Should I rent out my flat?

Question

I'm thinking about going travelling for a year (maybe more), Is renting out your flat a big hasstle? (Question to those who have).

Would you recommend I rent it out furnished or unfurnished and store my furniture?

If you have had any good or bad experiences in this respect, please let me know what you think would be the best thing for me to do.

Thanks.

Answer 1

I would rent it out through a real esate firm as it will provide you with income that will help to pay insurance, rates, corporaate body fees etc (and some insurers wont insure a vacant property!). I am not sure what to think about the furniture - is it ordinary furniture that you arnt too woried about or would it upset you if damaged? You would get more for a furnished flat but also have the hassle of contents insurance...only you can answer that one.
I own my own house but my parents are seriously ill/ incapacitated and there was only me to look after them. That meant living at their house and my house had been vacant for over a year. It was almost impossible to get insurance on a vacant property- the only one that would insure required that I stay overnight at the house at least one night per fortnight. The possibility of break ins and vandalism was also a worry as people get to know that no one is living there- ....so I decided to rent it out.
It was hard to hand over the keys to someone else but I'm glad now as the rent pays my mortgage, I dont have worries about vandalism etc or insurance hassles- for me it has meant a worry free financially better position than before. I rented unfurnished as I replaced my parents worn out furniture with mine when I moved in otherwise I would have sold my furniture (to save storage costs and the need for contents insurance) and still rented it unfurnished.
Good luck.

Answer 2

I'd say yes but if your furniture is precius to you, or expensive let unfurnished. Basically sign up with an agency and let them deal with it for you, store you stuff. But you might need to leave someone looking after things for you, ie parent, just in case. And of course you'll need to give notice of when you want to move back in.
But renting if definitely the answer and if you have a mortgage it is likely to be a condition of that mortgage not to leave the property empty for a prolonged period.

Answer 3

What is the alternative to renting the flat out? If you sell it and invest the proceeds, with house prices rising like they are, are you ever going to be able to afford to buy another flat when you return home?
Don't expect to get 100% occupancy and don't expect a letting agent to put himself out too much on your behalf. If you have a good friend or relative who can keep an eye on things, they will have your best interests at heart more than an agent.

Answer 4

Definetly contact a property management agency in your local area. They will be able to screen potential renter's and keep an eye on your property while you're away. I recommend unfurnished it leaves less room for error as renters come/go. You won't have to worry about things going missing or getting broken in your absence.
Most folks who are already renting will have their own belongings plus they won't have to pay to store their own things, what a great savings for your new renter!

Answer 5

it is without doubt a good thing to do.
What you need to think about is, are you happy somebody else living in your house.
If you have good or expensive furniture, then store it.
Be prepared for things to get broken, doesnt always happen but it can.
But you can go off for a year knowing your mortgage is being paid.
Make sure whoever is looking after it agent etc can get in touch with you or somebody acting on your behalf

Answer 6

I would rent it out with the option of furnished or non furnished. I would get someone you trust to as as a liaison while you are gone though.