Many people, especially avid travelers, dream of one day quitting their job and traveling the world. But for those who are still paying off a mortgage, it can seem like an impossible goal. However, with some creativity and discipline, you can live your dream without owning your home! Here’s how to travel the world with a mortgage:
Home Exchange
An ai mortgage broker will tell you that this is one of the best ways to travel the world with a mortgage. The home exchange allows you to stay in someone else’s home while they stay at your place; all without breaking the bank! While many people think this is only possible for those who are retired, it can actually be an excellent choice for professionals too.
Home exchange websites like Intervac or HomeLink allow homeowners and potential guests from around the globe to find each other online so that everyone wins – no matter what their age, race, ethnicity, or stage of life! These sites also take care of much-needed homeowner liability insurance coverage plans, ensuring both parties complete peace of mind throughout the process. And since most homes now have internet access, booking ahead makes perfect sense as waiting until the last minute could mean you end up paying more.
Home exchange is highly affordable, and it will allow you to travel and save money for your mortgage at the same time.
Rent Storage Space
Are there companies or individuals who would use your loft or garage for storage? This is another great way to travel the world with a mortgage. Renting out storage space can be an excellent way to earn some extra cash so that you can save more for your home.
Renting may sound complicated and inconvenient but if you do it correctly, both parties will feel comfortable with each other, especially after discussing all safety concerns, making this another great option to travel the world without having to sell your house to pay off your mortgage!
House sitting
If the cost of traveling the world with a mortgage is still too high for your budget, consider house-sitting instead! House sitters are homeowners who allow strangers to stay in their home while they go away – usually in exchange for free accommodation or reimbursements like groceries. Some sites even offer additional benefits such as pet care services. You could set up alerts via sites such as TrustedHousesitters so that you know when new assignments pop up everywhere around the globe! This allows you to pick and choose where you want to spend time, rather than trying out last-minute destinations that may not suit your taste or budget level.
House sitting jobs are typically shorter than hotel stays, which makes them easier on the wallet as well; giving mortgage-payers an even better reason not to feel guilty about saving some cash this way.
You can find long-term or short-term opportunities depending on what works best for you.
Renting Your Home Out While Traveling Yourself
This is definitely not everyone’s cup of tea, but it could be the perfect solution if you’re planning on traveling somewhere that doesn’t have any rental options via Airbnb or similar services. Renting out your home while you travel will give you an extra income boost, which means more money towards paying off the mortgage faster. Just make sure that this works with your current homeowner’s insurance policy before taking any steps forward, as they may not cover short-term rentals.
The key to tackling your mortgage while traveling the world is being resourceful and creative – you don’t need a lot of money or time to make these dreams come true!
Rent Out Your Home on Airbnb or VRBO When You’re Not There
Ask your home mortgage advisor about renting your home out on Airbnb. It’s a great way to earn extra income, and it can also save you money for paying off the mortgage faster! Just make sure this works with your current homeowner’s insurance policy before taking any steps, as they may not cover short-term rentals. Also, doing some research in advance about local laws is always a good idea. Some places have laws that forbid renting out your home for short periods of time, while others will consider this a taxable income.
Final Thoughts
Becoming an avid traveler is something most people desire, but very few actually accomplish. If you feel like your mortgage is holding you back from traveling the world, don’t let it! Try out some of these creative tips and ideas to travel while paying off your home. Make sure that you’re doing this safely and legally, though. Research local laws and talk to your mortgage advisor before taking any steps. This will help you travel the world with a mortgage and save more for your future!
