Even if you are constantly traveling around the globe, buying a home can still be a worthwhile investment that will not only give you a permanent home base but will also boost your finances in the long run and help you travel more. However, home buying for frequent travelers has a lot of different factors to consider compared to regular home buyers.
If you’re planning to buy a home but will often be traveling, here are several tips that will help you make the best choice:
Consider the location
Location is one of the most important things to consider when choosing the perfect real estate property. Most homebuyers consider the home’s distance to the most important places, like schools, supermarkets, gas stations, and hospitals. While a frequent traveler must also consider the distance to these places, it’s also important to note the distance to the airport or the main highway.
If you’re going to fly to different places more than a few times a year, it will save both time and money when you live close to the airport or at least the main highway that will take you to it.
One of the biggest challenges of being a frequent traveler is leaving your home unattended for quite some time. Keep in mind that empty homes are the usual targets of robbers looking for an easy break-in. And if you’re always traveling, you have a bigger risk of your home getting robbed while you’re away.
For this reason, safety should be one of your top priorities when choosing a home. When considering a potential home, it’s imperative that you do your research about the area. Look up the crime rates on crime mapping websites like SpotCrime and CrimeReports; this will give you valuable insight into an area’s relative safety.
However, it’s better if you pair your research with an actual visit to the area. You can usually gauge the safety of a neighborhood just by driving around, looking for warning signs (graffiti, vacant business properties, heavy police presence), and interviewing the locals.
Find out the rental potential
If you’re going to be gone for extended periods of time, putting your property up for rent is a great way to generate additional income and keep your house occupied while you’re gone. Hence, it’s important that you consider the home’s potential as a rental property, which is usually dictated by its location, proximity to amenities, and size.
Make it known to your real estate agent that you intend to use the home as a rental property. They will help you find properties that are more suited as rentals during your search.
Buy a home below your budget
Another important factor to consider when choosing a home is the price. Unless you have a lot of disposable income to fund your travels, you should find a home that is easy to pay for while you are jet-setting around the globe.
To do this, take a look at your current income and expenses. Based on the money you bring in and spend, how much of a house can you afford? Factoring in your travel expenses, how much are you willing to spend on your monthly mortgage without compromising your travel funds? The best way to afford both a home and your frequent travels is to choose a property that is below your budget. Either that or you cut down on your travel expenses.
Does it make sense to buy a home if you’re not going to stay in it for longer than short periods of time? If you can make it a worthwhile investment, then yes. However, keep these tips in mind when choosing the perfect home; they will help you make the best choice for your current lifestyle.