Working Abroad and Your Home
It is not unusual for businesses with operations in several countries to ask employees to work at a different location for a time. If this is likely and you will be working away for more than six months, and your family is likely to be moving with you, but it is not a permanent move, you may not want to sell your home or leave it empty.
You may instead decide to rent out your home. We’ve put together a checklist of the arrangements that need to be made.
Check with the mortgage lender
A lender is unlikely to want to see a property, in which it has an interest, left empty for a long period. However, there may be other limitations on the terms and conditions of the loan and these will need to be checked before you can decide whether it is feasible to rent your home out, while you are working away.
Your lender will be able to advise you on their requirements if you are considering letting your property.
As a home owner, you will have buildings and contents cover, often as a requirement of the mortgage. Insurers, too, are unlikely to be happy about a home being left empty. Your existing home insurance is not likely to be valid if you are out of the country for a long period. Again, you will need the protection of insurance if you are proposing to let your home during the time you are overseas.
Managing your property from a distance
Both your mortgage lender and your insurer are likely to want evidence that your property is being regularly inspected while you are away.
It is, in any case, unrealistic to try to manage any repairs or emergencies from a distance so it would be sensible to ensure that your property is let through a letting agent.
Consider what to do with the contents of your home
It would be unrealistic to expect there to be no wear and tear on the decorations and for there to never be any need for repairs while you are away and someone else is renting your home.
However, personal property and furniture is a different matter. It would be wise to put the contents of your home in a self-store facility, which will be secure and where there will be insurance cover. This way you will have the peace of mind of knowing that your property is somewhere safe and protected from damage.