lyndhurst

hi

just been looking at the options, has anyone had experience of renting out their house while in Oz.

we are thinking of this as it reduces stress of having to sell it and the problem of the housing market going up when we have not had time to buy one in Oz. then we could just rent in Oz and still have our place in the UK. we have worked out that the rent would just cover the mortgage so we would not make any profit.

what are the downfalls you have had or would you recommend it.

thanks everyone.

c xx

JennyL

We sold ours before leaving the UK so that we could afford to buy when we got here. I didn't find it too stressful 'cos we had our stuff packed up on 10th Jan by removal company, completed the house sale on 12th Jan & flew out on 18 Jan!

We arrived 2 years ago and I don't know if it's changed since then but we were restricted to the mortgage we could have get due to us not having an Australian credit rating. We rented for 6 months and the bought.

Good look! were are you moving to?

Sunny Devon

Hi visas came through much quicker than we thought so we are renting our house out at this time of year is not a good time to sell. Plan is to rent for 6 months then put it on the market. Had someone in since October and fingers crossed all is good. It is a case of 6 and 2 3;s as they say - personal preference. If you shop around here once you have a job you will be able to get a mortgage.

Major Edmund Lockyer

Renting my house, all gone quite smoothly.

got a long term tennant, and a good rate, put it in the hands of RE agent here, my only disappointment was my mortgage increasing, as its a buy to let.

Its still working out cheaper than buying a place in Aus i want. Now i can afford to rent a nice place in Aus, and still own a property, in UK, although growth wont be there in capital in UK, its stil a foothold in a uncertain market the media are trying to crash.

Also have you noticed, anyone who doesnt own a house is so desperate for a crash to happen,,,,,almost as though its revenge or something...

lyndhurst

im thinking along the same lines as you!!!!

glad to hear the two who are renting are going well

by the time we put it up for sale (1 year before we plan to go)

sell rent something spend 6 months or more in Oz till we know we want to settle, if housing prices rise as they have been doing we could miss out on a fair few quid and never be able to get a nice house anywhere.

also by my reckoning, with the interest rate being so high in Oz, you can get a better house for your dollar if you rent.

were going to go through an agent the only down side i see is that we wont have much money to take to Oz

c xx

hantsfamily1

I would sell it.

House prices are going to either drop or stay the same in the UK where as you can get 7% interest on your money in an Oz bank and you know it will definitely go up and definitely will not go down in value.

Oz house prices are still going up so if you did want to buy reasonably quickly your money will also go up.

Personally I would rent for at least 6 months when you arrive and keep your money in the bank.

Major Edmund Lockyer

I havent got any money, well shall i say I have a job, enough for a bond, and a couple of weeks rent, and some to get me by, im lending for a car, cheap one at that, and hopefully wing it along the way.

Also a shortfall, in rent to mortage, by the time i apid out fees, and property care etc.

i have owned a place in Aus before, my mortgage and bills came to $3500 a month,

the way I see it, i can rent the place than I owned at a cheaper rate, not have to worry about about being tied in, or stuck there, and have the option of moving if it doesnt suit. Ofcourse whilst im readjusting to another coutnry and settling down.

Like I said, someone is paying my mortgage, you will find this is pretty much an aussie way of thinking....

only the brits seem to buy homes they want to die in 100 years later.

Major Edmund Lockyer

Also look at your short term losses, if this is the case and weigh them up.

I understand what you saying, if you have alot of equity, the 7% is definately a go.

Of you can sell quick at a great price go for it.


If you were to sell in Uk and buy in Aus, check out the costs, of selling and buying, if you have equity, you maybe able to lend against this to buy your place in Aus.

its all a catch 22, you win one way and costs you another, upto your own personal circumstances.

Major Edmund Lockyer

I had my house on the GC a few years ago, they have gone up, do you think they are going to continue, considering local wages arent that great....



how does a family of four on a combined income of $80k afford to live around there now.

betsyboob

We put ours on the market in Nov and sold in 4 days! I don't see why this is a bad time to sell? people need houses all year round
It's nice to know that we don't have anything tying us to the UK and that there aren't people recking the house so that it needs redecorating when we decide to sell.
You also need to make sure you have money to live off of if you don't have a job yet.

Goodluck, i'm sure whatever you decide will be right for you x

hantsfamily1

I am planning on renting for a while as the prices are so high and the interest rates seem to be going up. Experts are predicting another couple of interest rate rises by May so it may cool the price rises.
There are affordable areas around Robina and other places if you go inland 10 or 15 minutes from the beach.
I sold in the UK and am going to keep my money in the bank so I dont have to worry about any increases or decreases. For me the more rate rises the better as I have cash in the bank but thats me being selfish and I dont want to heap misery on existing homeowners but its down to each individual to watch the markets and make the right judgements.

hantsfamily1

Another downside to keeping the UK property is the time it takes to sell and to completion and actually getting your money in the bank. When you inform your tennants you are going to sell they will move out. All going well you will sell your house quickly and get your money but keep an eye on average times to sell a house in your arera then add the approximate 3 months to complete after selling and you have lost another few grand.

hantsfamily1

I dont think they can keep going up forever and like you quite rightly pointed out average wages will not afford a house down here anymore which in turn will help prices to peak. UK and US house prices are falling and one day that will happen here but I dont honestly have a clue as to when they are going to peak. If I did I would be a rich man but for the time being I am happy not to have a mortgage and no worries.

Major Edmund Lockyer

property debate can go on for years,

for me however, i am glad i am not tied into worrying about buying somewhere in Aus, now. and can get on with settling down and enjoying ourselves.

Id ont think the market will crash here, like eveeryone wants it to, or shall I say the media and the jealous deamons, who dont want to save to buy a house or havent made the equity they wanted, for what ever reason.

Aslong as the migrants leep pouring in from Europe who are working there ass off to buy property it will remain a demand.

One of the reasons i havent sold is like you said the time and hassle to do it.

£4k to agents, another £1k to solicitors, then the void of having house empy for another 4 months, say another £4k, renting it out and another issue with my visa, I thought an option to rent was better off,


As for wrecking the house, that is another worry, but £1500 deposit will cover paint, and carpets if needed. My tennants are professional and given their property prior I cant see an issue.

All in all, im looking forward to being a "landlord".... might post back on here in three months, with an update....hope its a good one.

markandgill

Hi all,

We are definately selling before we go...........In fact its already on the market

We thought it better to sell and go to oz with as much money as possible - it is a big move and stressful enough without the possibility of getting to oz and struggling to make ends meet because we are paying a mortgage in uk AND having to rent in oz and we feel this would maybe make it harder to enjoy and appreciate our new country.

I suppose everyones financial circumstances are different but we thought this would be the best option for us