Moving Abroad | What to Do with Your House
Moving abroad is an exciting experience if the opportunity arises. It offers the chance to immerse yourself into a new environment and culture. However, it also comes with its own challenges, one of which is deciding what to do with your house. If you own a home, you might be wondering whether to sell it, rent it out or leave it vacant. We discuss the various options available to you when it comes to your house if you’re planning on moving abroad.
Option one: Sell your house
Selling your house is an option if you need the funds to finance your move or if you don’t want to worry about maintaining your property.
If you decide to sell your house, you need to factor in the costs involved, such as estate agent fees, clearance, and relocation costs. You also need to consider the local market conditions and the demand for your type of property.
If you plan to sell after moving abroad then ensure you find a good estate agent experienced in handling house sales without the vendor being in the country.
Ask them to share experiences of similar sales, and make sure you feel comfortable instructing an agent who will still be communicative even if you’re not in the UK. Research the market before settling on an agent, so you know are aware of the market and are confident you will be getting the best advice from your appointed agent.
When it comes to your property, avoid complications by preparing the property for sale well in advance. Give yourself ample time to make necessary upgrades and fixes.
If time is of the essence, focus on improving your property’s value by completing the required repairs and updates and be aware of what not to fix. Make sure all your bills are up to date and conduct a thorough inspection, so your home is in a good selling state before its listed for sale.
Option two: Rent out your house
Renting out your house is an option if you want to keep your property and generate rental income. However, renting out your home can also be a daunting task, especially if you are new to the process and even more so if you are not in the country.
Rather than manage the rental yourself you might want to work with a letting agent. They will be able to help you find a suitable tenant and manage the rental process for you. This can save a lot of time, money, and hassle.
The first step in renting out your house, is to research and select an agent that specialises in lettings. Look for an agent who is knowledgeable about the rental market in your area. They must also be aware of the legalities you as landlord will adhere to when renting your house.
This can feel like a daunting task, so choosing a local Propertymark agent, means you’re in safe hands. Propertymark regulates its members’ activity with a code of conduct and high standards to protect you and your money.
A letting agent will work with you to:
- Set your rental price – they will help you determine a fair rental price. This will be based on the market conditions and the condition of your property. The rental price should be competitive with other similar properties in your area to attract potential tenants.
- Help prepare your property for rent – you will need to make sure your property is safe and in good condition. Your letting agent will advise on any necessary repairs or upgrades to make your property more attractive to potential tenants. This could include painting, cleaning, or minor repairs.
- Market your property – your letting agent will take care of marketing your property to potential tenants. This includes creating attractive listings, posting them on online rental websites, community social media and property portals and scheduling viewings.
- Show your property to potential tenants and conduct referencing. This ensures tenants can afford the rent and will look after the property.
- Undertake a range of checks including Right to Rent and applying for local authority licences. This protects you from incurring fines of thousands of pounds.
- Manage your rental income to ensure your tenants pay on time and don’t run up arrears.
- Carry out regular inspections to ensure minor issues don’t develop into the need for major renovations. Manage both unexpected maintenance issues that arise due to wear and tear, or accidental damage and routinely scheduled maintenance.
Option 3: Leave your house vacant
Leaving your house vacant is an option if you plan to return to your property in the future. This option requires less effort on your part, and you can avoid the hassle of finding a tenant or selling your property. When you’re moving out there is council tax to think about, so make sure to look into this too.
However, leaving your property vacant can have its own set of problems, such as maintenance and security issues. Your property may also lose value if it is not well-maintained.
If you decide to leave your property vacant, you need to ensure that it is secure and well-maintained. You can hire a property management company to handle the maintenance and security of your property. You also need to inform your insurance company that your property will be vacant and make the necessary adjustments to your insurance policy.
Deciding what to do with your house before moving abroad can be a difficult decision. You need to consider your financial situation, your plans for the future, and how to best manage your property in your absence. Selling your house, renting out your property, or leaving your property vacant are all viable options, and you need to weigh the pros and cons of each option. It’s important to do your research and seek professional advice to make an informed decision.
Find your local agent
Look for the Propertymark logo to find a Propertymark-protected agent who can help to guide you through the process of selling or renting your home if that is what you choose to do.
Last Updated: November 1st, 2024
