Renting out your own home whilst overseas?
March 14, 2006 12:21 PM Subscribe
Ever rented out your home so you could flee the country?
I’m in the very early stages of considering moving overseas to volunteer for a few years. The biggest issue at hand: I’m not independently wealthy (damn!), so I would have to either sell or rent out my house while I’m gone. Selling seems the most hassle-free option, but I quite like the house and it’s proving to be a great investment to boot. So currently I’m preferring the idea of renting it out and utilizing a property manager to take care of things while I’m gone . . . but I worry there may be complicating factors lurking beneath the surface that may make it more trouble than it’s worth. Has anyone had any experience with this? Have any tips, warnings, success stories? Obviously renting out a home isn’t unique and there’s loads of resources out there. I’m more interested in experience with the twists of it being your own home (i.e. primary residence) and/or the fact you’ll be out of the country and trusting Joe Property Manager while someone else is living there. Other factors that may or may not be important: I’m not looking to make a profit, just to break even with mortgage/association fees/property taxes/insurance/property management fees (anything else I’m overlooking?). I’m also hoping to rent it out furnished in hopes that a. I can charge a bit more to get me closer to the elusive break-even point, and b. I don’t have to mess with moving and storage (very fortunately, I’m not attached to any of my furniture!). It could be I’m worrying for nothing, but I figure this is a good first place to ask around for red flags. Anyone see any? Thanks . . .