If you are travelling and living abroad, you might think that there is no time to settle down and achieve some of life’s big milestones like buying your own property. However, a life on the road means that you might accumulate enough money to buy something for yourself. Here are some of the things to consider if you want to buy a house for investment while travelling.
A Base for You
You could decide that you want to set up some sort of home base that you want to live in for years at a time. There are so many corners of the world to explore, and you could want to just start off by creating a base in one place and heading out on short adventures as and when you feel like it.
For example, you might want to choose Kuala Lumpur as this is a fantastic base in Malaysia from which you can explore many other surrounding places. If you want to pick up a single storey house for sale in this capital city, you will be able to do so relatively easily. There are so many amazing neighbourhoods here that could prove to be the perfect place for you to create a base.
It gives you somewhere concrete to return to when you have finished travelling. Not everyone wants to be on the go at all times, and this is a great way for you to have a bolthole to return to if you really need it.
A Chance to Earn on the Road
One of the primary reasons why people choose to buy a house for investment while they are travelling is that it gives them an income stream that they can take advantage of when they are on the road. Travelling can be expensive. Even if you decide to stick to hostels and cheaper forms of transport, things can begin to add up. Ideally, you need a way to earn on the road.
If you have the money to be able to afford the deposit on a house, you should think about doing so. Being able to rent it out regularly means that you will hopefully be able to pay the mortgage while also having a little leftover that you can use towards travelling.
It is ultimately up to you to decide whether you want to use the house for short-term or long-term rents. Long-term means that you can find a household that will want to live in your property for years. This gives you a guaranteed and stable income, but it might only be at a certain level. If you want to see a higher income, you might be able to get it through short-term lets. However, this will be tied to the tourist market. If there is a low season, you might find that the house lies empty for some time.
Plans for the Future
You might be travelling now, but you know that this is not going to be the case forever. Everyone needs to make plans for the future, even if they are only tentative. Though you might want to keep moving for many years to come, there will come a point where you won’t want to travel any longer. What do you do then? Some people might prefer to head home, while others would much rather stick around and become locals in one of the areas that they fell in love with on their travels.
If you see that the prices are dropping in one of your favourite neighbourhoods, this could be all the incentive that you need to buy. Never be afraid to jump in and invest in property if it means that you can find somewhere amazing to live. We never know when the right property might fall in our laps. You don’t have to be ready to move in right away in order to invest in somewhere to live.
Are You Ready to be a Property Owner?
Choosing to buy a house is never going to be a decision to make lightly. You need to make sure that you are in a position to be able to comfortably afford the mortgage, even if you know that you want to rent it out for the present. No one wants to have to deal with a property emergency when they are in a completely different time zone but this could be a reality that you very much have to face.
There are so many options out there for great properties if you want to invest, but you have to be certain that it is the right decision for you. If you do decide to invest in a property as you are travelling, make sure that it is exactly the right one for you.
Grace Murphy A passionate writer, Grace enjoys travelling and then sharing her experiences. Her love for exploring and finding exciting new experiences to sample translates into her work to share with the world.