ExecutiveChronicles | How to Manage a Property Overseas: Tenants, Pest Control & More | Whether you are thinking about buying a property abroad or you have already taken the plunge, there are certain aspects of being an overseas property owner that you need to know about.
Whilst it may seem like an easy way to generate an extra income or even just use as a vacation home, the reality of owning a property overseas can be somewhat different.
Fortunately, it doesn’t have to be hard work managing a property abroad. In fact, with a little bit of planning and a little bit of expertise, you can quickly become a pro at being a property owner in another country.
Within the below guide, you will discover everything you need to know about managing an overseas property including how to find tenants, how to maintain your property and what type of insurance do you need.
Marketing Your Overseas Property
If you intend to rent out your property, then the first task you need to carry out is to find reliable tenants or short-term renters. Of course, this can be a little bit trickier than finding tenants in your own country as you are unlikely to meet them face-to-face. That being said, it doesn’t mean that you can’t find good tenants, just that it might take a bit more time and effort.
When it comes to marketing your overseas property, it can be a good idea to build a website, as well as register with all the top booking sites.
Try to make your website as user-friendly and informative as possible and don’t scrimp on photos and videos of your property. Don’t forget that your website can not only be used to find tenants but to also manage bookings and collate reviews.
Another great way to attract visitors to your property is to have a strong social media presence where you can update people on your property as well as things to do in the local area.
If you have not yet purchased a property abroad but you are eager to get on the overseas property ladder, then check out these Luxury Villas for Sale in Turkey that guarantee to impress.
Getting Landlord Insurance
Although this is not a legal requirement, it can be highly beneficial to take out landlord insurance if you plan to rent out your property overseas, either on short-term or long-term leases.
Landlord insurance protects you from unforeseen circumstances such as floods, storms, and accidents which can prove to be extremely costly.
There are many different types of landlord insurance to choose from, depending on your budget and the level of coverage that you would like. Landlord insurance can cover contents, building, and property coverage, as well as premises liability which protects you if one of your tenants hurts themselves and tries to sue you for negligence.
Paying the bills
As a property owner, you are likely to have certain bills that you have to pay unless they are all being covered by tenants. Fortunately, if you do have bills to pay overseas, the process of paying them is fairly straightforward.
In most cases, you do not need to set up a new bank account as you can simply transfer money from your existing one. However, it is worth noting that most banks do charge for this service.
Alternatively, you can use a money transfer service that allows you to make repeat transactions straight from your bank account. Again, fees for this will vary from one provider to another.
Maintaining the Property
A major concern for many overseas property owners, is you need to make sure that you are keeping on top of the maintenance of your property. This is particularly important if you do plan to rent it out on a regular basis.
If you have guests coming to stay, paying or otherwise, you need to arrange for the property to be thoroughly cleaned both before and after. For peace of mind, it can be a good idea to hire a professional cleaning company as you know that they will be reliable and carry out the job to a high standard.
When it comes to general maintenance such as plumbing, gardening, decorating and electrical work, you may want to ask for local recommendations and keep all of the contact recorded on a spreadsheet.
Managing Pest Control
Depending on the country in that you have bought your overseas property in, pests may be an issue. This means that you need to have a pest control plan in place if you don’t want to run the risk of your property becoming infested.
As with all the other aspects of maintaining your property, the best course of action is to hire a professional company or person to manage pest control for you.
It is worth noting that some foreign countries do not have the same pest prevention as the United States which means that infestations are more likely to occur. In fact, due to the pandemic, some countries are currently dealing with long-term pest problems which come with a whole host of associated potential dangers and risks.
Some of the most common pests that you need to control are bed bugs, biting insects such as ticks which can cause Lyme disease and rats.
Investing in property overseas comes with a multitude of benefits but that doesn’t mean that it is an easy task. As you can see from the above, you have a lot of responsibilities as an overseas property owner, and this is particularly true if you plan to rent out your property.
From finding tenants to paying bills, protecting your assets to controlling pests, there is a lot to keep you busy as a property owner abroad but that doesn’t mean that you shouldn’t go for it!
Use the above guide as a checklist and you should be able to navigate the first few challenging months as an overseas property owner with maximum results and minimal stress.
Good luck and happy house hunting!