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Expats making money by renting UK homes

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Keeping a UK property and letting it out to tenants could be one way for expatriates living abroad to generate more cash.

According to the Association of Residential Lettings Agents (Arla), many people living or working abroad are choosing to do this for a number of reasons.

For example, those who intend to move back to the UK at some point may be keen to retain a base on home soil.

Meanwhile, those who plan to live abroad permanently may be looking to let out their UK property until housing market conditions improve and they can achieve a better sale price.

Arla's operations manager Ian Potter offered some top tips for any expatriates planning to let their home to tenants.

He recommended making arrangements at least six months before leaving the UK and to carry out some home improvements first to help attract the best tenants.

"Letting your house furnished while you move may also save you money by removing storage or shipping costs that would otherwise be necessary," he added.

Mr Potter also suggested using a professional letting agent who can manage the property during each tenancy, and to make banks and mortgage providers aware of the situation.

There may be regular bills to pay and costs for maintenance when letting out a UK home, so finding a cost effective way of sending money home is important.

Money can be transferred online or through a specialist broker who will help you get the best exchange rates.

Regular money transfers to the UK could cost much more than necessary with a high street bank, as fees can be charged each time.

Using a specialist broker, expatriates can lock in an exchange rate for a set period to avoid fluctuations in the currency markets.

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