There are advantages for both. Choices you make for a rental will be different than for your own preferences- will you want to live with these on your return? Tax wise you should be able to depreciate upgrades for an investment.

travel and visit your parents first...you can renovate any time and 18months of travelling will probably have an impact on your style choices and tenants would probably mean that any work done now would need repairs so wait till you come home and renovate at leisure

Travel first. The house can wait. And nothing you want to do on the house will happen in the timeline you want, there are always delays.

if the house isn't already your own rental property then repairs and renovation done now will have a different tax impact than work done during tenancy.. check with your accountant for specific financial advice

Definitely travel first. The house can wait. And no one has a crystal ball for future costs. Inflation may peak while your away.... no one knows. But you know you need to see your parents. The house will still be here when you get home.

Thank you so much everyone for your comments! I really appreciate them - you’ve definitely helped :)

Travel now

I reckon you are overthinking it .

Do you have an approx reno cost ? And an approx rental income ? Even if inflation is 20% over the 18 months you are away , is that increase more than your expected rental income ?

Just some example figures -- $100k reno price now , likely rental $600 a week , that is $45 k while you are away , so even if the reno price increases to $120k , you are still $25k better off . There is a slight 'but' to that -- as oklouise says , get some financial advice as paying tax on the income may take a bit of the shine off that , although even on the highest tax rate , you are only losing say 33cents , not all the income , if that makes sense .

Without getting too involved in your personal circumstances though -- do you have the $$$ , or the ability to borrow , to do both in the near future ? That way you are paying for both in todays $$$$'s , then pay it off at interest rates that are , at present , less than inflation .

Wow! Thanks for your thoughts and helpful advice pottsy - gives me more food for thought! Thank you!

I would travel, taking endless 'inspo' photos. Your travels will surely influence your future taste.