Posted on: 23 February 2016
While some people spend a lot of time traveling the world in their youth when they have few responsibilities, the travel bug bites other people later in life. You may dream about planning an extended trip to visit several or many countries over the course of several months or more, but if you have a mortgage you may think that this goal is unattainable. But with a lot of advanced planning, it is possible to take time away from your normal life and spend as long as you like traveling, even if you have a mortgage. Use the following tips to plan an around-the-world trip when you are hindered by a mortgage:
Rent Out Your House
Renting out your house is the easiest solution when you want to take an extended trip to discover new places around the world. But since you will not be readily available, you will need to hire a good property management company that will be able to screen tenants, create a lease, collect rent, and take care of any maintenance or emergency repairs. In addition to working with a property management company, it is a good idea to ask a trusted friend or family member to make decisions regarding your home, if needed, while you are gone. Ideally, you want to rent your house out at an amount that covers your mortgage payment; if you are able to rent it out for a higher amount, the extra money can help fund your trip.
Put All Of Your Stuff in a Self-Storage Unit
When it comes to packing up your stuff to make room for your tenants, don't try to store your things in your parent's garage or to ask a friend if they have room for a few of your things. Your best bet is renting a self-storage unit like Santa Monica Mini Storage, which means that all of your stuff is safely stored in one place. Many self-storage facilities offer discounted rates for long-term storage, so if you have a good idea of how long you will be gone it can be a good deal to sign a long-term contract. If possible, try to pay the fees for your storage unit upfront on a credit card so you don't have to worry about paying on time while traveling.
Set Aside an Emergency Fund for Your House
When planning a trip to see the world you may spend a lot of time thinking about how to stretch your budget, but before you even leave it is important to have funds available to take care of your house while you are gone. Even if a property management company is managing the rental of your house, you are still responsible for making repairs, and possibly maintenance depending on the lease terms. Make sure that money is available and separate from your travel funds so you don't run into any financial problems while abroad.Share