Retirement or going on a vacation are the two main reasons why one could go away from their property. This therefore needs one to be prepared with tactics that will help to either improve or maintain the state of the property. lf you however have decided to live abroad, you might decide to keep your old property as an investment. Maintenance of its value is an important aspect in this matter. lf you cannot be there all the time, someone else maybe a tenant can look after your property while you are away. Renting is a sure way of earning income at the end of each month, as well as making sure you do not sell your property at a throw away price.
Renting Repair and innovate before leaving You want your rent to be a good high price, so you must therefore cater for all tenants including the younger agents. Contemporary standards dictate you up your decorating; decor and fittings. This will end up in sorting other unknown issues. This will increase the amount of rent you charge as well as decrease the problems after the tenants have already moved in Find a letting agent look out for a reliable and reputable agent, who will look after your property properly.
This is a good step because countries have different time zones and it will also make things easier for you while abroad. The agent should be registered with Association of Residential Letting Agents. You can choose to pose as a tenant to examine their working capacities or find out about them from other landlords. They should have a good relationship with the tenants apart from looking after the property so that tenants can be free enough to report any problem they encounter. Install extra security Alarms and quality security should be installed to ensure the tenants are safe in their houses and to avoid burglary and vandalism.
Mortgaging A mortgage is a debt, often secured by a collateral of a specified real estate property. The borrower is to pay back with several installments for a specified period of time. As a long term tenant, you may decide to keep the house, but not as a tenant anymore but as the legal owner of the property.
This will take the mortgaging process, whereby you will pledge your house to the bank who has a claim on the property incase you default payments of the mortgage. On defaulting the payment, the bank will evict the tenants and sell the house to clear the mortgage debts. This is a good way of earning income since you can rent it out while you are abroad.
Buying You might as well buy property to invest, through renting out or you may also plan to have a special place for your holiday getaways or for your retirement. When calculating the exchange rates which vary with countries, make sure you include space for them to change, in both directions.