rentout or sell?
Apr 25th 2004, 10:31 am
#1
Thread Starter
Joined: Apr 2004
Location: High up in Joondalup.
Posts: 4,228
rentout or sell?
help.....
cant decided wether to rentout the house or sell it has any one rented there house out from oz is it difficult.
cant decided wether to rentout the house or sell it has any one rented there house out from oz is it difficult.
Apr 25th 2004, 9:16 pm
#2
The Outback Beast
Joined: Mar 2004
Location: Perth
Posts: 292
Re: rentout or sell?
Do a search Kelli, theres loads of info about this, You will need to consider the tax implications as well,
happy reading
happy reading
Apr 26th 2004, 12:24 am
#3
BE Enthusiast
Joined: Apr 2004
Location: Soon on our way.
Posts: 605
Re: rentout or sell?
Originally posted by kelli28
help.....
cant decided wether to rentout the house or sell it has any one rented there house out from oz is it difficult.
help.....
cant decided wether to rentout the house or sell it has any one rented there house out from oz is it difficult.
If you rent out, change your mortgage to interest only, then you only have a minimal outlay which the income should cover.
You will be taxed on the income, but only what you earn over and above the repayment.
Given the current property market it may well depend where the house is. It provides a way back in and at present is probabaly making money in terms of equity.
If you do eventually sell make sure you get a generous valuation before you leave the UK as you have to pay tax on the diff between the valuation and what you might eventually get.
Our original idea was to keep and rent but the costs have spiralled and the roof over your own head is the most important.
Berian
Apr 26th 2004, 8:19 am
#4
BE Forum Addict
Joined: Oct 2003
Location: Nappyland
Posts: 2,886
Re: rentout or sell?
Yes, I rented mine out whilst in Oz. The only hassles were with the rental agency who were useless - I'm now taking them to court.
When we went to Oz we didnt know how long we would be going for - we said 2 years initially, just for an adventure before we had kids, but we didn't know if we might end up staying longer term, even for ever, etc - hence keeping the house. We knew it would increase in value in the UK and we knew we wouldnt be buying in Oz straight away (as we wanted time to settle) so we didnt need the cash straight away, and it was good for investment purposes. As it turned out, we found out we were expecting our first baby and came back to Uk after 18 months in Oz to have baby. To say I'm glad we kept the house is an understatement. I would not want to be joining the UK property ladder now.
Good luck, but think carefully. Some people say if you are going to Oz for good then it's better to break all ties in UK and sell up. Our situation was that we never intended to go for good, so it prompted us to keep hold of the house.
Are you planning on going for good? Have you been before?
When we went to Oz we didnt know how long we would be going for - we said 2 years initially, just for an adventure before we had kids, but we didn't know if we might end up staying longer term, even for ever, etc - hence keeping the house. We knew it would increase in value in the UK and we knew we wouldnt be buying in Oz straight away (as we wanted time to settle) so we didnt need the cash straight away, and it was good for investment purposes. As it turned out, we found out we were expecting our first baby and came back to Uk after 18 months in Oz to have baby. To say I'm glad we kept the house is an understatement. I would not want to be joining the UK property ladder now.
Good luck, but think carefully. Some people say if you are going to Oz for good then it's better to break all ties in UK and sell up. Our situation was that we never intended to go for good, so it prompted us to keep hold of the house.
Are you planning on going for good? Have you been before?
Apr 26th 2004, 1:19 pm
#5
Thread Starter
Joined: Apr 2004
Location: High up in Joondalup.
Posts: 4,228
hi
we havent been to oz before but once there we are not planning on coming back but the house prices in our area at the mo are going through the roof we have lived here 18 months and the house has incresed 100% we got a bargain at the time!
but should anything happen and we come back we'll be lucky to afford a card board box.
does anyone know how much tax you pay on the income from rental?
we havent been to oz before but once there we are not planning on coming back but the house prices in our area at the mo are going through the roof we have lived here 18 months and the house has incresed 100% we got a bargain at the time!
but should anything happen and we come back we'll be lucky to afford a card board box.
does anyone know how much tax you pay on the income from rental?
