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What would you do????

What would you do????

Old Jan 15th 2010, 5:52 pm
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Default What would you do????

OK, heres the situation, we came back from OZ in 2007 (long story) got back to work, bought a house and always knew we would eventually return to OZ while we still had our visa`s.

So now we are ready to go back & Stay for good this time, house was bought cheap for 2007 prices, but needed a lot of money spending on it, so thats what we have done, now we will be lucky if we get back what we paid for it in the 1 st place! would you rent it out knowing you have to send at least 100 quid a mth back for insurances on top of what the rental income is? or would you sell at the prices now and just put it down to bad advice/experience etc?

The other thing is we will have to get a loan to do us until we get a job out there again, we have enough savings for shipping , dog and flights but need money obviously until we get wages in the bank.

I know ultimately its our desicion and no-one can influence that, but I am curious of other ppls opinions, because Im not money orientated and Im really not bothered about the loss and NO were not rich, far from it hence why we need a loan! but hubby is bothered by it, but I dont want the hassle of the house whilst over in OZ!

Thanks in advance for any replies I may get

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Old Jan 15th 2010, 6:05 pm
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Default Re: What would you do????

Ok just my thoughts. I am also in a situation where I bought a house in 2008 and would make a loss on it if I sold now, although we did have a lot of equity in it in the first place. My decision is that yes I will rent it out for a year or so whilst I hope to recoup some of the price fall and during that time I would rent in Australia and it will be good not to commit to a house and an area straight away anyway. If I had to send some money back each month so be it. Ultimately I don't think we will ever get back what we paid for it and spent on it and I am not waiting for that day, but I just want to sit it out a bit longer.

Regarding the loan, I find that alarming. I am not against loans or credit for certain large purchases, but a loan for day to day living is not something I would ever entertain and definitely not a situation I would put myself in. I would be seriously worried about anyone who needed to do that.
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Old Jan 15th 2010, 6:17 pm
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Default Re: What would you do????

Thankyou for responding, I know what you mean we have never ever had loans before except a mortgage, we are foolishly going back to OZ with debt, which cant be helped! but we HAVE to get back there regardless. Mad when I had a fantastic lump sum in the 1st place, our only regret is buying a house here again! but hindsight is a wonderful thing. If I can secure a job before we go or hubby can then I wont need a loan.

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Old Jan 15th 2010, 6:29 pm
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Default Re: What would you do????

Originally Posted by bluekipper View Post
OK, heres the situation, we came back from OZ in 2007 (long story) got back to work, bought a house and always knew we would eventually return to OZ while we still had our visa`s.

So now we are ready to go back & Stay for good this time, house was bought cheap for 2007 prices, but needed a lot of money spending on it, so thats what we have done, now we will be lucky if we get back what we paid for it in the 1 st place! would you rent it out knowing you have to send at least 100 quid a mth back for insurances on top of what the rental income is? or would you sell at the prices now and just put it down to bad advice/experience etc?

The other thing is we will have to get a loan to do us until we get a job out there again, we have enough savings for shipping , dog and flights but need money obviously until we get wages in the bank.

I know ultimately its our desicion and no-one can influence that, but I am curious of other ppls opinions, because Im not money orientated and Im really not bothered about the loss and NO were not rich, far from it hence why we need a loan! but hubby is bothered by it, but I dont want the hassle of the house whilst over in OZ!

Thanks in advance for any replies I may get

Bluekipper
hi, we have also been to oz came back 2007 bought a house renovated it and now plan to go back again.lucky for us we kept our house in oz and rented it out, which we were not going to do as we put it for sale and had some offers but everyone one said if you can afford to keep it do so (one of the better things we have done... we dont do many as the prices have gone up slightly) This time we are going to rent our house out here in the uk, we did think about selling but with the house price as they are and the lenght of time it might take to sell, renting seemed so much easier.

i hope this helps x
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Old Jan 15th 2010, 6:44 pm
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Default Re: What would you do????

