It can be a challenge to move overseas. If your move is temporary, and if you want to hang on to valuable real estate at home, it can be even more difficult. You can get friends or family to help you manage your property, or you can make use of global relocation services that are qualified to help you.
There are positive aspects to each. Enlisting your family to handle things while you?re away means someone you already know and hopefully trust is going to take care of all the details.
The con is ? it?s your family. Just like the warnings about lending money to family, asking them to deal with the hassles, legal issues, and stress of managing your property can ruin the relationship. You certainly can?t handle it yourself from afar.
The Challenge
If you?re moving overseas and rent your hometown real estate, there are many things to consider when renting your property. If you own rental properties, it adds more of a challenge. Dealing with various issues from half way across the globe is not at all ideal. Hiring a professional can save a lot of headaches when it comes to:
??? ?Collecting rent
??? ?Knowing the legal process for eviction
??? ?Handling maintenance issues
What do you do when something needs immediate repair, or in a situation where rent is overdue? Receiving calls at odd hours, or trying to collect from, or even evict a tenant could prove to be a nightmare. You don?t want to put family or friends in harm?s way if a touchy situation arises with your tenants.
Protecting Yourself
Lay out the expectations with your global relocation service. Have a contract that includes a clause for spending. Set it up so that the agent must ask your permission before spending certain amounts of money on the property.
These professionals will likely have an errors and omissions insurance to handle disaster and legal issues. For instance, if there?s a fire ? professionals can obtain bids, hire contractors, supervise, and coordinate payments with the insurance company. It would be a lot to ask of someone close to you.
If you aren?t happy with the management provided, you can fire the company? it?s a lot easier than firing a family member.
Are you being transferred, or sent overseas but don?t want to sell your current property? Do you need help finding a new home for the relocation? Contact us and we can help you sort out the details.
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