Finance??

Old Aug 30th 2005, 7:18 pm
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Default Finance??

Thanks to all who gave advice on the previous post...
As we're (relatively newlyweds)we're thinking of moving to Edmonton.how did previous folk who moved to Canada finance their trip?We've got a relatively small apartment and either the choices are a)selling,but i fear not much of a profit.Or B)Remortgage to raise a fund and rent the property here?
Any advice?

And i know its a how long is a piece of string q?But how much did folk take with them to settle there?

Whew...tired now....
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Old Aug 30th 2005, 7:36 pm
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Default Re: Finance??

Originally Posted by Eastside
Thanks to all who gave advice on the previous post...
As we're (relatively newlyweds)we're thinking of moving to Edmonton.how did previous folk who moved to Canada finance their trip?We've got a relatively small apartment and either the choices are a)selling,but i fear not much of a profit.Or B)Remortgage to raise a fund and rent the property here?
Any advice?

And i know its a how long is a piece of string q?But how much did folk take with them to settle there?

Whew...tired now....
Have you considered SAVING!!! Not a fashionable idea I realise, but CIC are pretty adamant that borrowing funds (in any form) is not an acceptable way of meeting the settlement funds requirement.

My experience is not really representative as I came on a work permit to a reasonable job, but I came with only $5000, most of which I spent establishing myself here. Then I saved enough here to meet the requirements for PR by the time I decided I wanted to stay permanently and the paperwork was processed. Obviously the more you can bring the safer you will feel till you can get a good job.
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Old Aug 30th 2005, 7:48 pm
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Default Re: Finance??

Originally Posted by Eastside
Remortgage to raise a fund and rent the property here?
Any advice?
Where's "here"?

Remortgaging advice: Don't do it.
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Old Aug 30th 2005, 8:15 pm
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Default Re: Finance??

Doesnt the form ask for net worth? So borrowing it would not help as you have to deduct your debts from the assets.
 
Old Aug 30th 2005, 8:21 pm
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Default Re: Finance??

Originally Posted by Cowtown
Doesnt the form ask for net worth? So borrowing it would not help as you have to deduct your debts from the assets.
Depends where "here" is. I'm currently doing my tax return and finding that I have mads a loss on my rental property again this year.

If the property is managed (really a requirement if you are abroad - at the very least, you have to provide an address for the serving of notices and have talked to the IR) and maintained properly, then the rental will only probably just cover the mortgage/costs unless you have lots of equity.

But it does really depend on the location, local rents and the property.
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Old Aug 31st 2005, 12:09 pm
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Default Re: Finance??

Originally Posted by yonk
Depends where "here" is. I'm currently doing my tax return and finding that I have mads a loss on my rental property again this year.

If the property is managed (really a requirement if you are abroad - at the very least, you have to provide an address for the serving of notices and have talked to the IR) and maintained properly, then the rental will only probably just cover the mortgage/costs unless you have lots of equity.

But it does really depend on the location, local rents and the property.
Yonks,

I am also based in Edinurgh and having looked at potential rental values on my property would probably also fail to cover mortgage / costs but....

1. If I don't sell and rent at a loss I would bank on property values increasing over time to offset 'losses' at face value.

2. Can you recommend any property management companies in town, I hear the odd horror story.

Thx
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Old Aug 31st 2005, 5:02 pm
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Default Re: Finance??

Originally Posted by bart2804
Yonks,

I am also based in Edinurgh and having looked at potential rental values on my property would probably also fail to cover mortgage / costs but....

1. If I don't sell and rent at a loss I would bank on property values increasing over time to offset 'losses' at face value.

2. Can you recommend any property management companies in town, I hear the odd horror story.

Thx
PM me and I'll give you some pointers - 3 year working for an advice charity left me with more than a few horror stories...
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