So Much To Think About
#1
Smarties
Thread Starter
Joined: Jan 2007
Location: Liverpool, soon to be Hondon De Las Nieves
Posts: 238
So Much To Think About
Argggg my head hurts. Buy a house in Spain, rent a house in Spain, rent my house in UK out, sell my house in UK. My notice period in work finishes in two weeks so thats me finished and ready for my property tour of Costa Blanca (£25 each hard sell tour thing) on the 26th. We had the estate around today who says our house will fetch £128k if we sell and £525 a month if we rent. If we rent in Spain then no tax on the UK rental income. I just dont know what to do for the best.
I cannot see me wanting to come back to this hell hole I really cant but never say never and all that but the strife that can go with renting the UK house out seems a bit daunting. I need a certificate for the Gas and the electric etc.
Arggggg, long road ahead. Oh yea. Anyone who can offer digs if we and the missus come over and look for rental property. We will pay of course
Thanks
I cannot see me wanting to come back to this hell hole I really cant but never say never and all that but the strife that can go with renting the UK house out seems a bit daunting. I need a certificate for the Gas and the electric etc.
Arggggg, long road ahead. Oh yea. Anyone who can offer digs if we and the missus come over and look for rental property. We will pay of course
Thanks
#2
BE Enthusiast
Joined: Oct 2006
Posts: 312
Re: So Much To Think About
Argggg my head hurts. Buy a house in Spain, rent a house in Spain, rent my house in UK out, sell my house in UK. My notice period in work finishes in two weeks so thats me finished and ready for my property tour of Costa Blanca (£25 each hard sell tour thing) on the 26th. We had the estate around today who says our house will fetch £128k if we sell and £525 a month if we rent. If we rent in Spain then no tax on the UK rental income. I just dont know what to do for the best.
I cannot see me wanting to come back to this hell hole I really cant but never say never and all that but the strife that can go with renting the UK house out seems a bit daunting. I need a certificate for the Gas and the electric etc.
Arggggg, long road ahead. Oh yea. Anyone who can offer digs if we and the missus come over and look for rental property. We will pay of course
Thanks
I cannot see me wanting to come back to this hell hole I really cant but never say never and all that but the strife that can go with renting the UK house out seems a bit daunting. I need a certificate for the Gas and the electric etc.
Arggggg, long road ahead. Oh yea. Anyone who can offer digs if we and the missus come over and look for rental property. We will pay of course
Thanks
#3
Re: So Much To Think About
Thats how I understand it anyway, unless its different when you are renting in Spain or laying off the Spainish rental against the UK income.
#4
BE Enthusiast
Joined: Apr 2006
Posts: 614
Re: So Much To Think About
the 525/month represents about 5% return (before tax). But ....
since you only have one property to rent, there will be times when the
place is empty and not bringing in any money.
Did the estate agent take into account the costs you'll have if you rent
the house out. Like regular redecorating (tenants can be sniffy about
taking a place that looks a bit shabby), lanlords inspections etc.
Pete
#5
Re: So Much To Think About
We sold in england, I think in short, we cut and ran, we called it the great escape LOL
We thought about renting the house out in the UK, but then decided to sell it and take our chance . We love it
Watch out on the tour and practice a row or a disagreement. So you have an excuse.
Good luck but remember that is only one part of spain and this is a very big country.
Have fun
We thought about renting the house out in the UK, but then decided to sell it and take our chance . We love it
Watch out on the tour and practice a row or a disagreement. So you have an excuse.
Good luck but remember that is only one part of spain and this is a very big country.
Have fun
Last edited by gallerie9; Feb 8th 2007 at 9:48 pm.
#6
Re: So Much To Think About
Yes I looked at renting our Uk house very carefully, and with a revenue of £850 a month, once you take into consideration upkeep, redecorating, agents fees and tax, it just didn't seem worth it. So we sold up and invested the money elsewhere
#7
Re: So Much To Think About
You have to make yourself a non-resident landlord with the Inland Revenue otherwise your tenant has to withhold the tax element from the rent and pay it over to the IR and you would have to claim it back, if applicable. As an NRL you receive the rent gross and declare it on your annual self assessment tax return. If your personal allowance covers your rent, expenses etc, hopefully no tax to pay! They will grant you NRL status as long as your tax affairs are up to date. UK rental income is always taxed in the UK.
