aditicoolin

Dear all,
I am probably moving to Oz in November.Is it advisable to sell the house and then move or sell it later.What are the tax implications of either.Please Advise
Aditi

stumpysean

You'll be lucky to sell house, complete etc all by Nov. Most houses are taking forever to sell, read some of th eother posts!

We're now putting ours on the market and hoping to move out next May!

Been advised that house prices are falling even more, and will probably fall another 10% by the end of the year.


I'd sell now, quick! Good luck

tawkins1

There is nothing worse than having your visa & not being able to go cos you can't sell your house
Get it on the market as soon as you can

JAJ

Selling your house and then finding your visa is delayed or refused is often worse.

mvt550

Hi Aditi,
We meet again!! I have just e mailed you on the other site.

It is different for different people.
I kept my UK house when I moved permanently to Australia and rented it out.
However, when I returned to the UK 10 months later on holiday the buggers had left my house in a dreadful state. Although I didn't make a financial loss due to the deposit held by the estate agent I spent most of my "holiday" getting it sorted.
So I decided to sell.
It then took nearly 18 months to sell so I was stuck with an empty house for that time.

If I had my time again would I have sold before leaving? - no probably not.
It was emotionally important for me to hold on to my property in the UK until I felt sure that my life was going to be permanently in Australia.

But everyone is different.

Tax implications are complex depending on what you actually want to do.
Capital gains becomes relevent if you end up owning 2 properties for longer than 6 months.

Madhu

aditicoolin

Dear Madhu ,
As allways your info is very useful
Thanks

loopiestrats

Hi,

We put your house up for sale thinking it would take ages, but it sold in two weeks of the board going up !!

I am looking for rented at the moment and still need to find a job in oz!

I think things happen for a reason so fingers crossed

If you put your house up and it sells then just rent till Nov we thought better to have no ties!

good luck

JPSUPERHOOPER

in todays market me thinks you should have been up for sale about 12 months ago!

BethandAndrew

I still haven't sold after almost 14 months on the market
Have reduced the price to the lowest we could go to cover mortgage, EA and solicitors fees......and still nothing
Beth x x

travelbug

Try to sell it now if you can. We got our visa's last April - decided to validate the visa's in Nov/Dec last year as i wasn't "ready" to move....and then thinking we would confidently sell our house straight away put it on the market literally the week the "credit crunch" was announced as we are hoping to still move this year. If we'd sold last year we might have sold quickly - but 3 months down the line we've only had 5 viewings....and no offers....and have already dropped the price twice.

gareth midson

In the same boat,

We have decided to rent our house for the next 2 years and we are going in Oct, the rent we are getting will not fully cover the mortgage, but it is better than holding back all our plans,

We will look to sell once the market is stable.

I am not sure about the tax situation but all i know is if i tried to sell know it would cost me big time, so i will hang on to it.

Gaz

CharleneG

We are planning to do just the same even though we are not planning to go until the New Year. The letting agent is coming round tomorrow to take some pictures and get it marketed. We hope to get a 6 month agreement now then a longer one after that, I figure we can get used to the idea of someone renting it while we are still in the country first. We will rent somewhere closer to where I work (saves 1 lot of petrol bills at least).
Estate agents advised us nothing is really moving in our price range at the moment or we would have to take a £50k hit on it's true value. It's just not worth it. I would rather rent it out for a couple of years even if the price goes down then back up to present levels we would never have saved that kind of money in 2 years.
We figure we're not going to be buying in Aus for a couple of years to start with anyway and we can get away with taking the cash we have in savings plus the money from selling our cars.

Charlene

SammyJ

Totally agree. We are doing the same thing. Going to give it two years then review. Wish we could have sold but it just hasn't happened and the way I look at it, if we buy something smallish in Aus, then we are playing both sides of the property market. Here's hoping we don't get burned twice!!!

Sam

isgraham

If you buy in Australia now you will get burned the market is horribly overinflated. Regarding the best time to sell in the UK that would have been about 9 months ago.

SammyJ

Had the house on the market 9 months ago but it didn't sell. Anyway, no point in looking back. As for prices in Aus, I agree that they have gone as crazy as here but as to whether they will come down in price or up more, it's anyones guess. I remember people saying the price for my house was overinflated 11 years ago but it is worth more than treble that now. Honestly have no idea when is the best time to buy in Aus but we'll rent for the first 6-12 months and then look for something which needs work and hopefully the burns will be minor! lol.

Sam