Taking the family travelling for a year. What about the house?

G_M

Please do a properbudget.

Set up a spreadsheet, and as advised in the previously linked post, put your income one side:

* 10 months rent
* other incomesource

and the outgoings the other side:

* mortgage
* letting agent fee
* tax
* insurance
* gas cert
*
*
*
(you need around 40 items!)

No, landlord's insurance is basically an extensionof normal buildings insurance, but with permission to have tenants live there. It (usually) also covers malicious damage to the property by the tenants, and maybe re-housing the tenants if the building is uninhabitable (eg after a fire)

Risks like tenant not paying rent/tenant leaving and you having a 'void', are seperate. You can insure against these, but they are additional policies, often expensive and/or with strict eligibilty criteria or exclusions....

New Landlords (information for new or prospective landlords)

Errata

I can't begin to imagine what health insurance would cost for a one year old and three year old travelling round India, Thailand and Indonesia for a year. In fact I would guess they're uninsurable.

Shaff

Columbus insurance, up to £1.5k baggage (£50 health excess, £2m costs) for all of us (not including US/Canada), is only £72. They have great private hospitals in the India/Thailand by the way which would be covered.

G_M

I'm a bit taken aback by the responses questioning the OP's decision to travel.

* this was not what he asked about. Yes, there are some serious issues around renting his house out, which he needs to consider, and he's taken the first step to researching that.

* as for the travel idea - yes, of course there are concerns to address: health, money, lifestyle etc

But I'm sure in making, or considering, this huge step, he is, or will be, considering all these. But not on the housing forum!

But to respond to those concerns: I spent 6 years living & working in the Far East, and during that time (and since) travelled extensively. Sometimes 5* luxury, sometimes back-packing hostels.

And I met people doing what the OP is considering. True, only a tiny minority had kids that young, but I did come across them, and I'm sure they gained huge benefits from the experience(perhaps the one year old will remember little).

I also came across yachting families, sailing round the world, with kids (the Indian/Pacific oceans, and seas in between, have various perils).

Contrast their childhood with that of an inner city kid (or rural) who never leaves home. Who are we to judge which is the 'best' early life to give those kids?

Best of luck OP. Do lots of research & planning, both on the trip and on what to do with the house, but have a great trip!

G_M

Shaff wrote: »

Columbus insurance, up to £1.5k baggage (£50 health excess, £2m costs) for all of us (not including US/Canada), is only £72. They have great private hospitals in the India/Thailand by the way which would be covered.

I agree about the hospitals.

But are you sure of that price? I've just done an online quote with columbus (globetrotterpolicy) (2 x adults, 1 x infant; 1 x child) for 12 months worldwide exc US/Canada:

£720.57

That seems a more likely cost.

fawd1

No idea about the viability, but if you can do it, then I think it's a brilliant idea. I appreciate that the children are young, but that's one of the reasons why now is a good time to go surely? It's not like you can yank them out of school for a year later on. You'd have no place to go back to for starters. If it's a part of the world that you know, and want your children to learn about, then I don't see much of a problem, other than any possible financial aspects (and to be honest, it sounds like you're pretty much covered there with your sums. I would imagine you'd be able to live pretty luxuriously in thailand etc for 1800 per month. You wouldn't live too badly over here!

caringa

Shaff wrote: »

I can get £2200 rent for my house, £1000 mortgage, plus I have another source of income amount to £600 a month = £60 a day travel money.

Reasons for going...
We have small holiday flat in Goa that we rent out, its safe and sanitary, has fresh filter water and a/c and is rent free so will start there for a couple of months. See what you think http://www.ownersdirect.co.uk/india/in327.htm It wont be a risky.

We will then then choose to stay in a few safe similar places for a few months at a time and day trip from there so wont be back packing in the bush so to speak. My children are half Indian (half Danish) so it will be their first trip of hopefully many as they discover and understand part of their heritage.

The reasons for going are mainly to spend quality time with the children, currently for me It's 12 hour working days (2 jobs) and a lot of stress, and they are growing up so quick and without as much time from their busy daddy as I would like. Our 3 year old is in nursery (a crippling cost, and the other one will be soon unless we go abroad) Quality time riding elephants and being outdoors will help strengthen the bond, plus I don't agree with taking them out of school once their formal education kicks in. It's a once in a life time opportunity, that I would like to take even if the children don't remember it, we as a family will benefit from it and they will have had more quality time from us.

The question is how do I make the changes for the better, when I return!

All I want to say is - Good luck and enjoy! We went travelling back in the late 1970's (we are OAPs now!) and have never regretted it. Admitedly we didnt have children but the experience changed us - for the better we like to think. We came back with a true appreciation of what we have in this country and what is lacking in others as well as forging some friendships that are still going. We learned that material items are not essential to ones happiness and that in what ever part of the world you live, everyone has their own problems - they might be different to those in this country but they are problems nonetheless.

When we returned, house prices had soared and we had lost out financially but the experiences we had more than made up for it.

We also didnt feel the need to have the seemingly obligatory annual holiday abroad for many years but instead enjoyed what England has to offer. So - I say "Go for it!":)

poet123

I agree, if you can make it work and you seemingly can, then I too would go for it. Kids are portable and happy pretty much anywhere at that age so as long as you can be sure of decent sanitation they should be fine. Enjoy it.

zagfles

OP - if you haven't seen it already I suggest you have a read of this website by MSE poster "Mr Wang" about his travels with kids...

http://www.thesummerholidayofalifetime.com

knightstyle

We have done similar. If you want to let for a year store all your books, ornaments ect. Can you put them in the smallest bedroom and fit a lock? That is what we did.
Then what will you do if you get nightmare tennants who don't pay and won't move out? You can't deal with it and agents are useless in these situations.
Do you have a neighbour or near relative who would like to earn some pin money cleaning and making beds? If so look at holiday lettings with someone like Hoseasons. That worked well for us we never had any damage and the house was empty when we needed it. If you go down this route leave the phone and internet on but change it to no outgoing calls except 999.
PM me if I can help.