Last edited by Hillybilly; Feb 8th 2007 at 11:47 pm.
#8
Re: So Much To Think About
Argggg my head hurts. Buy a house in Spain, rent a house in Spain, rent my house in UK out, sell my house in UK. My notice period in work finishes in two weeks so thats me finished and ready for my property tour of Costa Blanca (£25 each hard sell tour thing) on the 26th. We had the estate around today who says our house will fetch £128k if we sell and £525 a month if we rent. If we rent in Spain then no tax on the UK rental income. I just dont know what to do for the best.
I cannot see me wanting to come back to this hell hole I really cant but never say never and all that but the strife that can go with renting the UK house out seems a bit daunting. I need a certificate for the Gas and the electric etc.
Arggggg, long road ahead. Oh yea. Anyone who can offer digs if we and the missus come over and look for rental property. We will pay of course
Thanks
I cannot see me wanting to come back to this hell hole I really cant but never say never and all that but the strife that can go with renting the UK house out seems a bit daunting. I need a certificate for the Gas and the electric etc.
Arggggg, long road ahead. Oh yea. Anyone who can offer digs if we and the missus come over and look for rental property. We will pay of course
Thanks
Aw mate....feel for you ! We were in the same boat last year.......lots of estate Agents and Letting agencies round etc.
But came to the conclusion that letting wasn't for us. We couldn't afford to put anything by....just in case we had to pay for any problems i.e electrics, heating, plumbing and the problems with tenants not paying rent. And we figured we wanted to come out here for the family life and less stress....not to worry about our house back home.
We have been here for 8 months haven't looked back. But if the worst happend and we have to go back we will start again.....at least we have experienced a whole new way of life.
Oh ....also we have friends that rent out there home and have had nothing but problems..complaints like...the taps are too stiff....the floor boards are too creaky....the shower drips etc etc....they have to pay there agent to check everything and contract someone to do the work !!!! So whatever you do.....investigate fully - sorry ..... I'm sure you will anyway....
Good luck mate
#9
sun lover
Joined: Feb 2007
Location: hertfordshire
Posts: 362
Re: So Much To Think About
Argggg my head hurts. Buy a house in Spain, rent a house in Spain, rent my house in UK out, sell my house in UK. My notice period in work finishes in two weeks so thats me finished and ready for my property tour of Costa Blanca (£25 each hard sell tour thing) on the 26th. We had the estate around today who says our house will fetch £128k if we sell and £525 a month if we rent. If we rent in Spain then no tax on the UK rental income. I just dont know what to do for the best.
I cannot see me wanting to come back to this hell hole I really cant but never say never and all that but the strife that can go with renting the UK house out seems a bit daunting. I need a certificate for the Gas and the electric etc.
Arggggg, long road ahead. Oh yea. Anyone who can offer digs if we and the missus come over and look for rental property. We will pay of course
Thanks
I cannot see me wanting to come back to this hell hole I really cant but never say never and all that but the strife that can go with renting the UK house out seems a bit daunting. I need a certificate for the Gas and the electric etc.
Arggggg, long road ahead. Oh yea. Anyone who can offer digs if we and the missus come over and look for rental property. We will pay of course
Thanks
Last edited by pjj; Feb 9th 2007 at 12:53 pm.
#10
Forum Regular
Joined: Feb 2005
Posts: 69
Re: So Much To Think About
Argggg my head hurts. Buy a house in Spain, rent a house in Spain, rent my house in UK out, sell my house in UK. My notice period in work finishes in two weeks so thats me finished and ready for my property tour of Costa Blanca (£25 each hard sell tour thing) on the 26th. We had the estate around today who says our house will fetch £128k if we sell and £525 a month if we rent. If we rent in Spain then no tax on the UK rental income. I just dont know what to do for the best.
I cannot see me wanting to come back to this hell hole I really cant but never say never and all that but the strife that can go with renting the UK house out seems a bit daunting. I need a certificate for the Gas and the electric etc.
