How Self Storage Can Help When Letting Your Home While You Travel

Travelling abroad or exploring the world can be an exciting adventure, but for homeowners, it raises an important question: what should you do with your home while you're away? Letting your property out while you’re travelling can be a great way to earn extra income and keep your house secure. However, it’s crucial to be aware of the legal, practical, and personal considerations involved. Here’s a comprehensive guide to help you make informed decisions.

1. Understanding the Legalities of Letting Your Home

Before you let your home out, ensure you understand the legal requirements, as failing to comply can lead to hefty fines or even legal action.

• Tenancy Agreement: Whether you are letting your home on a short-term basis or for a longer period, you’ll need a tenancy agreement in place. This contract outlines the rights and responsibilities of both the landlord and tenant. For short-term lets (e.g., Airbnb), you’ll want a shorter lease, while longer-term rentals (six months or more) require a formal agreement.

• Mortgage and Insurance: If you have a mortgage on the property, check with your lender to ensure you’re allowed to rent it out. Some mortgages, particularly residential ones, prohibit renting. Additionally, make sure your insurance covers rental properties, as standard home insurance may not be sufficient. You may need specific landlord insurance, which protects against things like property damage, tenant disputes, and loss of rent.

• Council Tax and Utilities: If you rent out your property, you may still be liable for council tax unless it is a holiday let. Tenants generally cover utility bills, but make sure this is specified in the tenancy agreement.

• Safety and Compliance: The safety of your tenants must be a priority. You’ll need to ensure the property complies with safety regulations, including gas safety checks (annual inspection), electrical safety certificates, and fire safety measures (smoke alarms, fire exits, etc.). Failure to do so could result in fines or legal action.

2. What to Do With Your Personal Belongings

One of the challenges of letting out your home while travelling is deciding what to do with your personal belongings. You’ll want to ensure your items are safe, and the property is suitable for tenants.

• Secure Storage: Personal items such as valuables, family heirlooms, and sentimental objects should be safely stored. Self-storage is a great option for keeping your belongings secure while you’re away. It’s affordable, and you can rest easy knowing that your items are kept in a monitored facility, free from potential damage or theft.

• Decluttering: If you plan to rent out your home fully furnished, take the time to declutter and leave only essential or useful items for your tenants. Consider storing excess furniture or personal items that might clutter the space or make it difficult for tenants to settle in.

• Personal Data: Don’t forget to secure personal documents and digital data. Keep financial documents, identification papers, and any sensitive data in a safe place. If you have any home office equipment or records, ensure they’re properly stored and locked away.

3. Choosing the Right Tenants

Finding the right tenants is critical to ensuring your property is well cared for while you’re away. Here’s how to proceed:

• Tenant Screening: Use a reputable letting agent or platform that conducts thorough background checks, references, and credit assessments to ensure your tenants can afford the rent and are trustworthy.

• Clear Communication: Make sure the tenants understand the expectations. This includes house rules, how to deal with maintenance issues, and any restrictions (such as no smoking or no pets). Be clear about what they should do in case of an emergency or repairs.

• Deposit Protection: For long-term lets, legally, you must place any tenant deposit into a government-approved deposit protection scheme. This ensures that both you and the tenant are protected should there be any disputes at the end of the tenancy.

4. Managing the Property from Afar

While you’re travelling, you’ll need a system in place for managing your property remotely. Consider these options:

• Letting Agency: Hiring a letting agent can make the process much easier. They’ll handle everything from tenant vetting to maintenance and rent collection, giving you peace of mind while you’re away.

• Self-Management: If you prefer to manage the property yourself, be sure to set up an efficient system for rent collection, communication with tenants, and maintenance requests. You may also want to appoint a trusted friend or family member to help with emergencies or issues that arise in your absence.

5. Financial Considerations

Renting out your property while travelling offers financial benefits, but it’s essential to plan carefully.

• Tax Implications: Rental income is taxable in the UK. You’ll need to declare it to HMRC, and if you earn more than £1,000 a year from renting, you’ll need to file a tax return. You can deduct certain expenses, such as repairs, insurance, and management fees, from your taxable income. Learn more at https://www.gov.uk/guidance/check-if-you-need-to-tell-hmrc-about-your-rental-income 

• Rent Prices: Research the local rental market to set a competitive yet realistic price. Take into account factors such as location, property size, and demand in your area. Platforms like Rightmove, Zoopla, or Airbnb can give you a sense of what others are charging for similar properties.

• Additional Costs: Don’t forget the costs of managing the property, whether it’s through an agent or DIY. Maintenance, cleaning, and any repairs are part of the equation. You’ll want to ensure your rental income covers these expenses and still provides a profit.

6. Maintaining Communication

Staying in touch with your tenants is essential. Even though you’re far away, regular communication helps address issues quickly and ensures that the property remains in good condition.

• Regular Check-ins: Schedule routine check-ins with your tenants, either by phone or email, to ask if they need anything and to confirm that everything is in good order.

• Emergency Contacts: Provide tenants with contact details for someone who can handle emergencies on your behalf, such as a neighbour, family member, or property manager.

7. Preparing for Your Return

When your travels come to an end, you’ll want to prepare for your return. Make sure the property is in the condition you expect, and take the time to inspect the home for any necessary repairs or cleaning.

• Property Inspection: Before your tenants vacate, schedule an inspection to ensure the property is well-maintained. Use this time to take photos and assess the condition of your home.

• Tenant Handover: Once the tenants move out, ensure a smooth handover. Return the deposit, minus any deductions for damage or cleaning (if applicable), and make sure you’ve met all obligations under the tenancy agreement.

Letting out your home while travelling is a viable and profitable option, but it requires careful planning and consideration. By staying informed about the legalities, protecting your personal items, and ensuring proper management, you can enjoy your travels with peace of mind knowing that your property is in good hands.