Owning a home is a collective goal humans have: we all want to do it. But when you have an itch to travel the world, a drive to sell your home may whisper around your head as you fall asleep at night.
You’re certainly not the first person to face this challenge.You don’t have to give up on travel dreams because you’re a homeowner.
If you plan to see the sights for an extended period, or to dash around the globe drinking in adventure, you have choices to make. You’ll need to consider where you want to go, how long you want to be there. How does your home play into your plan?
Take No Action
If you do nothing, that means spending money on property taxes and repairs while you’re away. You’ll also have to deal with security issues so that your home doesn’t get vandalized. And someone will have to do seasonal chores for you. This plan is not the best one you’ve ever come up with.
Become a Landlord
You may decide that you’d like to use the home as income source in your absence. While you may be receiving rent abroad, you will also be paying rental property tax, insurance fees and other charges that are recurrent. There also might be 3am “the shower is leaking” calls. Be sure to plan for all of these factors.
Some people find some success in hiring a property manager to handle landlord issues while they travel. This allows them to eventually settle back into their old home again, after the fun.
Sell Your Home and Travel
To sell your home before traveling abroad might be the best option for you, as it is for many people.
Selling allows you to take your globe-trotting as an open ended adventure, with no pre-prescribed landing spot or place to end. For many people, knowing they can stay wherever they want for however long they want is part of the adventure. Knowing you’ll have to return to a place from the past just isn’t for everyone.
Make a New Home?
If you’re hoping to live somewhere your money will be appreciated more, the sale of your home in the US can provide for you very well. As they say, “you can’t take it with you”, and this applies to both real estate and your years on Earth. There is a reason travel and international living is highly regarded: it’s always an adventure.
If you want to join the ex-pat community, you probably won’t be needing your house. You’ll be needing a good real estate team.