Letting main home to rent abroad

MarkBargain

ent_moot wrote: »

What economic forces are at play that prevent all property gradually being gobbled up (i.e. bought and let out) by the minority of very wealthy?

It seems to me this is what is happening in the UK.

waveneygnome

Ent-moot, we have done something similar (over 2yr period).

Are you near a hospital/uni/large police hq/corporate hq?

We had no problem letting out 2x properties for 3, 4 or 6 month periods to professionals who were contracting/doctors on rotation/lecturers etc.

Pick a good letting agent, we weren't greedy on the rent, offered total flexibility (e.g. Someone signed up for 6 month let, but due to work problems asked to leave after 3 months - we let them leave penalty free/not enforcing contract.......they actually helped find the next tenant), gave agent free rein to get repairs fixed asap (we were out of contact sometimes for days due to remote locations).

We weren't chasing yields, just wanted the places ticking over.....washing there faces so to speak.

beedeedee

We found the same as waveneygnome....and had no problems letting to professional tenants. In fact, the place was somewhat better than we left it, because some of them employed cleaners and a gardener! Use a good agent and play fair. It certainly worked for us.

Fireflyaway

Sounds like such a cool thing to do!
I knew someone who rented their home out and went to live in France. The rental income served as their income and most importantly after a few years when he became unwell, they were able to return home easily. Conversely the same couple had friends who had sold up completely and were more or less stuck there unable to afford to buy again in the UK.
My folks live near a hospital and several people rent homes to doctors who are on 6 month rotational placements. They keep the place nice, they are always out working!
If you have a small / average home I think short tenancy would work. A large family home maybe not so well.
Ensure you have a back up plan if the worst happens and you have to evict someone. Essentially money to stay somewhere else. Choose a good letting agent to manage things on your behalf.
I'm excited for you! Hope I can do the same one day.

jennifernil

Mutton_Geoff wrote: »

You would need to take out different insurance. Most house insurers will not cover you after 30 days vacant. Your level of cover will also reduce drastically unless you are prepared to pay huge premiums (eg 10 times normal rates).





Again, on the insurance topic, I found many home insurers will not cover you for AirBNB lettings.

Longer absences are not necessarily a problem as there are several companies that will give cover at only a slightly increased premiun, though conditions do apply over winter.

We regularly spend 3-4 months abroad in our touring caravan and have taken insurance through one of the caravan clubs who act as brokers to source such policies. The cover we had last year gave up to 180 days continuous unoccupation and the cost was about £100 more, including club membership, than the policy we moved from.

You do not necessarily need to own a caravan, motorhome or tent to be a club member.

We only go away spring-autumn, so all we need is for our daughter (or it could be a neighbour) to check the house when she comes to pick up our mail once a week.

In winter you either need to leave heating set to maintain a stated minimum temperature, or drain down all fluids.

There are a few other sensible conditions, such as removing any precious jewellery, but nothing onerous.