Arggggg, long road ahead. Oh yea. Anyone who can offer digs if we and the missus come over and look for rental property. We will pay of course
Thanks
I cannot see me wanting to come back to this hell hole I really cant but never say never and all that but the strife that can go with renting the UK house out seems a bit daunting. I need a certificate for the Gas and the electric etc.
Arggggg, long road ahead. Oh yea. Anyone who can offer digs if we and the missus come over and look for rental property. We will pay of course
Thanks
#11
BE Enthusiast
Joined: May 2006
Posts: 373
Re: So Much To Think About
Have a look at renting your home to the local council or housing association.
This would have to be for a min of 3 years, free management, free internal maintainance and guaranteed rent even if the property is empty. They also decorate after the tenants have left, and leave it in the same way you left it.
Just an idea.
This would have to be for a min of 3 years, free management, free internal maintainance and guaranteed rent even if the property is empty. They also decorate after the tenants have left, and leave it in the same way you left it.
Just an idea.
#12
Re: So Much To Think About
Argggg my head hurts. Buy a house in Spain, rent a house in Spain, rent my house in UK out, sell my house in UK. My notice period in work finishes in two weeks so thats me finished and ready for my property tour of Costa Blanca (£25 each hard sell tour thing) on the 26th. We had the estate around today who says our house will fetch £128k if we sell and £525 a month if we rent. If we rent in Spain then no tax on the UK rental income. I just dont know what to do for the best.
I cannot see me wanting to come back to this hell hole I really cant but never say never and all that but the strife that can go with renting the UK house out seems a bit daunting. I need a certificate for the Gas and the electric etc.
Arggggg, long road ahead. Oh yea. Anyone who can offer digs if we and the missus come over and look for rental property. We will pay of course
Thanks
I cannot see me wanting to come back to this hell hole I really cant but never say never and all that but the strife that can go with renting the UK house out seems a bit daunting. I need a certificate for the Gas and the electric etc.
Arggggg, long road ahead. Oh yea. Anyone who can offer digs if we and the missus come over and look for rental property. We will pay of course
Thanks
Speaking from personal experience as a rental landlord.....sell up, take the money and run!!! That is what we are doing. We have had loads of problems with tenants in the four years we were landlords. Hope you find somewhere to rent in Spain, that is probably a better idea than buying in haste. Don't let the Property Company pressurise you into buying unless you are completely sure.
#13
Re: So Much To Think About
Have a look at renting your home to the local council or housing association.
This would have to be for a min of 3 years, free management, free internal maintainance and guaranteed rent even if the property is empty. They also decorate after the tenants have left, and leave it in the same way you left it.
Just an idea.
This would have to be for a min of 3 years, free management, free internal maintainance and guaranteed rent even if the property is empty. They also decorate after the tenants have left, and leave it in the same way you left it.
Just an idea.
We did that.......NEVER AGAIN!!!!!!!!!!
#14
BE Enthusiast
Joined: May 2006
Posts: 373
Re: So Much To Think About
Please expand on your experience, as a friend of mine has been doing this for a number of years and has not had any problems, and is happy with the regular income. But I am sure some people have had bad experiences as well as good. What council was it?
#15
Re: So Much To Think About
The next tenant, a single mother, was a nightmare!!! Her son hacked a hole in the bedroom wall, daubed paint on the (freshly magnolia painted) walls, she complained of damp, accused me of being nasty to her because I suggested to her that it was condensation from her tumble drier (which it was) and sent me a very nasty letter saying that I was threatening towards her. I was ill with the worry and my blood pressure was so high I was having extremely bad nose bleeds lasting from 1 to 4 hours! It was a horrid time for us. We put the flat on the market and she wouldn't let anyone in to view and when the council finally moved her out last April she took the curtains with her, had pulled a kitchen work surface away from the wall and broke the taps on the kitchen sink leaving the tap running as it couldn't be turned off. The council refused to pay for repairs and then said they wouldn't be putting anyone else in the flat as the tenant had said the stairs to the garden at the back were dangerous (they aren't). It has been empty since last April and even paying the mortgage on an empty flat is far better than having tenants like that in! Maybe other councils are different, but I would never rent through Gosport council again!
As I said....NEVER AGAIN!!!
Last edited by Lionda; Feb 9th 2007 at 3:13 pm.