nightmare tenants. The good news is, the likes of Airbnb include strict house rules in their terms and conditions, yet nothing is stopping you going further. Click here to learn more about the smart home monitoring system that measures noise. When you see the decibels hit a certain level, you can message your tenants to keep it down.

Step Into A Guest’s Shoes

Finally, before posting the listing online and planning your trip, you should critique your home from the point of view of a guest. That means evaluating if the WiFi is strong enough and has blind spots, or if the furniture is welcoming and encourages relaxation. People are picky, and you shouldn’t obsess over each detail, but the more bases you can cover, the higher the rating. And, ratings and reviews are what keep customers coming back for more in the long-term.

Ultimately, you must be comfortable and flexible enough to deal with the responsibility of renting a house and travelling simultaneously.

Photo by Brian Babb on Unsplash