Yes it does help, thankyou, my husband is saying the same thing, rent it out & bide our time for a couple of years & see if we can atleast get half of what we spent back! the only worry I have, is how can you sell it when its being rented out?

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Old Jan 15th 2010, 6:56 pm
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Default Re: What would you do????

Originally Posted by bluekipper View Post
Yes it does help, thankyou, my husband is saying the same thing, rent it out & bide our time for a couple of years & see if we can atleast get half of what we spent back! the only worry I have, is how can you sell it when its being rented out?

Bluekipper
You need to give notice to your tenants of your intentions to sell. If you have an agent, they should be able to advise on what you need to do and timescales required etc...
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Old Jan 15th 2010, 7:06 pm
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Default Re: What would you do????

Originally Posted by bluekipper View Post
Yes it does help, thankyou, my husband is saying the same thing, rent it out & bide our time for a couple of years & see if we can atleast get half of what we spent back! the only worry I have, is how can you sell it when its being rented out?

Bluekipper
i haven't thought about that one yet, more worried about renting it out as everything is new (not one of our better ideas...lol) going to cross that bridge when we get to it. i'm hoping that it is the least stressful route than selling in a flat uncertain market and having stupid offers put in.

fingers crossed x
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Old Jan 15th 2010, 7:31 pm
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Default Re: What would you do????

All, advice welcome,

Thanks Alfresco, will make sure all these details are covered before we do rent it out then, God everything was so much easier in 2006!!! houses sold as quick as a flash for asking price and we had no money worries !

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Old Jan 15th 2010, 7:38 pm
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Default Re: What would you do????

Butterfly

I've sent you a little karma message expalining what we do/have done
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Old Jan 15th 2010, 8:16 pm
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Default Re: What would you do????

Hi Ozzidoc, can you share that advice with me please????? I am clueless about it all, never ever rented a property our before! esp when I have to add to the funds from OZ & send to the UK!

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Old Jan 15th 2010, 9:16 pm
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Default Re: What would you do????

Originally Posted by bluekipper View Post
Hi Ozzidoc, can you share that advice with me please????? I am clueless about it all, never ever rented a property our before! esp when I have to add to the funds from OZ & send to the UK!

Bluekipper
Done
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Old Jan 16th 2010, 3:47 am
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Default Re: What would you do????

we rent out our house in the UK and have to pay about one hundred quid every month to fully cover the mortgage repayments. We have a great agent who deals with it all for us, finding the tenant etc. i think you should research the agent or get one recommend to you and then that takes all stress away. they deal with getting the rent and any damage or breakdowns (with plumbing, electrics etc) they have to vet the tenant and find a new one if they move out. we can afford the one hundred quid every month plus our rent out here so we just forget about it, expect every 6 months or so when we send home a lump sum (to cover the hundred quid). We feel confident that we could go on renting for the next four or five years and we can just forget about that house now, until we sell it or something in the future.

ES
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Old Jan 16th 2010, 7:14 am
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Default Re: What would you do????

Thanks ES, the hundred quid a mth is nothing really is it, but add that on to 250 aswell for a loan repayment, then Im a tad worried! once we are both working its not a bother as we have no other debts!

Starting to look for a tenant at the mo, my sis is a nurse & she will try & get someone at her work to rent it off me!!! so fingers crossed

Thanks everyone, looks like renting would be maybe better to see if market improves to get back our dish!

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Old Jan 20th 2010, 11:06 am
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Default Re: What would you do????

Originally Posted by Ozzidoc View Post
Butterfly

I've sent you a little karma message expalining what we do/have done
Would you mind sharing this with me too please. We have been trying to sell our house since last February and have only had 2 viewings! We are now thinking of renting it and any advice would be much appreciated. Thank you.
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Old Jan 20th 2010, 2:40 pm
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Default Re: What would you do????

Done again.
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