Omari K. Says:
If I move overseas part-time, what should I do with my home in the U.S.?
IL Senior Editor Suzan Haskins Writes:
If you’re planning an extended trip away, renting your property while you’re gone can generate a respectable income—funds that can help towards your overseas travel expenses.
For short-term renting, you’ll need to leave the property furnished. This will save on storage costs, though you may want to store away valuables like the Wedgewood china, Grandma’s antique bureau, or any other item you’d hate to see broken or stained.
For your property to really bring in the big bucks as a short-term rental, it should be in an attractive destination: a city or scenic spot people want to visit. A little town in Iowa may not get as many visitors as a nice neighborhood in Seattle or a lakeside cabin in Montana.
However, even some destinations that are not thought of as tourist hot-spots can still work for the short-term rental market. If your town has visiting professors or rotating medical residents, you may have opportunities there.
Decide how and where you’ll market your property. Thanks to the internet, there are many places to list your rental: VRBO, Flipkey, and Airbnb are all good options.
You’ll need to work out minimum and maximum stay lengths and determine rental rates, security deposits, cleaning charges, check-in and check-out times, whether to allow pets, and so on. It’s a good idea to look at rental websites for similar properties in your area to figure this out.
It’s a good idea to have an owner’s closet on-site where you can lock away personal items that you don’t want renters to have access to. It doesn’t need to be fancy: a closet, garage, or basement will all work fine. Just replace the existing doorknob with one you can lock with a key—then be sure to take the key with you to keep the contents off limits.
You’ll need to declare your rental income on your tax returns… so keep good records of everything you spend and everything you earn. In some areas it is illegal to rent your property short-term, so be sure to research your municipality’s laws. Some condo HOAs forbid short-term rentals, too.
Of course, there are other options for your property, too. If you don’t want anyone else in your home while you are away, consider a housesitter. You can’t typically charge rent with this option. But if your sitter will be there for several months at a time, there’s no reason not to negotiate and ask them to pay for some utilities and basic upkeep.
Read about some successful part-time expats in International Living here.
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