Are you planning a sabbatical year in a foreign country? Consider renting out your home while living overseas. Yes, prepping your house for rental is yet another task on what may already feel like an overwhelming to do list. Done right, however, it’s worth the effort. Here are five great reasons to rent out your home when you move abroad.
- First up, and perhaps most obvious, the income. Houses incur costs whether or not you’re living there. Why let yours sit empty when you it could bring in some money? Rental income will offset fixed expenses such as your mortgage, property taxes, insurance and maintenance. When we rented our house in 2016, the rent we took in each month was almost to the penny what we’d put putting out in those monthly expenditures. It let us maintain our US home — and thus our US life — for net zero out of our pockets. Knowing the door was open for an easy return when we needed it brought us emotional comfort too as we adjusted to our new lives in Spain. So, even if the rent you bring in is only break even with what you need to put out, you’ll still be coming out ahead.
- Second, a person living in your home while you’re not there means you won’t need to hire a paid housesitter. Buildings, like people, need ongoing TLC to stay healthy. From simple things like preventing water stains in toilets and keeping the yard presentable, to more concerning matters like spotting a leakage before it causes major damage, a quality tenant ensures a constant pair of eyes on what is quite possibly your most valuable asset. Of course, having renters will contribute to wear and tear that wouldn’t occur if you left it empty. Nonetheless, in my opinion, the income you’ll earn plus the housesitting costs you’ll avoid should more than offset it.
- Next up, you’re giving someone the opportunity to have a place to live. Okay, maybe this sounds a bit preachy. My apologies. But… with so many cities short on housing, why leave your house sitting empty? Let when someone else temporarily call it home. (For a market rate rent of course.) If you expect to return home for regular visits during your time abroad, you might not want to rent. Otherwise, making your it available to a reliable, trustworthy tenant when housing is tight is a win win for everyone.
- Fourth on the list of great reasons to rent out your home when you move abroad… Preparing your house for rental presents a fantastic opportunity for what is more than likely a long overdue decluttering. Seriously. When was the last time you truly rid yourself of unnecessary stuff? You’re about to make a fresh start on a new life overseas. Do you really want to come home to all that, ahem, junk that’s been piling up over the years? Make space literally and metaphorically by cleaning out your closets. And drawers. And garage. And… you get the picture. These guidelines from Rent.Com on How to Declutter Before a Move, Room by Room will have your space looking… spacious in no time.
- Finally, reason number five to rent out your home when you’re not using it… It will motivate you to dig into some long deferred maintenance you’ve possibly been avoiding. (Much like that long overdue decluttering!) Nothing inspires my husband and I more to tackle home repair than the thought our tenant interrupting our glass of vino tinto because the garage door won’t open. Whether it’s painting the bathrooms, weeding the garden or tending to that ever growing list of “little things” that we’ve been ignoring, truly, our home never looks as good as when we hand those keys off to a tenant.
So, what are you waiting for? It might seem like a lot of added work on the surface. Okay, it is a lot of added work, if you’ve never rented your house before. But once you do, with care and forethought, you’ll be hooked.
Check out the Family Move Abroad Blog for more information, inspiration and great tips to make your expat journey a success, where your time overseas will take you.