If you have a mortgage on your property it may be difficult to manage this from overseas. You also need to bear in mind that your lender may hike up the interest rate as your mortgage status would change from residential to buy-to-let. Insurance is another headache. You would need to obtain permission from your insurer to rent and would pay an increased premium.
Imagine if your tenants stopped paying the rent or trashed your home. Renting from afar is not as easy as it looks and property management companies don’t come cheap. Add up the costs of property management, repairs and mortgage payments and you probably won’t see much of the rental income.
Leaving a property empty is not a great idea. A vacant property is vulnerable. You could find yourself struggling to evict squatters who have moved in during your absence. An empty house is also an attractive target for thieves; which is why you will find it difficult to obtain insurance for a vacant property. If you do find a willing insurer you can expect to pay hefty premiums.
Isn’t cash in the bank more useful than an empty property?
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