TRJP

Hi everyone

This is my first post as we are just getting started with moving to Sydney.

My question is we don't know what to do with our house so from your experiences is it better to rent iit or sell it?

I think deep down we would like to keep it in case something goes wrong or just as an investment for the future, however, we are concerned there will be lots of hidden costs involved in renting. ie: if we can't rent it out at any time we will have to pay the mortgage and rent in Sydney, what if things go wrong in the house and we have to keep paying for repairs...

I know these things are all what if but we aren't going to have lots of spaer money.

I would appreciate your advice and experience.

Also, is anyone else moving/already moved to Sydney??

Thanks

TRJP

Sir Les Patterson

hi think most people sell before they go just to have capital behind them ....
and would you have to pay tax in oz on the income you get from renting your house in england

Kiwipaul

My advise would be if you can afford to hang onto to hang on to it, but it sounds to me that you will be pushed if you don't sell. Sydney is the MOST expensive city in Oz but renting is more reasonable than buying.

The tax in Oz on your rental income depends on your expenses (Mortgage, rates, agents commision, depreciation, etc). If the expenses are greater than the rental income no tax.

Deprecitaion is the concept that a house depreciates in value (I think the figure is 2%) so you can claim the depreciation in Oz of your house (note only the house not the land it's built on) against the income, to futher reduce your tax.