Renting your house while living abroad or traveling the world is a dream come true for many. It’s a cost-effective way to earn extra income while also building equity in your home. With reports showing that roughly 56.8 million people have left their native country and are now living across the globe, living abroad is no longer considered a trend, but rather a way of life.
What is an Expat?
An expatriate or “expat” is someone who lives outside of their native country. The individual has left their country of origin in order to reside in another country where they live and work. Many people choose to become an expat after they retire, but with the increase in remote work, people of all ages are living abroad.
Handling a Rental Unit While Being an Expat
Owning a home while living abroad can be tricky. At Oak City Properties, we have had a few questions about dealing with a rental property while living abroad. To help, we put together some steps to handle a rental unit while living in another country.
- Find a reliable property management company: Hire a full service professional property management company to take care of day-to-day operations, rent collection, and maintenance.
- Use online tools: Utilize online tools like email, video conferencing and cloud-based document storage to communicate and manage the rental unit remotely.
- Stay in touch with tenants: Regularly check in with your tenants to ensure everything is running smoothly and address any issues promptly.
- Maintain good records: Keep detailed records of all financial transactions and property maintenance for tax purposes and to have a clear understanding of your rental property’s status.
- Consider hiring a local representative: Consider hiring a trusted friend or family member as a local representative to handle emergency situations.
- Stay informed about local laws and regulations: Stay informed about any changes to local rental laws and regulations to ensure you are complying with all requirements.
- Review insurance coverage: Review your insurance coverage to ensure your rental property is protected while you are abroad.
It’s important to have a plan in place to manage your rental property while living abroad. By following these steps, you can ensure that your rental property is well-maintained and your tenants are happy.
How a Property Management Company Can Help
A property management company can provide several benefits to expats who are living abroad. From legal help to handling day-to-day tenant concerns, a full service property management company is the perfect solution when overseas. Take a look at some of the ways a property management company can help.
- Maintenance and Repairs: The property management company can handle any maintenance and repair needs, ensuring the rental property is well-maintained and ready for tenants.
- Rent Collection: The property management company can collect rent payments on your behalf and provide you with regular updates on your rental income.
- Tenant Screening: The property management company can handle the tenant screening process, helping you find reliable, responsible tenants.
- Legal Compliance: The property management company can ensure that your rental property complies with local laws and regulations, reducing the risk of legal problems.
- Communication: The property management company can act as the primary point of contact between you and your tenants, handling all communication and dispute resolution.
- Financial Management: The property management company can manage your rental property’s finances, including rent collection, payment of bills, and preparation of financial reports.
By hiring a property management company, you can have peace of mind knowing that your rental property is in good hands, even when you are living abroad.
Let Oak City Properties Help
At Oak City Properties, we’ve streamlined the experience of purchasing and owning investment properties through a trusted and reliable mindset built on decades of measured success. Our real estate and investment professionals are ready to help you manage your most significant assets through a hands-on approach that focuses on consistently generating results.
Want to learn more about our commitment to effective real estate investing and property management? Contact us or give us a call at (919) 232-9222. Feel free to also check out our website at oakcityproperties.com or check out our Facebook Page.
Want to Read More?
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- 5 Things to Think About Before You Rent Your Home
- 3 Ways to Attract Long-Term Tenants