Renting : Not an easy option.
You probably either rent or own your home. If you are a home owner, then what to do with your property whilst you're travelling means making some tough decisions. Here, we are going to focus on this because the task is somewhat more complicated then renting. However, if you do rent, then many points made here will still apply.
Rent It! Rent It! Rent It!
If you own a property then you will know that the running costs can be considerable. For this reason, the concept of renting your property whilst you are travelling seems very appealing. However, there are a few less obvious factors that make this option not without it's own costs and restrictions.
Firstly, you have to ask yourself: "Is my property rent-able?" The last thing you want is to spend hard-earned trip savings renovating your home. If it's not safe or requires sprucing up, then you may well have to inject some savings. Do other properties rent in your area and what income do they provide? To be a serious contender in the market and to maximise the income, you may well have to invest a little first.
Now assuming that your house is ship shape and rent-able, what are you going to do with your possessions? You can rent it furnished, but that usually just means the basics are within the property, i.e. bed, wardrobes, TV etc. I imagine that you have many other items that would need removing. The best solution here is to ask a favour from a friend or family member, preferably one with a spare room or garage space. If they can hold your stuff whilst away, great. If not, maybe you could lock your items in a garage, loft or bedroom of the property you plan to rent? If neither of these options are available then you are left with using a storage company. This is just an added cost that you could probably do without, it's not the cheapest and ultimately shaves off a considerable percentage of any rent you intend to receive from a tenant.
Another cost to consider is that of a letting agency. If a pipe bursts, who's the tenant going to call? You can't do much when you're half way up the Himalayas. An agency can solve this problem and will happily manage the property and collect rent whilst you are away. Now this may seem like the perfect solution, but despite offering peace of mind, they can often charge quite considerably for what turns out to be doing very little. They are handling a delicate situation though, and it's probably too much to burden a friend with, so you may have no option but to use their services.
If a pipe bursts, who's the tenant going to call? You can't do much when you're half way up the Himalayas.
Finally, what if travelling isn't for you? You land in deepest, darkest Africa, but get home sick and want to come home. Oh, but you can't because someone is already living in your house. Unlikely, but if travel isn't for you, and your house is vacant, then it does provide a safety net to fall back on. Also, 6, 12 or 18 months? Do you know how long you are going for? If your plans change (they always do) then you may be coming home without a place to stay : i.e. your tenant has a 12 month contract and isn't going anywhere till it ends.
And when your tenant leaves and you take residency back in your home, how will you feel about sleeping on a bed that someone else has used for the last 6 months? This is of course down to the individual, but you may feel that you just have to replace the mattress and maybe a few other items (sofa \ plates?). These items can easily be replaced at a relatively small cost, but having just returned from your trip, it is still a cost you could probably do without.
Despite all this, the income from renting obviously helps towards a house's running costs. If you could rent to family or a friend then this would help considerable with many of the issues raised above. So renting is not a total no-no, and many people do it successfully, but if you are not landlord material then it's undoubtedly not without it's complications.
Leave Your House Empty
So you've decided you don't want a stranger in your house. It's your home, it's private and if you can't be there, no one can. So it's going to be left empty. Leaving it empty isn't difficult, there's just a lot to remember. So heres a list of things to do if you are leaving your house vacant:
An Empty House : A To Do List
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Pay the mortgage.
An obvious one, but still the most important. It's the only outgoing you'll have to pay, so make sure you do. Ensure the bank account the mortgage comes out of has enough funds for the duration you're expecting to be away plus a few months that aren't planned for too.
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Redirect the mail.
Many postal services offer a redirection service. Basically, all mail going to one address will now go to another for a time period specified. There's a nominal charge and it's best to start it before you leave just to make sure it works.
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Cancel utility and other bills.
Utility companies are often large organisations and you are just a customer number to them. If the cancellation process doesn't happen (for whatever reason) they will simply bill you regardless. You may then find you return to a increased charge, multiple reminder letters, bailiff threats and even a court summons! If, because you are not in the country, you don't pay a bill, even though you paid the "final" amount honestly, then these companies will act quick. Automated procedures kick it, and the letters are just fired out to get you to react as soon as possible. Of course, not being there, you are oblivious to this.
So don't leave this administrative job till the day you leave, it won't be as straight forward as it should be and unfortunately it's you who has to make sure the companies have your money and the invoice is settled.
Typical Bills To Cancel :
Gas
Electric
Water
Telephone
Mobile Phone
Broadband
Satellite \ Cable TV
TV Licence [UK specific]
Many of today's bills are simply paid directly from our bank accounts, via direct debit schemes etc. So a prudent measure would be to close the account and then cancel the corresponding bank transfer or direct debit.
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Cancel bank & credit card statements.
You're not going to be there, you're not going need it, so to guarantee that it won't get in someone else hands, just cancel it. If you use Internet banking, then you can usually perform these cancellation tasks on-line, simply look for the "cancel paper statements" or similar option.
Even better than cancelling your credit card statements would be to cancel the credit cards themselves. Please remember though, when you return from your travels (unemployed?) , you may no longer be eligible for the cards you once had. So don't assume you can just re-apply and receive them, your circumstance has changed and consequently you may be denied the card.
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Change house insurance.
A standard home insurance policy will not cover you if the house is vacant. You will therefore have to change your policy. You may even need to change your broker because not all will provide cover for a vacant property.
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Cancel council tax [UK Specific].
You are exempt from council tax for 6 months, however one rule must apply : the house must be empty of furniture. Of course, I do not condone defrauding the local council authorities, but when I explained this clause to one person, they simply replied " Well if it was me, I'd shut all the curtains, move furniture out of sight and place a bed sheet up against the front door (in case an inspector looked through the letter box). If they were to actually check, how would they know if the house contained furniture then? ". I agreed, I could not see how they would know. Now this method might save your back from a tiresome furniture removal task, but it does involve breaking the law and that can never be advised on a public medium such as this.
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Move valuables to a family or friend's house.
An empty house is pretty much a sitting duck if a burglar were to notice. So you might want to consider leaving the family jewels with Grandma.
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Back up your computer.
Computers like to be used, so just to be safe back up those photo's before you go. You don't want to come back to a hard disk failure.
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Turn the water off and drain the system.
If a pipe burst and there's no water running it's not a problem. Turning off the main water supply tap (stop-cock) can be a dirty job, so don't leave it until the last day. Find it and have a practise first.
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Empty and defrost your fridge.
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Turn off the oven and switch off all plugs.
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Lock all doors and windows.
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