People who leave the UK in pursuit of a new life overseas should consider renting out their home in order to ensure a steady income and a base to return to should they decide to come back.
The Daily Telegraph has published a guide to expats renting out their properties and has explained that there are many advantages to it.
As well as the income it provides, it can also make it easier for Britons to obtain mortgages further down the line, such as in a few years if they have come back to live in the UK.
Alastair Mullen, UK lettings manager at Hamptons International, is an expat landlord himself as he lives in Hong Kong and said appointing a letting agent to oversee matters is usually a good idea.
"Having to manage contractors from a distance is tricky, and your visits to the property itself to check on the tenants and the property will be limited," he explained.
What's more, when tenants move out it's important to carry out a property inventory, but this will be difficult if a landlord is based overseas.
When it comes to becoming an expat landlord, there are several issues it's important to consider, and the first of these is the costs that will likely be factored in to any such action.
For starters, individuals should work out how much they are likely to pay a letting agent, what type of insurance they will get and how much it will cost and budget for any payments or legal costs that might come up as a result of contract disputes.
Mortgages are obviously another important matter and it's vital that landlords secure a deal that allows them to rent their property out.
And finally, it's important to think about currency transfers as these are sure to be made on a regular basis, so getting the best rate can be beneficial.
Published on: April 25, 2014