Working in nz
Sep 30th 2003, 6:21 pm
#16
Life's a beach
Joined: Sep 2003
Location: Cranbrook Kent
Posts: 150
Originally posted by robernelli
I am sure the far out Wellington suburbs, partularly the bays would have plenty to offer. I am accustomed to city life but I do like a retreat out in the sticks...best of both worlds I think.
Rob
I am sure the far out Wellington suburbs, partularly the bays would have plenty to offer. I am accustomed to city life but I do like a retreat out in the sticks...best of both worlds I think.
Rob
Wellington is one of the best cities I have visited in the world, there is plenty of open space. We looked at Christchurh and Wellington and for us Wellington won, it is very compact, Vibrant and green and you are centrally based for both islands. As you say in the bays you have great views and the outdoors right behind you. Plus you have the stadium, restaurants and theatres all within easy reach.
City life is not for everyone but here you can have both.
Good Luck Kev.
Sep 30th 2003, 10:39 pm
#17
NZ 2004 ... Inshallah
Joined: Aug 2003
Location: Sutton Coldfield
Posts: 102
Originally posted by St George Six
Rob,
Wellington is one of the best cities I have visited in the world, there is plenty of open space. We looked at Christchurh and Wellington and for us Wellington won, it is very compact, Vibrant and green and you are centrally based for both islands. As you say in the bays you have great views and the outdoors right behind you. Plus you have the stadium, restaurants and theatres all within easy reach.
City life is not for everyone but here you can have both.
Good Luck Kev.
Rob,
Wellington is one of the best cities I have visited in the world, there is plenty of open space. We looked at Christchurh and Wellington and for us Wellington won, it is very compact, Vibrant and green and you are centrally based for both islands. As you say in the bays you have great views and the outdoors right behind you. Plus you have the stadium, restaurants and theatres all within easy reach.
City life is not for everyone but here you can have both.
Good Luck Kev.
Rob
Sep 30th 2003, 11:14 pm
#18
NZ 2004 ... Inshallah
Joined: Aug 2003
Location: Sutton Coldfield
Posts: 102
Originally posted by WheelsOfSteel
I moved over with the wife and children to Christchurch about 6 months ago (as I said in another post). I had never been to NZ before but worst case scenario, you just go back home. Nothing ventured...
Don't go to NZ if you want to make money. There are far better places in the world. Go to NZ for the lifestyle. I earned 4 times the amount I do in NZ in London but I had invested wisely and wanted a change.
I now live in a large house overlooking the sea with deserted beaches near by. Skying an hours drive and the great outdoors everywhere to discover.
I miss the money and NZ isn't as cheap as you might think becasue most of the goods are imported and therefore priced as they would be in the UK.
My advice would be to not burn any bridges in the UK. If you sell up and want to go back, you will find it near impossible to get back on the property ladder. If it's located in a rentable area, rent it out and maybe reaslise some capital gains. Worst case you can sell it when you are sure NZ is for you, or just go back and live in it.
I live in NZ but have property investments in the UK which if I sold would allow me to retire nicely here. However, as I am only 32 I prefer to work and have a mortgage and let my investments wotk for me in the UK.
Also, NZ doesn't have any CGT ( Capital Gains Tax). Therefore, provided you are out of the country for 5+ yrs. You can realise the profit gross (subject to local taxes, etc.)
I don;t plan too far ahead buy out of all the places in the world NZ has to be one of the most favourable for lots of reasons and in this day and age, you don't have to shut the door totaly closed on the UK...
Have fun deciding...
I moved over with the wife and children to Christchurch about 6 months ago (as I said in another post). I had never been to NZ before but worst case scenario, you just go back home. Nothing ventured...
Don't go to NZ if you want to make money. There are far better places in the world. Go to NZ for the lifestyle. I earned 4 times the amount I do in NZ in London but I had invested wisely and wanted a change.
I now live in a large house overlooking the sea with deserted beaches near by. Skying an hours drive and the great outdoors everywhere to discover.
I miss the money and NZ isn't as cheap as you might think becasue most of the goods are imported and therefore priced as they would be in the UK.
My advice would be to not burn any bridges in the UK. If you sell up and want to go back, you will find it near impossible to get back on the property ladder. If it's located in a rentable area, rent it out and maybe reaslise some capital gains. Worst case you can sell it when you are sure NZ is for you, or just go back and live in it.
I live in NZ but have property investments in the UK which if I sold would allow me to retire nicely here. However, as I am only 32 I prefer to work and have a mortgage and let my investments wotk for me in the UK.
