renting out house while travelling

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Travelling is one of the most exciting things you can do in life. Whether you are going on a backpacking adventure or taking your family to a new holiday destination, it is always an enriching experience. One of the biggest concerns that travellers face is what to do with their house while they are away. If you are planning to travel for an extended period, you might want to consider renting out your house. This article provides a comprehensive guide on how to rent out your house while travelling, including the advantages and disadvantages, the legal aspects, and tips on finding the right tenant.

Advantages of Renting Out Your House While Travelling

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There are several benefits to renting out your house while travelling:

• Extra Income: Renting out your house can provide you with extra income while you are away. This can help cover your travel expenses or even pay for the mortgage.
• Security: Having someone living in your house while you are away can provide an extra layer of security. It can deter burglars or vandals from targeting your property.
• Maintenance: Your house will be occupied, which means that there will be someone to take care of it. This can prevent any potential damage from going unnoticed and getting worse.

Disadvantages of Renting Out Your House While Travelling

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While there are many advantages to renting out your house while travelling, there are also some disadvantages:

• Legal Issues: Renting out your house involves legal aspects such as tenancy agreements, insurance, and taxes. You need to make sure that you comply with all the regulations in your area.
• Damage: There is always a risk of damage to your property when you rent it out. It can be accidental or intentional, and it can be costly to repair.
• Bad Tenants: Finding the right tenant can be a challenge. There is always a risk of getting a bad tenant who doesn’t pay rent on time or damages your property.

The Legal Aspects of Renting Out Your House While Travelling

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Renting out your house involves legal aspects that you need to be aware of. Here are the most important aspects:

• Tenancy Agreements: You need to have a written tenancy agreement that outlines the terms and conditions of the tenancy. It should include the rent amount, the payment schedule, the duration of the tenancy, and the responsibilities of the tenant and the landlord.
• Insurance: You need to inform your insurance company that you are renting out your house. They might require you to get a different type of insurance policy that covers the risks of renting out your property.
• Taxes: You might be liable for taxes on the rental income. You need to check the tax regulations in your area and make sure that you comply with them.

Tips on Finding the Right Tenant

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Finding the right tenant is crucial if you want to rent out your house while travelling. Here are some tips on how to find the right tenant:

• Advertise Effectively: Use online platforms such as Airbnb or Craigslist to advertise your property. Provide accurate descriptions and clear photos of your house.
• Screen Tenants: Ask for references and credit reports from potential tenants. Interview them to get a sense of their personality and lifestyle.
• Check Their Background: Conduct a background check to make sure that they don’t have a criminal record or a history of eviction.

Conclusion

Renting out your house while travelling can provide you with extra income and security. However, it also involves legal aspects and risks that you need to be aware of. Make sure that you comply with all the regulations in your area and find the right tenant. With the right preparations, renting out your house can be a rewarding experience.

FAQ	Answer
Can I rent out my house while travelling?	Yes, you can rent out your house while travelling. However, you need to comply with the legal regulations in your area and find the right tenant.
What are the advantages of renting out my house while travelling?	The advantages include extra income, security, and maintenance.
What are the disadvantages of renting out my house while travelling?	The disadvantages include legal issues, the risk of damage, and the risk of bad tenants.
How can I find the right tenant?	You can advertise effectively, screen tenants, and check their background.