- #1 – Make extra cash
- #2 – Insurance is vital when you travel
- #3 – Get committed tenants during your travel period
- #4 – Work whilst travelling
- #5 – Hire an estate agent to manage your property
In the current economic climate, it is not always easy to travel and pay back a bond.
A mortgage is a huge responsibility and it rests on your shoulders for the next 20 years. Very few homeowners have money left to make small changes to the house they just bought, never mind splurge on an international holiday!
There are, however, people who seem to make it work. If the wanderlust bug has bitten you, there are a few ways that you can travel and pay off your bond worry-free.
Here’s how to do it:
#1 – Make extra cash
The most obvious thing that you can do is to make extra cash for your travel fund. This can be done in several ways.
You can take on a side job or work longer hours at your current job. Many homeowners also let out their garden cottages or spare rooms to tenants.
Airbnb has become a popular option for homeowners that want temporary solutions. If your list your house on the website, travellers can enjoy their holiday in your home and you can reap the rewards.
#2 – Insurance is vital when you travel
If you are going to be travelling and letting out your house, you need to ensure that your insurance is up-to-date.
Standard homeowner’s insurance covers you against unforeseen circumstances, like damage to the property and weather damage. An additional household insurance policy covers any damage or theft of household items.
Insurance policies get a bit tricky when you are the primary resident and the temporary landlord. Some policies might only cover your home for a limited period and you might have to take out a landlord policy.
Do your research before packing your bags to ensure that you are fully covered against anything.
#3 – Get committed tenants during your travel period
Another risk of travelling whilst owning a house is that you have to get reliable tenants for the period that you will be away.
Committed tenants are few and far between and it is not that easy to get someone you can trust.
If you are planning on buying property, look for something that appeals to the short-term rental market. A good idea would be to buy near tourist hotspots and entertainment centres.
If you already own a house, do thorough interviews with potential tenants and be very specific about your requirements.
#4 – Work whilst travelling
If you can, you can continue working whilst travelling.
Teaching overseas are especially popular. You can teach for up to two years in a specific location and travel in the area. Most of the agencies give you accommodation on top of your salary, so you can use the money to pay off your bond.
There are many other jobs that you can do whilst travelling and some skills can be offered via freelancing services.
#5 – Hire an estate agent to manage your property
To decrease the risks involved in travelling and paying off a bond, you can hire an estate agent to manage your property for you.
They will give you expert advice on how to realize your plan and they will guide you to ensure that you miss the stumbling blocks on the way.
Travelling and paying off a bond doesn’t have to stop in your daydreams. It is very possible and many people do it. Do enough research, manage your money well, and listen to the advice given by your real estate agent.