Also, NZ doesn't have any CGT ( Capital Gains Tax). Therefore, provided you are out of the country for 5+ yrs. You can realise the profit gross (subject to local taxes, etc.)
I don;t plan too far ahead buy out of all the places in the world NZ has to be one of the most favourable for lots of reasons and in this day and age, you don't have to shut the door totaly closed on the UK...
Have fun deciding...
My wife is worried about not being able to come back even though if we sold today we would have enough to buy a reasonable house outright in NZ. I would have thought that that would only be the case if you were considering moving back in say 10 years or more when the prices in the UK may be totally adrift from the equity you may have gained in NZ (though prices are rising fairly dramatically here as well). To me that a long way off though I may have to consider it if I need to look after elderly parent (I won't put them in a home) but the chances are I will not need to do this. I cannot understand why there should be a concern in the short trem. If it does not work out in say 3 years time, just sell in NZ and move back. I am sure prices wouldnt have left us that far behind, especially if there is a crash in the property market. Howver, if we keep the house this long in the UK, we risk the chances of losing the equity and therefore the chance to buy in NZ for little or no mortgage...at least for a few more years.
It is a nice idea to be able to keep the UK house, rent it out but would need a pretty good wage in NZ to be able to9 afford another mortgage and the relative increase in cost of living. This kind of defeats the object of going over if we are going to struggle though in the long term this would be a great alternative to a pension
Rob
Oct 1st 2003, 1:08 am
#19
Life's a beach
Joined: Sep 2003
Location: Cranbrook Kent
Posts: 150
Originally posted by robernelli
My wife and I are slightly split on this. No arguements yet though
My wife is worried about not being able to come back even though if we sold today we would have enough to buy a reasonable house outright in NZ. I would have thought that that would only be the case if you were considering moving back in say 10 years or more when the prices in the UK may be totally adrift from the equity you may have gained in NZ (though prices are rising fairly dramatically here as well). To me that a long way off though I may have to consider it if I need to look after elderly parent (I won't put them in a home) but the chances are I will not need to do this.
I cannot understand why there should be a concern in the short trem. If it does not work out in say 3 years time, just sell in NZ and move back. I am sure prices wouldnt have left us that far behind, especially if there is a crash in the property market. Howver, if we keep the house this long in the UK, we risk the chances of losing the equity and therefore the chance to buy in NZ for little or no mortgage...at least for a few more years.
It is a nice idea to be able to keep the UK house, rent it out but would need a pretty good wage in NZ to be able to9 afford another mortgage and the relative increase in cost of living. This kind of defeats the object of going over if we are going to struggle though in the long term this would be a great alternative to a pension
Rob
My wife and I are slightly split on this. No arguements yet though
My wife is worried about not being able to come back even though if we sold today we would have enough to buy a reasonable house outright in NZ. I would have thought that that would only be the case if you were considering moving back in say 10 years or more when the prices in the UK may be totally adrift from the equity you may have gained in NZ (though prices are rising fairly dramatically here as well). To me that a long way off though I may have to consider it if I need to look after elderly parent (I won't put them in a home) but the chances are I will not need to do this. I cannot understand why there should be a concern in the short trem. If it does not work out in say 3 years time, just sell in NZ and move back. I am sure prices wouldnt have left us that far behind, especially if there is a crash in the property market. Howver, if we keep the house this long in the UK, we risk the chances of losing the equity and therefore the chance to buy in NZ for little or no mortgage...at least for a few more years.
It is a nice idea to be able to keep the UK house, rent it out but would need a pretty good wage in NZ to be able to9 afford another mortgage and the relative increase in cost of living. This kind of defeats the object of going over if we are going to struggle though in the long term this would be a great alternative to a pension
Rob
As already posted we arrive in Wellington on 2/11/03 and have applied through the LTBV route. We have sold and currently our money is invested in NZ at 5%. NZ property prices are currently rising alot quicker than the UK and as for the South East where we live they have actually dropped. Most experts seem to believe that at best the UK market will remain stable for the next two years, with interest rates due to go up by at least 1% in 2004. If you invest wisely in NZ you could come out of it better off in a couple of years, especially as there is no Capital Gains tax in NZ. At the end of the day it is only money and life is a gamble and the way we view, if after a year we decide to come back at least we tried it. At some stage you have to put your balls on the line and commit, I hope you get the result you are looking for.
cheers Kev.
