What is the best thing to do with your home if your job takes you away to distance shores for extended periods or you’re deployed for military service abroad? You could realize some extra income from renting, but can you be a long-distance landlord and make it work? Selling is an option, but if you’ve invested in remodeling or really like your home and don’t want to let it go, maybe renting is a better decision.
First things first, check with your mortgage lender to be clear about your intentions. If that’s a green light, contact your home insurance agent to discuss what you’re doing. You will likely have to change your insurance once you have a tenant move in.
Next comes the hard part. Being the landlord in the same city is difficult enough. Being the landlord in a different country can be overwhelming. After all, you’re responsible for managing the property as well as your tenants. The smart answer to your dilemma is to work with a qualified property manager.
That’s where Cousin James Management steps in. Our experts will do it all, from finding and vetting tenants, checking your property regularly, managing repairs, doing the billing and contracts and keeping you up to speed on your tenant’s activities. It’s the peace of mind you need when you’re so far away.
If you really want to take on the rental management yourself and use the rental income for later, you should consider some of the main obstacles you’ll face. You’re the landlord, so any repairs must be made in a timely manner. Make sure you have a repair person you can rely on, preferably someone you know or with whom you can build a long standing relationship.
You will need a friend or family member to be your permanent contact. They would be the person to make sure rent is on time and that noise or troublesome activities are well managed and discouraged. Make certain your contact is driving by the home periodically and checking for any sign of obvious problems.
Generally speaking, it’s a big decision to rent out your property while you’re abroad. But if you want to rent and have the most peace of mind possible, work with a reliable property management company.