Sell Or Let Your Home Before Travelling Long Term? 10 Considerations

As a home-owner, when you decide that you would like to live the life of a nomad there are difficult decisions to make. You want to pack up, leave property ties and concerns behind and hit the road.

Sell or let your home when travelling?

BUT you own a home that is keeping you tied down at the moment.

Now, you face a decision - what do you do with your house when travelling long term?

• Do you sell it, take the money and move on?

Do you let it out and cover the mortgage and other costs associated with it that way?

Do you leave it empty and hope not to return to squatters or an unexpected flood?

These questions are ones that I faced recently.

For me, being a Nomad with a Notebook is a life dream (see previous post) that I wanted to fulfil.

I wanted to go off around the world as an international house-sitter (through Trusted Housesitters or Kiwi Housesitters) and work as a digital nomad.

I did not want added concerns (financial or logistical) from my existing property.

A house in the south-east of England has been my home for the past couple of years. If I was to travel long term, what do I do with it?

Do I let it or sell up?

With house-sits booked for the coming months on the opposite side of the world, I needed to make this decision and put processes in place fast!

Below are some of the key considerations that I feel anyone needs to take into account when faced with the decision about what to do with their home property before embarking on any long term travels....

Sell Or Let Your Home When Travelling... 10 Considerations:

1. Length of time you intend to travel for

Length of intended travel

Do you have an idea of how long you will be travelling for?

Many travel for a year before returning to old jobs, homes and re-entering their previous lives.

Others might see travelling as their long term future with no plans of returning.

If you have a set plan for your travels of 6 months or a year then letting your home might make more sense.

Let the property for the pre-determined time and return to it with (hopefully) few problems.

When your length of intended travel is less certain and you are considering a longer time away then you might prefer to sell up, leaving yourself completely free of any property responsibilities.

2. Where do you intend to return to?

This is another consideration that might impact your property decisions.

Do you plan to return to the same town?

If you know that when you return from travelling (if you don't become a nomad for life!), that you will want to live in your old home or town then letting your current property makes more sense than selling.

Letting it can be a temporary solution and offer you the ease of returning to familiar territory.

On the other hand, if you predict wanting to live in a new home, different town (or maybe country!) then selling up now could be the answer for you.

3. Temporary base / address

When giving up your usual permanent home address, it is worth considering whether there is anywhere you can use as a temporary 'base' address between your trips and for mail re-direction.

Who can receive your mail when you are away?

Do you have a family member or friend who is happy to accommodate you while you are of 'no fixed abode'? Will they be happy to receive your mail?

Perhaps they are also willing for you to keep some of your possessions at their home for a time?

I am very fortunate to have my parents in the UK who are very supportive and willing to offer me a bed, temporary address and place to keep some valuable items when I need it.

Logistically, this makes giving up my usual home easier.

4. Store or sell home contents

While considering what you are going to do with the property itself, assuming you also own furniture and other household possessions, you will also need to decide on what to do with your home contents.

Store or sell all your home contents?

Do you put it in storage or do you know someone who might have space to look after it for you?

Should you otherwise sell it and start afresh when you return?

If you are letting your home you might be able to let it furnished which could be the perfect solution.

Otherwise, this is another factor to weigh up.

The contents question is another post in itself about the pros and cons of each option but ensure you don't forget to plan for all those life-time belongings.

5. Costs

As with anything, money is an important factor!

Costs involved of letting v selling the home

Choosing to let your home incurs initial costs in terms of ensuring the property is in a good, let-able condition and meets relevant legal safety requirements.

If using a letting agent, this will be another cost - an ongoing cost if they are also to act as a property manager for you in your absence.

Assuming you have ongoing mortgage payments to make each month, it will be necessary to do the sums to ensure that the rent payments you receive cover all outgoings. These will include the cost of your mortgage payments (which might go up when you let), alongside agent fees and any additional insurance premiums.

As per the previous point, potential storage of existing belongings may be an expense and you must keep emergency funds for any potential repairs that may need to be made to the home in your absence.

On the other hand, selling up is also a costly process - paying agents fees, removals of all your belongings (if putting in storage) and solicitors fees are all part of selling a home.

Of course, if on your return you decide to buy a new property there are tax and legal fees to incur once more.

6. The property market

The current property market or climate could influence your decisions.

What is the property market doing?

If the property market is currently at a high and experts predict it is about to crash then selling up, taking the money and running might be a wise move.

On the other hand, if the property market is looking like it might be about to go up, then selling with the hope to buy again in the future could leave you affording less for your money than you have now.

Similarly, though the letting market might also aid your decision.

Are properties to let in demand where you live?

Is the letting market likely to keep your home occupied and demand the level of rent you would need?

If letting is going to be hard to achieve or lead to long periods of time in which the property is vacant, selling could be the best solution.

7. Money tied up in your property

Continuing on a financial theme, your decision might be simple to make if you are seeking to use the money in your property to fund your travels.

Owning property means that a proportion of your money is tied up in the home.

Perhaps you are relying on this money to keep you fed and clothed while travelling?

Taking money out of your property and using it to fulfil your travel dreams is always an option. But... in doing so, if you do want to buy property again in future, you will be starting on the property ladder from scratch.

Another option if you decide to let, might be to see if you can make a small profit from the rent you receive that not only covers costs of the home but also leaves you some money each month for living costs.

8. Landlord responsibilities

Landlord responsibilities

If you did decide to let your home out, you also need to take into account landlord responsibilities that you will need to commit to.

These will include ensuring your home meets the legal requirements of a let property and establishing a means by which any issues with tenants can be dealt with promptly and appropriately.

You will also need to meet the ongoing financial commitment the property incurs.

9. Emergency contact or Property manager

Letting your property while you are travelling will mean that you need to ensure there is a local contact for your tenants should they have any problems.

Who could be contacted in an emergency at the home?

Perhaps you have a friend or family member (thanks Dad!) who is willing to be contacted by tenants in the event of an emergency or problem at the home?

Otherwise letting agents offer property management services (for additional fees) in which they will deal with any problems locally on your behalf.

Ensure when deciding to let you take this into consideration.. dealing with a burst water pipe at your home when you are up a mountain in Tibet might not be an easy ask!

10. Time-frame of letting v selling

How soon are you planning on escaping the rat-race and taking off on your travels?

Are you pushed for time?

Are you hoping to go in a few weeks or a few months?

Selling a property is likely to take a minimum of three months (if you find a buyer very quickly).

Letting could be much quicker if the home is already in a good condition.

It is true that with the internet today, selling homes and dealing with legal processes etc can be done remotely and you might be able to process your home sale once you are already travelling.

However, having everything tied up before you go is likely to be less stressful.

If the property is vacated and in a tenant-ready condition then letting it promptly is likely to be much simpler.

Overall...

There is a lot to think about when deciding what to do with a home property while you are living the nomadic lifestyle.

Above are all considerations I have faced in my dilemma over what to do with my current home.

For me, considering it all, I have decided to let my house for now.

I do not know how long I will be choosing to travel for (maybe forever, maybe just a year!) and I do not know where I will want to live if I do settle again. However, staying on the property ladder is a key factor and ensuring all the processes are in place within a few weeks (not months) led me to the letting option.

Have you faced similar considerations from owning a property at home before travelling?

What influenced your decisions in the end?

What else needs to be taken into account?

I would love to hear the experiences and thoughts of others!

**To make my travels possible and affordable I do so through international house-sitting, using both Trusted Housesitters and Kiwi Housesitters**