This year, our lettings agents have seen an increase in the number of Bristol homeowners looking to move abroad.
Since the COVID-19 pandemic, the world has changed from many being restricted to work from home to many having the ability to work from anywhere in the world. Why not? With software such as Zoom, Teams and cloud-based systems have allowed people to connect at a click of a button.
More people than ever are seeking to make the best of this opportunity, while avoiding the high cost of living in the UK, by making the move to living overseas.
Of this new wave of British expats, an increasing number are choosing to let their property while living abroad. It’s easy to see why this is an attractive prospect – with the rental market so competitive, why let a good home stand empty? And rental income feeding into your bank account while you start your new life abroad is useful too.
We’ve this in mind, our professional agents have put together some options for you to consider if you are looking to move away.
Firstly, I think it’s fair to say that, unless you have already experienced living abroad and have tried and tested the waters, selling your property should be one of the last options on your list.
Ever been on holiday for too long and just couldn’t wait to come back home? Yes, we are humans, and many of those who try leaving their home country find themselves homesick.
There are many factors in addition to this why things may not work out. If any of them do come to be, you may eventually come to regret selling and find yourself stuck with nowhere to come home to.
In the current climate you often hear stories from people who say, “once you come off the property ladder, you may never be able to get back on”.
If you’re feeling confident that your move abroad will be relatively long term, there are a few other things you should think about to give your letting project the highest chance of success:
All of the above will have some financial implication and it is important that you consider how this may affect you.
Renting out your property will bring in a stream of income but having a property valuation will enable you to get a realistic view of the rental value of your property to give you an idea of your future finances. If you are looking at have your property managed, then also factor in the costs of letting and management of your property.
We frequently speak to landlords who plan for family members, friends, or even acquaintances to maintain and manage their property while they spend time abroad. This can go wrong in a number of ways, from difficulty dealing with problematic tenants, to property negligence, to misunderstanding rental legislation, ending up with a heavy fine. Don’t be the person who thinks “My mother’s, uncle’s, son’s friend who is a builder can deal with maintenance and that my Aunty will collect the rental for me”.
Why not contact Let’s Rent today and speak to one of our qualified Bristol property experts on 0117 2541133.