Profit to be made from letting property abroad

Establishing tenancy agreements could be one way of making money from a property when moving abroad, one organisation has said.

Keeping standards as high as possible is one of the ways to make sure rentals will be made, noted the Association of Residential Letting Agents (Arla).

It also recommended that people ensure they get their tax affairs in order, as this will still need to be paid on any earnings made from a UK property.

Operations manager Ian Potter commented: "This is a smart move for many reasons, but as ever it is important to ensure that everything is done correctly.

"The last thing a family needs before or shortly after an international move is more stress."

Arla also suggested that homeowners need to let their insurance provider know what they are doing, as letting out a property could have implications for their mortgage.

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Published on: June 24, 2011

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