Almost everyone has the dream of one day owning their own home. And while this is a viable option for many people and families, the day-to-day activities of owning a home don’t necessarily lend themselves to certain lifestyles, including those who travel for a large portion of the year. However, if you travel a decent amount but still want to have your own home to come back to, you definitely can make it work. To show you how, here are three tips for owning or buying a home when you travel a lot.
Buy During A Good Rental Market
If you want to have a house but don’t plan to be living in it throughout the year, one of the most common options is to rent it out when you won’t be there. However, this idea is often easier said than done. In many areas, the rental market just isn’t going to make financial sense for you. Knowing this, TheAvidWanderer.com recommends only buying your home during a good rental market. This means that if you’re able to charge rent that’s the same price or higher than your monthly mortgage payment, you’ll actually be able to make some money on your home even while you’re not occupying it.
Keeping Your Property Safe
It can be scary to leave such a big investment for an extended period of time when you won’t really have the chance to physically make sure everything’s still functioning properly. But luckily, there are a few things you can do that will help keep your property safe even when you’re traveling. Some of these things, according to Caroline Costello, a contributor to SmarterTravel.com, is to ask a friend to periodically check in on your home to make sure nothing’s been damaged or stolen, install timers on lights or other appliances to make it seem like you’re home, or have some type of video streaming so you can see what’s going on within the walls of your home even when you’re not there.
Consider Doing Home Exchanges
To get use out of your home but also make finding your own travel lodging easier, BootsnAll.com suggests looking into home exchange programs. Through doing a home exchange, you essentially switch houses with someone so you both can experience travel to a new area without having to be overly concerned with where you’ll stay and what will happen to your home while you’re gone. While some people might be uncomfortable with this, if you travel a lot and want to save on expenses, this could be a great option for you.
If you travel a lot but still want to own your own home, use the tips mentioned above to help yourself navigate through this interesting terrain.