Have you secured that dream job abroad? Or fancy globetrotting for a while? If you own a property in the UK consideration will need to be given as to what will happen with it whilst your away. Relatives may be able to house sit for you, but letting the property out could be an attractive alternative: it earns you an income, provides a base for you to return to and makes it easier to obtain mortgages in the future.
We will explore some of the aspects involved with letting your property out whilst overseas. The first obvious one is collecting the rent from your tenants living in the property. With mortgage commitments to meet, the rental income needs to be in your account in a timely manner each month. From experience tenants can sometimes be late with their rent if they have other financial commitments, particularly on the higher valued properties. If you’re collecting the rent yourself directly be prepared to have the potentially awkward conversation once in a while to ask why the rent is late!
Equally as important is keeping a handle on the maintenance. You may have someone reliable on hand if anything goes wrong such as a friend or relative. If maintenance issues are a regular thing however it may become trying for the nominated friend or relative. You may also have a tenant who is keen to report every single issue. It may bode well in terms of them looking after the property but phone calls at all times of the day may not be that convenient to take.
If and when you return to the property it needs to be in a habitable condition. We’ve heard horror stories from disgruntled homeowners who have let friends or friends of friends live in their properties whilst abroad and come back to find their home in ruins and/or the so-called friends doing a flit owing months in rent. Not a good situation!
At Belvoir we have numerous overseas clients who have forged new lives abroad and sometimes forget that they have a property back in the UK. A lot of this is down to effective and professional management of the property by ourselves which takes the hassle and worry away from them. We notify our clients only when necessary so they are free to get on with their day-to-day business.
So if you’re contemplating moving overseas and not sure what to do with your property speak to us on 01606 783599 or pop into our office on Castle Street where we will be delighted to assist.