Oct 1st 2003, 1:13 am
#20
BE Enthusiast
Joined: May 2003
Location: Exit UK 23rd Mar 2004, arriving in NZ 29th Mar (stop off LA Disney)
Posts: 385
Originally posted by robernelli
My wife and I are slightly split on this. No arguements yet though
My wife is worried about not being able to come back even though if we sold today we would have enough to buy a reasonable house outright in NZ. I would have thought that that would only be the case if you were considering moving back in say 10 years or more when the prices in the UK may be totally adrift from the equity you may have gained in NZ (though prices are rising fairly dramatically here as well). To me that a long way off though I may have to consider it if I need to look after elderly parent (I won't put them in a home) but the chances are I will not need to do this.
I cannot understand why there should be a concern in the short trem. If it does not work out in say 3 years time, just sell in NZ and move back. I am sure prices wouldnt have left us that far behind, especially if there is a crash in the property market. Howver, if we keep the house this long in the UK, we risk the chances of losing the equity and therefore the chance to buy in NZ for little or no mortgage...at least for a few more years.
It is a nice idea to be able to keep the UK house, rent it out but would need a pretty good wage in NZ to be able to9 afford another mortgage and the relative increase in cost of living. This kind of defeats the object of going over if we are going to struggle though in the long term this would be a great alternative to a pension
Rob
My wife and I are slightly split on this. No arguements yet though
My wife is worried about not being able to come back even though if we sold today we would have enough to buy a reasonable house outright in NZ. I would have thought that that would only be the case if you were considering moving back in say 10 years or more when the prices in the UK may be totally adrift from the equity you may have gained in NZ (though prices are rising fairly dramatically here as well). To me that a long way off though I may have to consider it if I need to look after elderly parent (I won't put them in a home) but the chances are I will not need to do this. I cannot understand why there should be a concern in the short trem. If it does not work out in say 3 years time, just sell in NZ and move back. I am sure prices wouldnt have left us that far behind, especially if there is a crash in the property market. Howver, if we keep the house this long in the UK, we risk the chances of losing the equity and therefore the chance to buy in NZ for little or no mortgage...at least for a few more years.
It is a nice idea to be able to keep the UK house, rent it out but would need a pretty good wage in NZ to be able to9 afford another mortgage and the relative increase in cost of living. This kind of defeats the object of going over if we are going to struggle though in the long term this would be a great alternative to a pension
Rob
Your right in thinking 3 yrs that UK property won't increase much, infact I have been coming to the opinion that a slump is on the way, I know a few friends who have lost work recently and I know many more who are "bricking" themselves that they will get the chop. Just look at the facts, been a huge increase in personal debt to fund cars, hols etc, peoples wages haven't gone up, fact is many are going down(IT sector being a prime example). All the new jobs being created are Tesco & Sainbury jobs, low paid, so how can property increase in value over the next few years? IMHO it can't something has got to give.
Get the money in the bank, renting out is hassle especially being all the way in NZ, what happens if something comes up and you have to get back to UK to sort it out? What a pain and cost
Anyway, theres been plenty of posts on renting in NZ, so why not consider buying something to rent out as an investment in NZ?
Its a tough call but your've had my opinion, HTH
Oct 1st 2003, 4:47 am
#21
Just Joined
Thread Starter
Joined: Sep 2003
Posts: 6
Money wasn't really the issue, but we would like to keep some sort of stardard of living we now have. The main issue has been that after working his way up in his profession for twenty something years, my husband and I would be loath for him to take a backward step, which is all that is on offer.
Having so much responsibity and working autonomously for so long, he would find it very difficult to have someone with less experience telling him what to do!
Also the school of nursing has just told us that to get the transcript to prove his qualifications will cost £100 and to get his certificates verified has already cost us solicitors fees plus the fee to have his qualifications recognised in nz, just seems to be building up to an awful lot of outlay.
We have put the decision on hold for a while, after being told by our estate agent that there are a glut of four beds around at the moment and nothing is selling.
Saw the prog last night and still think it's worth doing but will get more cash behind us first.
Thanks to everyone for their input, it has given us the other side and maybe you will hear from us again this time next year.
PS we do hope to come for a look around over the next year too.
Jan & Andy
Having so much responsibity and working autonomously for so long, he would find it very difficult to have someone with less experience telling him what to do!
Also the school of nursing has just told us that to get the transcript to prove his qualifications will cost £100 and to get his certificates verified has already cost us solicitors fees plus the fee to have his qualifications recognised in nz, just seems to be building up to an awful lot of outlay.
We have put the decision on hold for a while, after being told by our estate agent that there are a glut of four beds around at the moment and nothing is selling.
Saw the prog last night and still think it's worth doing but will get more cash behind us first.
Thanks to everyone for their input, it has given us the other side and maybe you will hear from us again this time next year.
PS we do hope to come for a look around over the next year too.
