How to use a property to pay for your travels

use-a-property-to-pay-for-house

You may want a nomadic life but there this is no reason to completely cut all ties. In fact, if you plan to live a nomadic life, having a property could be the best possible way to ensure a regular income without having to work every day.

Whether you are starting with a fixer-upper or you have a property you plan to leave, renting your home is a great way to earn a little extra while hanging on to one of the most valuable assets you will ever own.

Creating a Rentable Home

Any home can be made appealing within a couple of days but you may need a little more time if you have bought a cheap property that needs a lot more work. If you are already a skilled builder, you can get started quite quickly with trade equipment one day delivery from Bryson, otherwise, you should definitely get in the professionals!

Most properties will just need a lick of paint and a few minor fixes to get up to scratch. Start by putting all your own things into storage and then look at the rooms with a more critical eye. White and cream paints are popular because they create a lighter space and are neutral enough for most colour schemes to work. Minimalism is usually more appealing to prospective renters.

property-to-pay-for-travel

If you are planning to include furniture in the rental agreement, make sure you write down an inventory of what is left in the house including everything from pans to white goods. If you are choosing new furniture, make sure that everything retains its fire label and try not to go for anything to wild. Ikea is your friend!

Using a Letting Agent

You don’t want to be arranging “quick” fixes for your tenants while you are halfway around the world and enjoying the most beautiful sunset ever. This is why you should probably employ a letting agent to manage your property for you!

Letting agents can offer a range of services that include everything from finding a tenant to arranging gas checks. Check your contract carefully before you sign and take some legal advice if you aren’t sure what your contract entails. You should also look at a few letting agents to compare prices and services to get exactly what you need – you don’t want to be changing things up while you are travelling and unable to get to the property yourself.

When you are setting the rent amount, make sure that you factor in the mortgage payments (if applicable) and the letting agent’s fees. This will ensure that you still get some income from the property you can use while you travel. Lots of people find that even a small profit of £100 per month can make a real difference to their travels and experiences.

Of course, the main advantage of keeping hold of a property at home is that should you choose to settle after a nomadic lifestyle, you already have a place to stay. And once that mortgage is paid, you have an income stream for life.

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