Should we sell up or rent it out?

BRAMBLE · 08-12-2007, 09:19 PM

Any one go any ideas or advice? We are unsure what to do. Should we sell up in the new year as the housing prices here are falling hre in the UK or should we release the equity in our house, take the cash to oz and rent out our house here? I've read on another thread you can take insurance out as a landlord incase you loose your tennats. I don't know the ins and outs. We are a bit weary of allowing strangers into our hose and also worried about any maintainance that may need doing when away. What a dilemma. Anyone had any good/bad experiences either way?

Quoll · 08-12-2007, 09:33 PM

We moved a good long time ago now and I regret not having kept our UK house and rented it out given that the prices have sky rocketed since then. However, we needed the money to set ourselves up in Aus and so we sold it. If you can afford to keep it but still set yourself up here then personally that is what I would be doing. If you then need to sell it, hopefully the market will have picked up again.

gary12 · 08-12-2007, 10:14 PM

Bramble

We have decided to rent out our home for several reasons. The obvious one in that propertys don't seem to be shifting, we are also going to rent for at least 6 months when we get to Oz just to make sure that we have chosen the right spot and finally if we decide that Oz isn't for us we have the security of a home to come back to. We personally would struggle to get back into the area/house we are in now if we sold. So for us as least, renting it right.

I have been keeping an eye on the rental property in our area and they do seem to be snapped up, I am making a note of which agents seem to shift the quickest.

Good Luck,
Michelle

Diane Paul and the kids · 09-12-2007, 12:00 AM

Quote:

Originally Posted by BRAMBLE

Any one go any ideas or advice? We are unsure what to do. Should we sell up in the new year as the housing prices here are falling hre in the UK or should we release the equity in our house, take the cash to oz and rent out our house here? I've read on another thread you can take insurance out as a landlord incase you loose your tennats. I don't know the ins and outs. We are a bit weary of allowing strangers into our hose and also worried about any maintainance that may need doing when away. What a dilemma. Anyone had any good/bad experiences either way?

Hi,our house has been on the market for 10 months,and we are on our third agent as of today,but unless we get a very good offer before now and the end of march,we are going to rent to my brother and his girlfriend,who want to move in in early may,so we are renting,not for the safety net,but simply because we can't sell,we refuse to drop the price,because we have done that already and don't want go any lower.Paul.

Generalis · 10-12-2007, 11:17 AM

Does anyone know about capital gains tax though and taxation whilst in oz. I read somewhere that you will be liable for capital gains if you decide to sell property as you have already put roots down in Australia. Can anyone correct this statement as I'm in the same boat.

SAINTHURLOCK · 10-12-2007, 12:08 PM

Quote:

Originally Posted by BRAMBLE

Any one go any ideas or advice? We are unsure what to do. Should we sell up in the new year as the housing prices here are falling hre in the UK or should we release the equity in our house, take the cash to oz and rent out our house here? I've read on another thread you can take insurance out as a landlord incase you loose your tennats. I don't know the ins and outs. We are a bit weary of allowing strangers into our hose and also worried about any maintainance that may need doing when away. What a dilemma. Anyone had any good/bad experiences either way?

If you can afford it rent out. We have and so far so good,the rent covers the mortgage and the estate agents bill who manage it and make sure there is always tennants,the place is looked after etc.
This site is full of people who are quite rightly so very excited and positive about a new start down under,BUT what you dont get a great deal of info on here is what happens once you step thru the looking glass. Believe me when i say that the feelings and emotions you go thru are not what youd expect and the fact that you have your place back home should you need it is a comfort blanket that when those dark days of homesickness and doubt creep in will help you through. If i thought we had nothing to go back too during these early days of our immigration id be in a right state.

EM&M · 10-12-2007, 12:47 PM

This is a difficult one as everyones situation is different.

Most people meet the equity from their property to relocate etc. We have rented, reasons being we put it one the market but couldnt seem to shift it lots of lookers but no-one else had sold and was in the position to buy anyway (ie we were all in the same boat). My brother & his girlfriend were looking for a place to rent, I was caucious as they are only young. Also we are here on a temp visa, if all went pear shaped we would have to return to the UK in 4 years (god forbid).

We were just chatting about this last night, as we are worried that we will not get on the property ladder here if we wait another few years to buy, but if we well in the UK and we have to go back we will be much worse off than when we started this whole process (doesnt bear thinking about). It seems my brother has mentioned to my mum that they are hoping that we will let them continue to rent at the end of the tenancy so hopefully we will still be in a position where we have the option of what we wish to do.

We ended up just taking some money out out of the equity of the property to allow us to relocate without getting into any kind of debt, the rent my brother pays covers this.

Good Luck

]Em x

BRAMBLE · 10-12-2007, 01:01 PM

Thanks guys, there is some really good advice in your answers and good points of veiw but please keep your answers coming in as it is really helpful to hear other peoples points of veiw.

Abi&Dan · 10-12-2007, 01:17 PM

I think that if it was practical we would rent out and sell later as we're putting ours on the market next year and I have a feeling it will take forever to get a decent price.

However, there is no way we could rent out in our area and get anywhere near enough for the mortgage plus the full agent fees (which i think are around 25% if you want them to do everything) - we'd only get around 50% of those costs never mind if the boiler blew up!!

We've decided we'll leave our equity in a high interest account in the UK until we're 100% sure about buying/area etc. Then we'll move it to Oz. That way if it's not for us we wont suffer double exchange losses. Apparently you then only pay tax on the growth when passing to Oz as it is capital from your main property.

SAINTHURLOCK · 10-12-2007, 01:36 PM

Quote:

Originally Posted by Abi&Dan

I think that if it was practical we would rent out and sell later as we're putting ours on the market next year and I have a feeling it will take forever to get a decent price.

However, there is no way we could rent out in our area and get anywhere near enough for the mortgage plus the full agent fees (which i think are around 25% if you want them to do everything) - we'd only get around 50% of those costs never mind if the boiler blew up!!

We've decided we'll leave our equity in a high interest account in the UK until we're 100% sure about buying/area etc. Then we'll move it to Oz. That way if it's not for us we wont suffer double exchange losses. Apparently you then only pay tax on the growth when passing to Oz as it is capital from your main property.

Maybe we got in at a good time but we had a high quote of 12% management fees, got a competeing agent down to 9% of rental price.,25% is well well well high