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British Expats (https://britishexpats.com/forum/)
-   USA (https://britishexpats.com/forum/usa-57/)
-   -   Possible move to Virginia (https://britishexpats.com/forum/usa-57/possible-move-virginia-923811/)

Georgette Apr 17th 2019 2:01 pm
Re: Possible move to Virginia
 
Originally Posted by MidAtlantic (Post 12672274)
Not telling your insurers or mortgage company that the house will either be sitting empty or let is likely a breach of the conditions in both cases. Just think of the potential consequences eg house burns down and you have no insurance. Don't go there.

Decide if you want to leave the house empty or let it, then calculate the additional costs and put that in your husband's "package" as his employer has asked him.
Yes i dont want to risk, as above the only option is to leave it empty as we won't be allowed to rent

spouse of scouse Apr 17th 2019 2:13 pm
Re: Possible move to Virginia
 
Originally Posted by Georgette (Post 12672280)
Yes i dont want to risk, as above the only option is to leave it empty as we won't be allowed to rent
Personally, I wouldn't write off renting the house out if there was a way to make the figures work. Your mortgage provider would likely require you to switch to a buy to let mortgage, which would raise your interest rate, and of course there are other costs such as landlord insurance, compliance, maintenance and property management costs. You'd also need to consider any tax implications. But I still think it'd be worth a look, no idea where your property is located but assuming a very modest rent of £600 per month, that's £14,400 over two years. On the 'plus' side, property insurance and council tax will cost your more if your property is empty. It won't cost you anything to crunch the numbers! Good luck with whatever you decide.

Georgette Apr 17th 2019 2:15 pm
Re: Possible move to Virginia
 
Originally Posted by spouse of scouse (Post 12672289)
Personally, I wouldn't write off renting the house out if there was a way to make the figures work. Your mortgage provider would likely require you to switch to a buy to let mortgage, which would raise your interest rate, and of course there are other costs such as landlord insurance, compliance, maintenance and property management costs. You'd also need to consider any tax implications. But I still think it'd be worth a look, no idea where your property is located but assuming a very modest rent of £600 per month, that's £14,400 over two years. On the 'plus' side, property insurance and council tax will cost your more if your property is empty. It won't cost you anything to crunch the numbers! Good luck with whatever you decide.
The rent would be around 1100 per month so yes would make a profit out of it but they also state we have to have at least an 80% mortgage to switch to a buy to rent and we have an 85% so i really dont think they will let us

spouse of scouse Apr 17th 2019 2:16 pm
Re: Possible move to Virginia
 
Originally Posted by Georgette (Post 12672291)
The rent would be around 1100 per month so yes would make a profit out of it but they also state we have to have at least an 80% mortgage to switch to a buy to rent and we have an 85% so i really dont think they will let us
Ah, that's a bummer then. Could have been a nice little earner for you.

Pulaski Apr 17th 2019 2:19 pm
Re: Possible move to Virginia
 
Originally Posted by Georgette (Post 12672291)
The rent would be around 1100 per month so yes would make a profit out of it ….
You will probably have positive cash flow, but (per above advice) you are unlikely to make much if any "profit". ;)
…. but they also state we have to have at least an 80% mortgage to switch to a buy to rent and we have an 85% so i really dont think they will let us
It wouldn't hurt to ask - they may increase your interest rate a bit, but remember that is tax deducible in the US any way.


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