Jan & Andy
Oct 1st 2003, 9:04 am
#22
BE Enthusiast
Joined: Sep 2003
Location: Banks Peninsula, SI, NZ
Posts: 373
The gearing of the investment of a house in the UK is much better than that of a NZ property due to FX rates. At present the rates are low between the GBP and NZD about 2.8 - 1. If you sell your place in the UK you will loose out on what you would have got and may get again say in 6 -12 months. NZ has had very high REPO rates relative to the rest of the world so has been a great place to invest. Hence the high NZD relative to the GBP.
Based on the amount you earn in NZD relative to GBP you wouldn't probably have a house worth as much as the house in the UK, there fore any increase in capital is realtive. For simplicity, base everytning in NZD at 3 to 1. If have the average house in the UK is worth say 200kGBP that equates to 600kNZD. Thats a nice house in NZD and one I would imagine out of the budget of an average wage of say 40 -50k NZD.
If you own the house outright in the UK and have no mortgage then it is less of an issue. Selling the UK property isn't such a bad idea but if it is mortgaged it is a very good geared investment, even if housing inflation stagnates for a while.
At the end of the day, if you need the money you need the money. If you can't guarantee(ish) tennants and say live in a non rentable area, there is no issue as you can't afford to have it unrented as the mortgagae payments will be VERY high relative to your NZD wages.
Yes, it is risky and this kind of thing isn't for everyone. If you want to make 5% per anum on YOUR equity (not the mortgage companies too) then put it in the bank.
I am not a financial advisor, I just do this myself in London whilst living in NZ. Currently I have a house in NZ worth 370- 400 k NZD and property in the UK worth about 1.4million NZD (some mortgage).
Even at a modest increase in CGains I make more than I could ever make (within reason) in NZ.
My property is taken care of by property managers who send me statements each month and advertise the properties when tennants leave, etc. I pay them 12.5 % for this service and am very happy with it. It getts a little hairy when tennants leave and you have to make sure the place is cleaned but you get deposits witheld for that if the place is left ina mess!
I have been through what you are going so can speak from experience. All I am trying to do is show you the options. I will you all the best with whatever you decide, but at the end of the day it's nice to have choices...
Have a goo one...
Based on the amount you earn in NZD relative to GBP you wouldn't probably have a house worth as much as the house in the UK, there fore any increase in capital is realtive. For simplicity, base everytning in NZD at 3 to 1. If have the average house in the UK is worth say 200kGBP that equates to 600kNZD. Thats a nice house in NZD and one I would imagine out of the budget of an average wage of say 40 -50k NZD.
If you own the house outright in the UK and have no mortgage then it is less of an issue. Selling the UK property isn't such a bad idea but if it is mortgaged it is a very good geared investment, even if housing inflation stagnates for a while.
At the end of the day, if you need the money you need the money. If you can't guarantee(ish) tennants and say live in a non rentable area, there is no issue as you can't afford to have it unrented as the mortgagae payments will be VERY high relative to your NZD wages.
Yes, it is risky and this kind of thing isn't for everyone. If you want to make 5% per anum on YOUR equity (not the mortgage companies too) then put it in the bank.
I am not a financial advisor, I just do this myself in London whilst living in NZ. Currently I have a house in NZ worth 370- 400 k NZD and property in the UK worth about 1.4million NZD (some mortgage).
Even at a modest increase in CGains I make more than I could ever make (within reason) in NZ.
My property is taken care of by property managers who send me statements each month and advertise the properties when tennants leave, etc. I pay them 12.5 % for this service and am very happy with it. It getts a little hairy when tennants leave and you have to make sure the place is cleaned but you get deposits witheld for that if the place is left ina mess!
I have been through what you are going so can speak from experience. All I am trying to do is show you the options. I will you all the best with whatever you decide, but at the end of the day it's nice to have choices...
Have a goo one...
Oct 3rd 2003, 1:07 am
#23
NZ 2004 ... Inshallah
Joined: Aug 2003
Location: Sutton Coldfield
Posts: 102
Thanks all. I know this was not my thread and we seem to have gone away from the original posting but I am sure many will find this useful. It ios nice to be in a position to be able to make decisions, some do not. However, it seems sure to be a difficult one especially now my wife has brought in sentimentality into the equation...she is very fond of this particular house and she would take it with her, brick by brick, if she could. Still, if she was reminded of the potential wonderful 'home' that can be created over there overlooking a bay or whatever. Then, she may become less attached and we can make more of a business decision. Wow, did I say that? I am not that cold, I know its not that easy, but I also know that, in time, 'homes' can be replaced.
Rob
Rob
