To sell or not to sell!!
Jan 1st 2007, 8:57 am
#16
Account Closed
Joined: Mar 2006
Posts: 10,158
Re: To sell or not to sell!!
I'm really not. I'm told I'm patronising 
It's only men with names that start with M that don't like me, so I'm avoiding them from now on.
Anyway, I promised Al I'd try harder.
It's only men with names that start with M that don't like me, so I'm avoiding them from now on.Anyway, I promised Al I'd try harder.
Jan 1st 2007, 8:57 am
#17
destination Cairns
Joined: Oct 2005
Posts: 1,839
Re: To sell or not to sell!!
Quick disclaimer: this is how i personally understand tax on your home proceeds to work - but please dont take my word for it - please check yourself!!
The transfer of funds does not have tax implications - the transfer of 'gains' on those funds does. However this is slightly different on funds from the sale of a house that was a family home. As long as you are renting in Oz you have much longer (6 years i think) to transfer you home sale funds - but this is only until you buy somewhere else. Once you buy property in Oz you old house is no longer classed as your family home and you will again be looking at tax implications for value gains.
Tiggs
The transfer of funds does not have tax implications - the transfer of 'gains' on those funds does. However this is slightly different on funds from the sale of a house that was a family home. As long as you are renting in Oz you have much longer (6 years i think) to transfer you home sale funds - but this is only until you buy somewhere else. Once you buy property in Oz you old house is no longer classed as your family home and you will again be looking at tax implications for value gains.
Tiggs
Jan 1st 2007, 10:56 am
#18
BE Forum Addict
Joined: Nov 2004
Posts: 2,584
Re: To sell or not to sell!!
I guess it all depends on what sort of people you are. 
If you're the type like some on this who are 'In for a penny, in for a pound' types, and just want to get here, settle, and enjoy the adventure, and the money will come in handy, sell it.
If you're more cautious types who aren't sure you're going to really settle living here, and you don't need the money, I'd hang on to it and let it out. It's good to have something to go back to and if things don't truly work for you here, then you have something to go back to.
Try and assess what sort of person you are and how safe you want things to be. Only you know the answer to that, and only you can truly decide if you want to sell up or not.
Best wishes for whatever you decide.
If you're the type like some on this who are 'In for a penny, in for a pound' types, and just want to get here, settle, and enjoy the adventure, and the money will come in handy, sell it.
If you're more cautious types who aren't sure you're going to really settle living here, and you don't need the money, I'd hang on to it and let it out. It's good to have something to go back to and if things don't truly work for you here, then you have something to go back to.
Try and assess what sort of person you are and how safe you want things to be. Only you know the answer to that, and only you can truly decide if you want to sell up or not.
Best wishes for whatever you decide.
1. You're the type like some on this who are 'In for a penny, in for a pound' types, and just want to get here, settle, and enjoy the adventure, and don't need the money.
Or
2.You're a more cautious type who isn't sure they are going to really settle living here, and you do need the money?
Jan 1st 2007, 11:06 am
#19
Account Closed
Joined: Mar 2006
Posts: 10,158
Re: To sell or not to sell!!
So miss words of wisdom, what should you do if
1. You're the type like some on this who are 'In for a penny, in for a pound' types, and just want to get here, settle, and enjoy the adventure, and don't need the money.
Or
2.You're a more cautious type who isn't sure they are going to really settle living here, and you do need the money?
1. You're the type like some on this who are 'In for a penny, in for a pound' types, and just want to get here, settle, and enjoy the adventure, and don't need the money.
Or
2.You're a more cautious type who isn't sure they are going to really settle living here, and you do need the money?
Ah, well I'm the first category and did need the money. So I sold everything, threw caution to the wind and thought '***** it'... The money's in the bank until we get the mortgage. If you didn't need the money, I'd keep the house, let it out and re-assess in a couple of years. There are few who don't need the cash though.
As for the second, if you're super cautious, sell up, come, but rent whilst investing the money in high interest account perhaps, so that you have it for escaping should you need it? There are other ways of investing money fairly safely... low risk stocks perhaps? High interest accounts?
I think if you're cautious, you need to have a fat safety net to back you up. You can decide what you do with said safety net down the track a bit, right?
Last edited by iPom; Jan 1st 2007 at 11:12 am.
