Tips For Home Owners Of All Ages – How To Take A Late ‘Gap Year’ By Renting Out Your Home
Many of the millennial generation have forsaken the usual association of a gap year – usually taken either side of arty university courses in favour of a more sensible route. The casualties of the recession in 2008, and the trebling of university fees have created swathes of 30 year olds, many now teachers or civil servants, who may forever remain stuck in the rental generation. For those who were paying attention, the rise of vocational subjects have helped generate the funds needed for the huge deposits for the couples desperately wanting to own their own home. Many have realised that in 2016, the dream of owning a home – if it is to happen at all – needs to be put into action as early as possible.
Gap Years Taken Later In Life
The last decade has resulted in a more sensible course of events. For the parents with mortgages, they saw it coming. They were able to help millennials with their deposits to help make the substantial step to achieving what many may never. The cautious, school leaving generation of 2008 and onwards, have left out the university arts degree for a reliable trade, opting to swap the yoga retreats and South American treks for a little later in life. They have chosen to get going with home ownership and a sensible career, and this is proving to be an astute decision.
The House Shop is an awesome, new property portal that showcases a huge range of properties to let, buy and sell throughout the UK. Listings are free, and the site is also capable of giving very accurate valuations for both letting and sale price, with average, low and top end asking prices for any property postcode throughout the UK.
Home owners are beginning to realise their travelling dreams, many of whom are still single or without the huge responsibility of children. Renting out one’s home can easily finance this.
Those thinking about renting out their hard-earned property for a six-month travelling sabbatical can choose to do this themselves or involve a property management agency. The you.gov.org website has many legal requirements and information about becoming an official landlord, but below is a list of things to think about to turn your travelling dreams in to a fantasy.
- For those deciding to opt out of the hassle of self-managing their rental, be prepared to pay combined letting and management fees ranging from about 12 per cent to 15%.
- Get a proper valuation: The House Shop can readily give you an estimate of your rental income. From this approximation one can cover your mortgage payments, and even leave a little extra to spend on your travels.
- It is wise to inform your mortgage lender of your plan to let out your home and obtain their consent, otherwise you could breach the terms and conditions of your loan. This also applies for any contents and structural insurance fine-print.
- Check Landlord Regulations on RLA, You.gov.org for legal Health and Safety checks on Gas, Electricity, Fire and Damage procedures.
- Make copies of the keys for yourself and preferably two family members or friends that you trust implicitly. Give your representatives multiple ways to get in touch with you in case of an emergency.
If this seems too daunting, a property manager can take care of the legal requirements. Now the fun of planning a later gap year can begin!