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To sell or not to sell...

To sell or not to sell...

Old Jun 5th 2002, 4:53 pm
  #1  
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Default To sell or not to sell...

Hi

Has anyone else out there decided not to sell their house when they've moved to Australia?

My boyfriend and I are debating this one at the moment. I want to sell- it just seems like less hassle, nice clean break and all that. But my (English) boyfriend wants to keep it, in case we decide to come back after a few years. Any rent we'd get for it would easily cover the mortgage, so that wouldn't be a problem.

Also, does anyone know what sort of tax we'd pay on any money we transferred to Australia- either when we move, or say in two years time when we inevitably decide to sell the house and buy in Sydney (I'm pretty sure we won't be coming back!). Would the Australian government differentiate between money released from the sale of the family home and other investments. I assume we'd have already paid capital gains tax (or similar) in the UK.

Cheers
Zena
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Old Jun 5th 2002, 7:08 pm
  #2  
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Default Re: To sell or not to sell...

Hi Zena

Re renting out your property in the UK when you go to Aus, we also contemplated this, but we have a flat which we have rented out for around 4 years here in London, and you would not believe the hassle you can get from tenants, and problems with the property. We have decided to sell up completely, as you are a hell of a long way away if a tenant decides not to pay you (by law you can't just kick them out!) or causes problems, or any number of other hassles. Also, the tax you will have to pay on the rent will really eat into your profits.

The only reason to keep a property rented out here really is to keep your foot on the property ladder here, but we decided like you that we don't want to make it too easy to give up and come back here as soon as we feel a bit homesick!

Debbie
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Old Jun 6th 2002, 11:20 am
  #3  
Michael Morahan
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Default Re: To sell or not to sell...

Stevebecks <[email protected]> wrote in message
news:<[email protected]>...
    > Hi Zena
    >
    > Re renting out your property in the UK when you go to Aus, we also contemplated
    > this, but we have a flat which we have rented out for around 4 years here in
    > London, and you would not believe the hassle you can get from tenants, and problems
    > with the property. We have decided to sell up completely, as you are a hell of a
    > long way away if a tenant decides not to pay you (by law you can't just kick them
    > out!) or causes problems, or any number of other hassles. Also, the tax you will
    > have to pay on the rent will really eat into your profits.
    >
    > The only reason to keep a property rented out here really is to keep your foot on
    > the property ladder here, but we decided like you that we don't want to make it too
    > easy to give up and come back here as soon as we feel a bit homesick!
    >
    > Debbie

I agree, sell. I also rented out property in the past and it was a lot of hassle.
Renting out is also less profitable these days due to a glut of rental property.
Property prices must be well near their peak for now, so it could be the best time to
sell. As for staying on the property ladder, you can buy a property in Oz which you
can always sell again if you want to return.

My tuppence worth

Michael
 

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