Should You Rent Out Your Home When You’re Traveling Abroad?

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Traveling abroad is an exciting opportunity. But with the adventure comes big choices around what to do with your home while you’re gone. Maybe you’re worried about how you’ll keep up with mortgage payments or about who will take care of the lawn. For some, renting out their home while traveling abroad is the perfect solution to maintaining their home. If you aren’t sure what to do about your property usage while you’re abroad, read on.

Pros of Renting Out

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As a homeowner, you already know that your home is an appreciating asset. For this reason alone, it’s important to take care of it whether you’re living on the property or not. The last thing you want to do is return to a depreciating asset simply because your home wasn’t taken care of. One pro to renting out your home while you’re abroad is that your tenant can take care of things like regular maintenance or at least alert you to any issues while you’re gone. Many homeowners rent out properties for this reason. That is, it’s an easy way to be sure your home or other real estate property is taken care of while you’re gone.

For some, there are concerns about how a renter would take care of their two-bedroom apartment or 3000 sq ft home while they’re away. But if you advertise with a renter’s agency that screens tenants ahead of time for things like good credit and references, renting out your residence is a great way to not only take care of the mortgage while you’re away but to have an eye on things, too. Popular searches for someone to sublease or rent out your home while you’re gone often lead to mutually beneficial relationships.

Even if you don’t own a home and instead have a luxury apartment, subleasing with the landlord’s okay could be a great way to have your bills paid while you’re paying rent abroad in a rental property there. Top pros for renting out your home while you are away are that your mortgage or rent will be at least partly paid, it could mean passive income, and that your chances of being stolen from or vandalized will go down if someone is actively living in the home; meaning your personal property left behind will be safer.

Cons of Renting Your Home

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The easiest way to leave for your trip abroad might be forgetting all about the idea of taking on a tenant. If you’ve just spent months worrying about ways to beautify your home on a budget, you may be less inclined to want to share your private space with someone. Regardless of whether or not your home is your primary residence, you may not think it’s a great idea to open your home to a stranger.

Be honest with yourself. Are you okay with someone sleeping on your sofa, inviting their friends and family into your living room, or scuffing their shoes against your new floor? Do you mind someone sleeping in your bedroom or using the throw pillows you leave behind? Would it bother you if they lit your sentimental candle or put their books on your shelves? Do you mind them being in your bathroom and looking in your medicine cabinets? Are you okay with them eating in your dining room while you’re off living your new life exploring outdoor flea markets or studying abroad?

Concerns about property damage, privacy whether or not they’ll pay the rent, or even if you’ll be able to get tenants to leave easily when you return are all reasons not to rent out your home while traveling abroad.

Other Things to Consider

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Before you decide, think of the long term picture. Consider your home’s property value, the items you’ll be leaving behind, whether your home or apartment is paid off, and if you feel comfortable leaving your belongings with a tenant.

Consider your recent search for Flats for Rent in Karachi and more on the foreign housing market. Did the monthly cost of that luxury flat in the fancy neighborhood abroad concern you? Are lakh houses abroad going to crunch your budget? Will your new apartment make it impossible to keep up with bills at home? That is, how much you’ll be paying for your property abroad will make a difference on if you can afford two monthly payments. A tenant could mean bills at a fraction of the cost compared to handling them alone.

In the end, there are not wrong answers, only pros and cons. How long you’ll be away, your financial resources, whether or no you’re in it for the long run with travel, and the friends and family you have around may all factor in when making this decision.

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