Fed up with trying to sell house-going to let instead
Oct 2nd 2005, 5:18 am
#1
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Joined: May 2004
Location: Melbourne
Posts: 139
Fed up with trying to sell house-going to let instead
Having had our house up for sale for nearly a year now, dropping the price twice, and only having one offer(from someone who hasn't put there property on the market yet!) we have decided to let it out.
Seems like the smaller properties are selling, but we have so much competition with our 4 bed, that there is just too much choice for the buyers!
Going to rent first for year or so anyway, plus the exchange rate is crap, maybe in the long run it is the best choice after all!
Melbourne here we come!!!!
Seems like the smaller properties are selling, but we have so much competition with our 4 bed, that there is just too much choice for the buyers!
Going to rent first for year or so anyway, plus the exchange rate is crap, maybe in the long run it is the best choice after all!
Melbourne here we come!!!!
Oct 2nd 2005, 5:54 am
#2
Lost in BE Cyberspace
Joined: Sep 2005
Location: Somewhere South... Not Telling YOU
Posts: 10,959
Re: Fed up with trying to sell house-going to let instead
We plan to do the same... Partly as we are locked into mortagage until it finishes in 8 yrs and would incur financial penalties and partly as we have little pension provision... Renting our house would pay for itself mortgage/management/repairs/all the hidden extras you get with renting out a property..We are planning to start from scratch in Oz... rent to start and see how we go...
Oct 2nd 2005, 6:24 am
#3
BE Forum Addict
Joined: May 2004
Location: Brisbane
Posts: 1,131
Re: Fed up with trying to sell house-going to let instead
Originally Posted by eddie007
We plan to do the same... Partly as we are locked into mortagage until it finishes in 8 yrs and would incur financial penalties and partly as we have little pension provision... Renting our house would pay for itself mortgage/management/repairs/all the hidden extras you get with renting out a property..We are planning to start from scratch in Oz... rent to start and see how we go...
Hubby and I are also starting from scratch in a rental house. We used the capitol from the house to help us move, didn't go far lol. I will send you some karma to wish you luck.
Katie
Oct 2nd 2005, 8:11 am
#4
da Bonehead
Joined: Jan 2004
Location: Lion in da jungle
Posts: 22,767
Re: Fed up with trying to sell house-going to let instead
Not an easy decision to make is it ?
We were in the same situation not being able to sell so rented and are renting here. I really had to get moving as I was on a 457 temp sponsored visa and the employer was getting impatient.
It's a personal choice but my advice would be to hold off until you can sell before emmigrating if you can.
Some of the biggest ass aches in paperwork have been due to the fact we still have a UK property.
Been lucky so far with a good agent and tennant though.
Have a read of this which may help.......
http://britishexpats.com/forum/showthread.php?t=280955
We were in the same situation not being able to sell so rented and are renting here. I really had to get moving as I was on a 457 temp sponsored visa and the employer was getting impatient.
It's a personal choice but my advice would be to hold off until you can sell before emmigrating if you can.
Some of the biggest ass aches in paperwork have been due to the fact we still have a UK property.
Been lucky so far with a good agent and tennant though.
Have a read of this which may help.......
http://britishexpats.com/forum/showthread.php?t=280955
Oct 2nd 2005, 11:57 am
#5
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: Fed up with trying to sell house-going to let instead
It's probably stating the obvious, but make sure you are happy with all the tax consequences (UK and Australia) if you decide to retain and let out a UK property when you move.
For example, there are income tax and capital gains tax issues in both countries, and Inheritance Tax in the UK ...
There are some free tax factsheets available here, which might be of interest:
http://www.collettandco.com/factsheet.cfm
Best regards.
For example, there are income tax and capital gains tax issues in both countries, and Inheritance Tax in the UK ...
There are some free tax factsheets available here, which might be of interest:
http://www.collettandco.com/factsheet.cfm
Best regards.
Oct 2nd 2005, 9:14 pm
#6
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Thread Starter
Joined: May 2004
Location: Melbourne
Posts: 139
Re: Fed up with trying to sell house-going to let instead
eddie002, looks like that makes two of us, good luck!
Thanks for the info Bix, and i do agree with you it would be better to sell, but we feel our lives have been on hold for so long now, even if we did have an offer we could be in a long chain and there's no guarantee it will sell at the end anyway......enough is enough!!
Alan, thanks for your interest, in fact i realise the tax complications we are going to get, and we would like to get some professional advice,so i will make contact with your company soon,.
Thanks for the info Bix, and i do agree with you it would be better to sell, but we feel our lives have been on hold for so long now, even if we did have an offer we could be in a long chain and there's no guarantee it will sell at the end anyway......enough is enough!!
