If you are getting sent overseas for a long term but temporary living situation, you might decide that you are going to rent out your house to passively pay off the mortgage, rather than sell it and go through the whole process of having to buy a new house when you return. However, you might worry about making sure that you are making the right decision. Here are some tips for making sure.
1. Check the Prices of Similar Houses in Your Area
The last thing that you want is to keep your house but not rent it out for a price that is going to be enough to pay off the mortgage. You are going to need to have a place to live wherever your work sends you, so you might not have the cash on hand to pay both your mortgage and the rent of your new living situation. Check that a house in your area can reasonably be rented for at least what your monthly mortgage payment is in order to make sure that it is a passive source of income and not a liability.
2. Make Sure You Have the Money to Weather Paying Your Mortgage When the House is Empty
Despite your best efforts, you might not be able to keep your house rented the entire time that you are gone. You need to make sure that you have a pool of money that you can draw on in order to ensure that you are able to continue paying your mortgage despite not having renters. If you do not have this pool of money or are not going to be able to make enough money from your job to pay the mortgage and the rent in your new location, you should consider selling your home and not renting it.
3. Get Someone Else to Take Care of It
Finally, make sure that you hire a rental property manager to deal with the day-to-day repairs and yard work that you won't be able to do while you are located elsewhere. Be sure that you find a rental management company that will check in on the house to make sure that it isn't destroyed and has legal insurance that you can purchase in order to make sure that, should you need to hire a lawyer to enforce the terms of a lease, that the cost will not be ruinous to you.
For more information, talk to a company that specializes in rental management such as Advanced Property Management.Share
6 September 2016
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