nusa

Hi,

I currently looking for an opportunity in UAE. I'm from UK.
My concern is just about my property. If I found what I'm looking for,
I doubt whether to rent it or sell it.
Either way, what actions do I need to take and who do I need to tell ?
I suppose, I need to tell the Council, Inland Revenue, or agent ( if I want
to rent it ), etc

I see the following advantages (+) and disadvantages (-) in each :
Rent :
+ you can go back any time if you change your mind, don't like the place,
job, people, etc
- you still need to pay your Income Tax ( I'm not sure about this ? )
- to much headache if there is something wrong with the tenant

Sell :
+ no tenant, good bye Income Tax
+ have your money to buy a property in UAE
- no where to go if you're sacked or made redundancy, etc.

Any suggestions/comments ?

Thanks

CasaNova

You should Rent your property in UK and Buy a Property in Dubai! (If you wanna take my advice)


In Thailand a 2bedroom house/apt with no reliable infrastuture or road! with very low quality fiking and next to zero quality of construction And the Cost is over 2Million Aed.


So to Buying in Dubai is the thing to Do before prices go any further up!

Fairydust

Hello

Just my views,hope it helps

CasaNova

I would start my counsultancy firm if i were you..!

Fairydust

Hmmmmmmmmmmm new business perhaps - do you know a local sponsor

secretdubai

Rent. Once you move overseas, your income tax will be a lot less, because it will only be applied to your rental income (your salary earnings, assuming you stay out of the UK for long enough each year, will be tax-free).

Zannie

If you can rent at a realistic monthly rate that covers your mortgage, with a bit left over to shove into a savings account as a contingency for any work that needs doing to the property, plus of course a bit more for income tax, then do it.

nusa

I think the option to rent for a few years woud be nice.
Thanks everyone.

Border Reiver

When self and spouse came out we rented the place we had in the UK, just to make sure we liked Dubai and were going to stay. It gave us a warm fuzzy feeling to know we had something to go back to if we chose. We were also able to borrow against the property in the UK to get the deposit to buy a place in Dubai, which was the only way we could have raised the money. Having said that the property in the UK gave us a worrying few months when it was empty last summer and in the end we had to drop the rent. Now we have to send money home every month just to pay the mortgage. We are considering selling in the spring when the housing market picks up a bit.

IndieG

Reminds me of Bombay......close to the slums....................apartments now going at AED 3,000 a sq ft, 3 bhk a little over Aed 5 million.

Love it nevertheless........cause I 'm not staying in one ...........just got one

The only reason they are high in Bbay is because of the scarcity of land. But there is a lot of land here in UAE, plus a lot of ready properties soon hitting the market, so what makes you say they will rise any further

Construction quality is very good in India though, provided built by reputed builders.

W10

Shame it wasn't so good years ago...seems like every time there is heavy rain a building collapses.

IndieG

Hi,

More often than not, the older buildings (30-70 yo) collapse mainly due to non-maintenance by the owner (I don't blame the owner at all, considering that the tenants pay a ridiculous rent of Aed 5 - 10 a month for a prime property...thanks to the stupid rent control act), indiscriminate renovations inside the apartment (like breaking load bearing walls to make a room larger.....), adding more floors when the original foundation could withstand only 2-3 floors). In fact our bulding is about 40 years old, not a single crack on the walls, no leakages.......very solid construction!

Cheers

CasaNova

Dunno about India!

But I was staying in Amari Palm Reef Resort in Koh samoui which is like the Best Hotel in Thailand in Terms of Services and Quality of the Property, My room was dropping water from five different places.

It was only raining 5hrs.

IndieG

They probably thought that since you're from Dubai, you'd appreciate a little rain in your room

Fairydust

Thats exactly what I was trying to say its all very well thinking ok no probs property in uk is rented out - but when its not you become liable for council tax after 6 months, as well as the mortgage payments - so its all worth taking into consideration!!