Alan, thanks for your interest, in fact i realise the tax complications we are going to get, and we would like to get some professional advice,so i will make contact with your company soon,.
Oct 2nd 2005, 9:40 pm
#7
BE Enthusiast
Joined: Mar 2005
Location: Melbourne's North East Outer Suburbs
Posts: 689
Re: Fed up with trying to sell house-going to let instead
Originally Posted by Bix
We were in the same situation not being able to sell so rented and are renting here. I really had to get moving as I was on a 457 temp sponsored visa and the employer was getting impatient.
It's a personal choice but my advice would be to hold off until you can sell before emmigrating if you can.
Some of the biggest ass aches in paperwork have been due to the fact we still have a UK property.
Been lucky so far with a good agent and tennant though.
It's a personal choice but my advice would be to hold off until you can sell before emmigrating if you can.
Some of the biggest ass aches in paperwork have been due to the fact we still have a UK property.
Been lucky so far with a good agent and tennant though.
The paperwork you need to continue with has been my biggest irritant and how I'd have coped without my mum getting helping us with paperwork, paying bills, etc. I don't know.
It's so frustrating and you can't set down proper roots. We don't know where we'll move to when we're buying because the rental market is so different from the buyers market.
Our two biggest concerns still are getting our permanent visas and selling the house.
Having said this we made the best decision for us at the time. Just wish we'd been able to accept the ridiculously low offer which was soon withdrawn.
Good luck
Oct 3rd 2005, 5:15 pm
#8
Just Joined
Joined: Mar 2005
Location: Essex/ been trying to sell house since last Dec
Posts: 11
Re: Fed up with trying to sell house-going to let instead
Originally Posted by cat5
Having had our house up for sale for nearly a year now, dropping the price twice, and only having one offer(from someone who hasn't put there property on the market yet!) we have decided to let it out.
Seems like the smaller properties are selling, but we have so much competition with our 4 bed, that there is just too much choice for the buyers!
Going to rent first for year or so anyway, plus the exchange rate is crap, maybe in the long run it is the best choice after all!
Melbourne here we come!!!!
Seems like the smaller properties are selling, but we have so much competition with our 4 bed, that there is just too much choice for the buyers!
Going to rent first for year or so anyway, plus the exchange rate is crap, maybe in the long run it is the best choice after all!
Melbourne here we come!!!!
Im in the same boat as yourself, my house has been on the market since last december, sold twice and fallen through twice just days before the exchange both times (had signed the contracts both times too). its not just larger houses, mines a 2 bed starter size.
I have now just rented it this week. when i go i shall leave the power of attourney to sell with my solicitor and will try and sell again in a year or so.
Hopefully the market will be more stable and the exchange rates better then
Oct 3rd 2005, 6:54 pm
#9
now just Shaun...
Joined: May 2005
Posts: 483
Re: Fed up with trying to sell house-going to let instead
Its definately a buyers market at the moment, the valuation surveyor has down valued my house at the moment so the buyer wants even more money off, the valuer is just being over cautious for fear of a crash, it doesn't help me though..
Oct 3rd 2005, 9:53 pm
#10
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Joined: May 2004
Location: Melbourne
Posts: 139
Re: Fed up with trying to sell house-going to let instead
Originally Posted by ROO
Im in the same boat as yourself, my house has been on the market since last december, sold twice and fallen through twice just days before the exchange both times (had signed the contracts both times too). its not just larger houses, mines a 2 bed starter size.
I have now just rented it this week. when i go i shall leave the power of attourney to sell with my solicitor and will try and sell again in a year or so.
Hopefully the market will be more stable and the exchange rates better then
I have now just rented it this week. when i go i shall leave the power of attourney to sell with my solicitor and will try and sell again in a year or so.
Hopefully the market will be more stable and the exchange rates better then
Oct 5th 2005, 7:20 pm
#11
Just Joined
Joined: Mar 2005
Location: Essex/ been trying to sell house since last Dec
Posts: 11
Re: Fed up with trying to sell house-going to let instead
Originally Posted by cat5
And we thought we was having trouble! the market really seems to be with the buyers at the moment, not worth chasing a falling market, we have made our minds up now to 'let', might be a blessing in disguise!....who knows what will happen in the future!!
Youre right i dropped the price on mine 3 times, and im not going to sell and let them make 30 000+ straight away just because the buyers know im trying to leave the country. Hope things all work out well for you.
Oct 5th 2005, 9:34 pm
#12
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Joined: May 2004
Location: Melbourne
Posts: 139
Re: Fed up with trying to sell house-going to let instead
Originally Posted by ROO
Youre right i dropped the price on mine 3 times, and im not going to sell and let them make 30 000+ straight away just because the buyers know im trying to leave the country. Hope things all work out well for you.
