There are a lot of reasons that someone might want to take a few years off and travel the world.
Maybe you just got a big promotion, or maybe your kids are grown up enough that they don’t need you around as much. But what about your home? What can you do with it while you’re gone? Here are some options:
Option 1: Sell the property
One option is to sell your home. There’s no question that this will be a good option if you need start-up capital for your move. Sydney property has been on an upward trajectory for a long time, and most property owners have made good equity in their properties. Ironically for a sales team, this would be our least recommended option. Despite slight dips or corrections in the Sydney market, we don’t see the market slowing down anytime soon. It’s one of the highest returning property markets in the world. What this means is that if you sell now, even if you buy or invest in another city that you’re moving to, it’s unlikely that you’ll have the money to buy at the same level when you return to the Sydney market, you’ll be left behind.
It’s for this reason that if you do decide to sell, which is obviously something that we can help with, we would highly recommend that you use one of our recommended buyers’ agents to buy you some great investments that will give you great returns while you’re away and allow you the equity to buy a home again when you get back.
Option 2: Hold the property, and keep it empty
Have people get a bit funny about having other people in their home. If that’s you, no judgement, but you need to weigh up the financial benefits of renting it out vs holding it empty or selling it and hoping you can get back into the market when you get back.
Option 3: Hold the property and rent it out
If you don’t want to sell your property but still want to make money out of it, then renting it out is the way to go. There are a few different ways you can rent your property: short-term or long-term, corporate rentals or holiday home rentals, both of which we can help with.
Short term rentals have a high nightly return, but they also have the potential for high vacancy rates depending on your area. Long term rentals, which is the traditional way of renting out property, has typically a much lower vacancy rate, but also a much lower return. You need us to appraise your property on both fronts to work out what is best for your property, your area, and your appetite for risk.
Work with us to find a solution
Whichever way you decide to go, you can reach out to us at makeithappen@lumsden.agency to discuss your options and determine the best solution for you. We’re happy to help!
We are experts in this field and can work with you to find a solution that works for your family, finances, lifestyle—and more.
In conclusion, our advice is that everyone’s situation is different. You need to sit down and discuss your options with a Lumsden Agency expert, to help you in every aspect.