Jan 1st 2007, 11:12 am
#20
Emily, Luke and Libby
Joined: Feb 2006
Location: Atwell sor Perth!
Posts: 218
Re: To sell or not to sell!!
Hi There,
We are actually renting our house out at the moment. We haven't had any probs with it (renting it out as rooms) whilst paying mortgage and all bills it is also paying our loan every month.
We have a very good friend who happens to be a letting agent which helps.
Also renting it out as 5 bedrooms shared kitchen and leaving space means if someone leaves the bills still get paid and we haven't got to worry about mortgage and the rent on the place we are in at the moment.
Also we are not looking at buying when we get to Perth straight away as we just dont know where we wish to settle yet.
Good Luck with your decision its a tough call
Kate
We are actually renting our house out at the moment. We haven't had any probs with it (renting it out as rooms) whilst paying mortgage and all bills it is also paying our loan every month.
We have a very good friend who happens to be a letting agent which helps.
Also renting it out as 5 bedrooms shared kitchen and leaving space means if someone leaves the bills still get paid and we haven't got to worry about mortgage and the rent on the place we are in at the moment.
Also we are not looking at buying when we get to Perth straight away as we just dont know where we wish to settle yet.
Good Luck with your decision its a tough call
Kate
Jan 1st 2007, 4:43 pm
#21
Banned
Joined: Jun 2004
Location: Manchester-Sydney August 07 and maybe Brisbane or Melbourne 08
Posts: 1,614
Jan 1st 2007, 7:55 pm
#22
Forum Regular
Joined: May 2006
Location: From Cesspit London to Glorious Sydney
Posts: 187
Re: To sell or not to sell!!
If you have a permanent visa, like we do, you should sell IMHO. If you dont come with the mindset that you are staying, you may well go back. I saw a car sticker here yesterday, a picture of Aus, and a slogan "Love it, or leave it". That is so true. We love it here, would never go back.
Anyway, if the unthinkable did happen for you, you can always buy another house in the UK. Ofcourse there is stamp duty etc etc, but moving continents costs money, full stop. You have to pay if you want the chance of happiness.
Anyway, if the unthinkable did happen for you, you can always buy another house in the UK. Ofcourse there is stamp duty etc etc, but moving continents costs money, full stop. You have to pay if you want the chance of happiness.
Jan 1st 2007, 8:20 pm
#23
BE Enthusiast
Joined: Jun 2006
Location: ASHBY, Perth.
Posts: 675
Re: To sell or not to sell!!
We are in the process of applying for 136 MODL visas and are Septemeber 2006 applicants. We hope to move to Brisbane around August 2007. Can anyone offer advice as whether to sell our home in the Uk or rent it out and rent in Brisbane until we are sure that this is what we want or bite the bullet and sell up in the Uk and buy over there?
Comments on others experiences greatly appreciated.
Thanks Rutledge family.
Comments on others experiences greatly appreciated.
Thanks Rutledge family.
we are going to rent our house out.but it is easy for us as my wifes brother wants to rent it for a few years. so that is good and we can stay in our house until we fly out to perth. then if we realy like it then we can sell the house ?? lets see what happens .we have been to australia for 6 months before so we do know we like it. but that was for a holliday. who knows what you will feel when you live there for good??
all the best
Dave
Jan 1st 2007, 9:06 pm
#24
Timelord
Joined: May 2006
Location: Lost in space...
Posts: 2,834
Re: To sell or not to sell!!
If you can afford to I'd keep the house and rent it out... The cost of jumping off the UK property ladder and then having to get back on a couple of years later can be terrifying...
I wouldn't worry too much about the mindset stuff, no one comes out here with the intention of having an awful time and going home in 5 minutes... Why don't you come with the thought that you're going to stay for 2 years and then go home...? Then, if you like it so much that you want to stay, sell your house... You'll know Oz works for you... If at the end of 2 years you think, well that was interesting but not for us forever, then you've still got your UK home to return to... Best of both worlds...
I wouldn't worry too much about the mindset stuff, no one comes out here with the intention of having an awful time and going home in 5 minutes... Why don't you come with the thought that you're going to stay for 2 years and then go home...? Then, if you like it so much that you want to stay, sell your house... You'll know Oz works for you... If at the end of 2 years you think, well that was interesting but not for us forever, then you've still got your UK home to return to... Best of both worlds...
