SELL UP, OR RENT OUT?
Nov 14th 2007, 4:01 pm
#1
is hoping for the best
Thread Starter
Joined: Oct 2007
Location: dont know when now, but birmingham to perth soon :-(
Posts: 101
SELL UP, OR RENT OUT?
hi
we are leaving for perth in a couple of months with our 3 small children.
we have a house here [uk] its quite an unusual house that we love.
we WERE going to go to OZ and in 12 months decide if we are going to stay for ever.
we WERE going to rent our house out during that 12 months so we had it to go back to should we want or then sell it if we want to buy in OZ.
we are coming to realise that the rent we would get for our house wouldnt completely cover the mortgage payments so we would have to put some money to it to keep the house going PLUS the percentage the letting agents would charge for looking after it for us.
is it worth it we are starting to ask our selves.
is it best to have a property safety net thats going to cost us money or a finacial safety net that will earn us money in the right savings account.
what are your opinions?
thanks
rosie
we are leaving for perth in a couple of months with our 3 small children.
we have a house here [uk] its quite an unusual house that we love.
we WERE going to go to OZ and in 12 months decide if we are going to stay for ever.
we WERE going to rent our house out during that 12 months so we had it to go back to should we want or then sell it if we want to buy in OZ.
we are coming to realise that the rent we would get for our house wouldnt completely cover the mortgage payments so we would have to put some money to it to keep the house going PLUS the percentage the letting agents would charge for looking after it for us.
is it worth it we are starting to ask our selves.
is it best to have a property safety net thats going to cost us money or a finacial safety net that will earn us money in the right savings account.
what are your opinions?
thanks
rosie
Nov 14th 2007, 4:04 pm
#2
BE Enthusiast
Joined: Aug 2007
Location: Perf
Posts: 560
Re: SELL UP, OR RENT OUT?
We are in exactly the same position and have more or less decided that we are going to sell our house, its a house we love and one which we have put a lot of work into and the thought of someone not taking care of it or it not being rented out for a long spell of time is swaying us towards selling.
Its nice to think of it as a safety net but from the other side of the world I can see it possibly being too much of a hassle.
Its nice to think of it as a safety net but from the other side of the world I can see it possibly being too much of a hassle.
Nov 14th 2007, 4:09 pm
#3
is hoping for the best
Thread Starter
Joined: Oct 2007
Location: dont know when now, but birmingham to perth soon :-(
Posts: 101
Re: SELL UP, OR RENT OUT?
yes that is just what we are thinking.
we will proberbly sell it.
it would be a whole lot of worry for no real reason, not something u need when u are taking on such a big move.
having the money from the house would be of more benift when we want to buy somewhere be it either uk or oz. if we stay there OR come back.
if we did come back to uk im sure we would find somewhere we would love just as much.
also it is such a big loose end we could tie up before we go.
really are leaning to sell up.
nice to know we are not the only ones going throught it !!
rosie
we will proberbly sell it.
it would be a whole lot of worry for no real reason, not something u need when u are taking on such a big move.
having the money from the house would be of more benift when we want to buy somewhere be it either uk or oz. if we stay there OR come back.
if we did come back to uk im sure we would find somewhere we would love just as much.
also it is such a big loose end we could tie up before we go.
really are leaning to sell up.
nice to know we are not the only ones going throught it !!
rosie
Nov 14th 2007, 4:09 pm
#4
Da bing bing!
Joined: Nov 2007
Location: Kreissknows!!!
Posts: 2,202
Re: SELL UP, OR RENT OUT?
Really good question, I can only give my own personal thoughts.
We opted to sell our properties (including my much-loved flat overlooking the sea) because we believed that property prices in this country are set to take a big tumble over the next couple of years & if we wanted to come back, we would have the benefit of having sold in a high market & buying in a low one.
We chose having the financial safety net & because we're mortgage-free in this country, we will be able to buy something we really like in Oz, without the worry of maintaining a place back in the UK - if you rent it, you will still be responsible for repairs, buildings insurance & keeping the place up to the required standard for letting remember.
Only you can decide if your property means enough to you to keep, but for us, we decided not & are currently in rented awaiting the wheels & gears to grind in our favour. Best of luck whatever you decide
We opted to sell our properties (including my much-loved flat overlooking the sea) because we believed that property prices in this country are set to take a big tumble over the next couple of years & if we wanted to come back, we would have the benefit of having sold in a high market & buying in a low one.
We chose having the financial safety net & because we're mortgage-free in this country, we will be able to buy something we really like in Oz, without the worry of maintaining a place back in the UK - if you rent it, you will still be responsible for repairs, buildings insurance & keeping the place up to the required standard for letting remember.
Only you can decide if your property means enough to you to keep, but for us, we decided not & are currently in rented awaiting the wheels & gears to grind in our favour. Best of luck whatever you decide
Nov 14th 2007, 6:14 pm
#5
BE Enthusiast
Joined: Aug 2007
Location: Newport Pagnell
Posts: 741
Re: SELL UP, OR RENT OUT?
Hiya,
We have also opted to sell our two properties. The main thing we were concerned with was they would not be classed as your permanent place of residence and therefore you would become liable for Capital Gains Tax (CGT). The problem that we believe exists - although we are certainly not experts on this subject - is if you are over in Australia on a PR visa (as we will hopefully be) and you sell houses in the UK once you're in Australia you will be liable for both UK and Australia CGT !!!! Too frightening a prospect for us so we're selling both before we go.
Hope this helps.
Oz Rascal
We have also opted to sell our two properties. The main thing we were concerned with was they would not be classed as your permanent place of residence and therefore you would become liable for Capital Gains Tax (CGT). The problem that we believe exists - although we are certainly not experts on this subject - is if you are over in Australia on a PR visa (as we will hopefully be) and you sell houses in the UK once you're in Australia you will be liable for both UK and Australia CGT !!!! Too frightening a prospect for us so we're selling both before we go.
Hope this helps.
Oz Rascal
