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checklists for full timing departure


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Is there one for those of us preparing to leave our houses for long time periods? I've seen some very good ones concerning packing and contents and arrival/departure at campsite but I'm thinking one that reminds soon-to-be fulltimers of things they should make sure are done---insurance, mail, important documents, and other things . We are renting out our house rather than selling and it just occurred to us that we should tell the insurance company what we're doing. Are there other things that are easy to overlook?

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Insurance is a big one, but there could be others so legal advice might be in order. I would check with the water company to see if they know how to contact you should that bill go unpaid as an outstanding water bill can be a lien on real property. You might want to check with the local code enforcement folks also, just in case. Are you using a property manager to handle the rental? If you are they will probably be able to advise you about anything of that sort that might crop up and probably will be on top of most such issues.

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Thanks, Kirk. Good thought about the utilities side of things, hadn't thought of that. We are working with a local property management company so hoping they will take care of most things. We're having moments of panic when we worry about forgetting something incredibly important. I"m trying to make lists of all that need to be done so we can go through and make sure we haven't left something out but it's hard to know what you don't know, if you know hwat I mean :)

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I would definitely contact your insurance company to let them know that the house will now be a rental since that will probably require a different kind of insurance on the house. Although the renters will have renters insurance that covers all their personal belongings, you'll want to keep insurance on the structure itself. Your property managers should be able to advise you on that, too.

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We also will be renting out our house when we go FT. We will be using a property manager and he suggested that we put in the rental contact that the renter has to have rental insurance. That way if the house burns down and it was caused by the renter then it would be covered by the rental ins and not have to go against my insurance. Also as suggested in other posts, talk to your insurance company and your policy will change when you have it rented vs when you lived in it.

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Taxes - Many states have a principal residence / homestead break in your house taxes. Ours amounts to a reduction of almost $1800 per year.

 

Liability - Insurance as covered above?? but what about that falling tree limb, the ice slip etc.

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Taxes - thanks, will have to look into that. I don't think Oregon has a principal residence issue and the property taxes are all by county but I will check. We do have a large personal liability insurance umbrella. In fact, our property management agreement requires their client to carry some kind of liability insurance. And renters insurance requirement is a good idea.

 

We have a safety deposit box with the originals of our most important documents and we're arranging to have my brother-in-law be a keyholder so if we need something in a hurry he can access the box and send it to us.

 

We pay our bills online and do our banking online already and we'll continue with that. Trying to think of any other things we haven't covered.

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Having been a landlord previously, we decided that renting or leasing a property while traveling, even with a property manager, we would just sell the house and invest the money. There are not enough tax deductions and such to justify a rental and the headaches.

 

AS for count down, make sure you have a mail forwarding service, notify everyone of the new address, change as much as you can to electronic billing, set up electronic bill pay with a nation wide bank, notify the IRS of you mailing address and leave copies of you wills and safety deposit box key with a trusted relative. Make sure you have access to important papers such as birth certificates, marriage certificates and passports.

 

I am sure there is more, but this is a start.

 

Ken

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Be sure that anyone who will need your important documents really can get access to your safe deposit box if something happens to you. And I strongly recommend a water/fire proof box in your RV or TV to go with you in which you place certified copies of all important documents. If you have a POA and/or a living will or the equivalent in your state, make sure the designated person(s) have a copy in their possession. Same thing for the executor of your will. In addition, I recommend that you keep a record of all accounts with userid and password with these documents and that you update that information at least annually. Finally, if you have purchased a burial plot or have a deposit with a funeral home to prepay funeral expenses, that information should be together with everything else.

 

Having just been through this for my parents, it can be very difficult to gain access to these critical documents and information in a crisis if they are in a safe deposit box and you haven't made sure that everyone who needs them has access. After our experience, we gave up our safe deposit box and went to a box in our home for all documents. Valuables are different. We wouldn't keep valuable jewelry or the like at home or in an RV, but we came to the conclusion that the hassles of a safe deposit box in a crisis outweighed the risks of keeping them with you as long as you have a water/fire safe place to put the documents and key people have copies. We also plan to post the name and phone number of the attorney we used to prepare the documents someplace in our RV, just in case everything else fails.

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