Travelling the world is something we should all do and what better way than with an extended trip away from your home country. You can really get to grips with a trip when you have an extended period of time available to you but if you own your home what to do while away? You can always rent out your home during the time you are away. There are a few things you will need to prepare and put in place before you go away and rent out the property.
Do Proper Checks On Potential Tenants
When renting out your property it is essential to know who you are renting to. You’ll want to know some key information about them such as occupation and income, it’s key to be sure they can afford the rent you need to be able to pay the mortgage. If you are unsure at all about the tenant looking to rent your property then it may be key to do a credit check on them and if not practical then it’s at least recommended to get references from their previous landlords.
Have A Rental Agreement Written Up
One thing you need to do is have a rental agreement detailing the rules of the lease such as can they have pets, is decorating allowed, what the rent is and the length of the rental. You can easily get a template online for this and adjust it as you see fit otherwise you can get a lawyer to draft one if you an unsure or need something specific put in.
Think About Utility Bills & Council Tax
You’ll have to be sure you have provision for who is paying the bills during the length of the lease as it can cause a huge problem if you neglected this and return to large unpaid bills. You could give the tenant a monthly rental that includes bills but be aware that if you do this then how much could they potentially run up of a bill, for things like broadband it would be best to have an unlimited or capped level of data and it’s easy to compare broadband deals online these days.
Ensure You Have Adequate Insurance & Your Mortgage Provider Allows Renting
You’ll need to make sure you have landlords insurance as normal home and contents insurance won’t cover you if you are letting the property out, and this could leave you in a bit of bother if something happens and you can’t claim. You’ll also have to check to see if your mortgage provider actually allows you to rent the property out.
Put In Place Someone To Manage The Property In Your Absence
Finally you’ll need to ensure someone is there to be a point of contact for the tenants during your absence to be able to arrange any repairs or deal with any issues. It could be a good idea to have preferred electricians, plumbers etc picked out before you go to make things easier. If you don’t have anyone you can have do this for you then consider hiring a letting agency to manage the property for the duration.