Tuesday, 6 September 2016

Gap year? Make your property "work" for you

If you have booked a trip of a lifetime, you’ll need as much funds as possible. It’s possible to travel on the cheap by booking budget accommodation, but the costs of flights start to mount up quite quickly. You also need to eat and visit all the tourist attractions. Many people opt for working their way around the world, by taking temporary jobs in bars or by working remotely. There are other options, if you’re travelling for a number of months and you own your own property, you could make your property “work” for you whilst you’re away.

When travelling for long periods of time you have the problem of leaving your property empty. An empty property can be a worry, as it’s at risk of burglary or unforeseen damage. You could get a housesitter, whom you will have to pay for looking after your home, which is a good option if you need someone to care for pets. Or you could rent out your property, which is a potentially lucrative option that will cover your mortgage/loan and provide an income.

Renting out your home sounds a little inconvenient, but with many storage facilities and options available such as those offered by mybekins.com you will be able to safely store your treasured possessions until your return.

The remainder of this article will focus on the best way to rent out your profit for maximum profit.

Holiday market

Probably the most lucrative option is to rent out your property to the holiday market. Holiday rentals by and large command higher rents than other methods. If your property is situated in a tourist hotspot, close to a major events venue, or near to a large airport your property will be in demand.

It is important to inform mortgage and loan providers of your intention, so that any potential issues are covered. Insure your property and consider hiring a property manager who can oversee any problems that may occur, such as broken washing machine etc. You will also need to factor into your rental prices the cost of cleaning your property between rentals.

There are many outlets to advertise your property such as Airbnb, Holiday Lettings and Owners Direct. Ensure you describe your property to your best ability and take lots of fantastic photos.

Rental Market

A slightly less lucrative option would be to rent your property out as a short term let. This method will have the convenience of having only one tennant rather than numerous tenants in the holiday market. Many people look for the convenience of renting short term if they are in between house moves or they have travelled into the area for work purposes.

You will need to decide whether you wish to rent your house out furnished or unfurnished and your property will need to be a t a rentable standard, adhering to health and safety regulations.

When advertising your property be sure to vet potential tenants. Ask for references and make sure you ask for a bond which covers one months rent at the very least. Make sure it is written into the rental contract the date when the rental period will end.

Enjoy your trip and the extra funds!

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