Throughout our lives, certain opportunities will come our way. They might come in the form of career opportunities, chances to travel or in the form of the people we meet and the opportunities that they may represent for our lives, relationships or careers. In life, it’s essential to grab hold of these opportunities before they slip through our fingers.
The more we umm and ahh and deliberate, the more chance we have of missing out on a beneficial or potentially life changing opportunity. However, there may be times when following an opportunity means that you have to leave your beloved home behind.
This can be a difficult choice to make. Your home is your castle, after all. Nonetheless, renting your home out while you’re away can help to ensure that your mortgage gets paid (you may well even have a little extra left over) while you pursue your dreams.
While moving abroad and renting our home isn’t something we are planning on doing anytime soon, it is something that crossed our mind a few years back, so we thought we’d share a few thoughts on the topic.
Don’t let fear of the unknown put you off the prospect of living your best life. Here we’ll address some common concerns and allay them so that you can achieve your dreams…
What do I do with all my stuff?
Over the years we can all accumulate a lot of material possessions (and also hoard a lot of things we don’t need). What you do with them is up to you. You can:
- Leave them in the property
- Put them in storage
- Sell them
- Loan them to friends or family
- Take them with you (well, those that are easily transported)
Each option has its pros and cons. Obviously, not everything can be left behind. Your tenants will need space to store their own belongings. The more you leave in your home, the more chance there is of something getting worn or broken.
On the other hand the more you keep in storage, the larger unit you’ll need and the more you’ll need to pay. You might find that you have way more stuff than you thought you had, in which case selling some of it can leave you with a few pound to take with you on your next adventure.
How much rent should I charge?
This is a tricky one and it’s entirely at your discretion. If you’re using a letting agent (which is advisable if you’re going to be going overseas), they can advise on your overall rental fee based on the local market and the specifics of your property.
Ultimately, however, the choice is yours and there are lots of resources which can teach you how to increase your rental income. While it may be tempting to undercut other properties on rental price, keep in mind that the extra rental income can make it much easier to get by on your travels.
What if something goes wrong while I’m away?
As a landlord you have a legal responsibility make your home safe, livable and comfortable for your tenants. Inevitably, however, every once in a while something goes wrong. Something gets broken or worn or stops working.
The beauty of going through a letting agent is that they take a lot of the hard work out of it for you. They will simply find a solution and get one of their service providers to give you a quote.
If, however, you are on good terms with any handymen or women or building and maintenance companies you may get more favourable rates than if you go through your letting agent.
Ultimately the choice is up to you… Just don’t let fear of the unknown stop you from living the dream!
Until next time, thanks for reading.
Helen, Nial and Lewis
Welcome to Pikalily, an award-winning food, travel and lifestyle blog. We are Nial and Helen, a happily married couple from Northern Ireland, who share a passion for food and travel among many things. We became parents to our beautiful boy Lewis in 2017. Follow our adventures through the blog.
