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Phil & Vikki

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About Phil & Vikki

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  1. Phil & Vikki

    Sell or rent

    Cool, it seems like a u month trip is on the cards, if we ever decide to sell Lol.
  2. Phil & Vikki

    Sell or rent

    Also said that we had a place here that the kids could use. So if you get taxed double as not a resident, could you not return here for a period of time to be a resident again and then sell??
  3. Phil & Vikki

    Sell or rent

    Totally agree and that is our plan. Not too sure if we will be able to travel much but it is nice to think that we will have a holiday home in Sydney. With returning back to the UK we now realise that we made the right decission (when leaving) and not selling our UK house. We rented it out and as it is all paid for we can move back and not worry about rent or mortgage. Keeping it was the right decission for us and hopefully keeping the place in Sydney will be the right decission long term. Like you say we do not want to sell so no capital gains tax.
  4. Phil & Vikki

    Sell or rent

    one would hope so as that is what we are paying for and the face tbat he assists a portfolio load of expats.
  5. Phil & Vikki

    Sell or rent

    We are returning back to the UK later this year and have decided to rent our place out. We have a three bed, two bathroom and two car garage in Sydney, 5 stops on the train to the CBD. So with the market the way it is currently, we have not made a loss, in fact we have doubled our money. We have decided to rent it out, as that way we have the option of coming back if we ever want to (ping pong Poms we think it is called) and we have something the kids can use as they all have Australian passports. If we sell it, we know that we will never be able to get back onto the Sydney property ladder again with our age. So the time and effort we spent getting the passports in the first place will be waster as we would not have the option (financially) to come back for any long amount of time. We have known that we are going to do this for a bit now, so we have saved enough to cover one year’s rent. However, our agent does say that we will have no troubles in renting. We have a place in the UK that we rented out, while in Australia. We have not had any problems with the renters. Before we left we did all the big jobs and put a good coat of paint on. This was good as there were not too many jobs that anyone could moan about. We had to replace a carpet and do a little bit of painting, but that is it. If you leave the place in a good state, hopefully you will get someone good in there who will look after it. With the tax, check it out with your accountant. We spoke with ours and he advised us to get an evaluation on the day we leave. This will then be used to calculate any capital gains tax after that evaluation, not the amount you have made on the place while a resident. This quote needs to be from an authorised person though who can provide you with official documentation. Any income from the rent will be off-set by mortgage costs.
  6. Phil & Vikki

    Going back to the UK - Property Prices

    We are returning this year and have noticed that the price of property has gone up. We are in a lucky position as we did not sell our house when we left the UK nearly 8 years ago and will be moving back into that as a stop gap. It is mortgage free, so that will take some of the pressure off having to find rent. On deciding that we were going to return back to the UK, we drew a big sigh of relief knowing that we had not initially sold our three bed detached house in a small country town. Wit the reports that the economy is starting to move in the right direction and post Brexit, there does seem to be a good mood in the air. This will all result in property prices starting to climb. As it seems you have already found out 200k will not get much and it does not seem that it will get the lovely detached property without the neighbours. We realise that our old house in the UK will be too small for a family of five, but it will have to do until we have the jobs and the funds to get a mortgage and buy something bigger. Hopefully the UK market will not go up like the Sydney market, as we want to buy a bigger place before we are too old :-) If we were to sell in Aus and bring the money back with us that we have made out of our three bed property in Sydney we would be able to go even bigger in the UK (5 / 6 bed) place. So the chose is keep the place in Sydney for the kids and have another mortgage or sell and get the big house we want.
  7. Phil & Vikki

    retiring back to the UK

    Whilst reading your post the question has to arise if you are using the lump sum to fund a new house, how are you going to live? Have you been topping up your NI contributions so you can have a UK pension and how would you stand with the NHS?
  8. Phil & Vikki

    What to do!!

    That is a good point raised, that due to the visa that you are on, it does not seem like it will be a move out here forever. That could be something to look forward to and then just try to enjoy the time that you have out here. After reading your original post there does seem to be something a bit more deep rooted going on here, than just living in Aus. For example there appears to be so many references to “him and me” (essentially we’re following his dream, after his son moved out here, we see hubby’s son and hubby loves it””. As you say you both agreed we’d try to emigrate if you could” so that must have been a joint decision at the time. For a lot of people the move out here is one of them things that you do not fully appreciate how big a thing it is until you try it. People can tell you how homesick you will be and how worried you will be about aging parents and family, but until you are here you cannot fully appreciate it. The dream of the beach life, the sun, and heat and so on, often prevents people from fully looking at the down side to being so far away from the ones we know and love. We moved out here and after nearly seven years we have realised that it is not for us. We have both talked about it and at no point have we ever blamed the situation on the other person. You asked at the end of your post “What to do”. First of all (if you have not already) you both need to further talk about the options as the one to work in both places does not seem like it will work long term, be this financially or from a marriage aspect. The fact that you now go back so often is a good thing and gives you something to look forward to. Hopefully the money will allow that level of travel to continue.
  9. Phil & Vikki

    Queuing things up.

    Our understanding is that if it is vacant and you can get the meter readings, you can give them to the utility providers (phone & water) and should be able to take over the bills. If it is empty now who is paying the bills, the agents? When our place was empty the tenants gave the last meter readings and then it went back into our name until renter out again. Think the internet/phone may be different as there will need to be someone there to let them in to connect. At least with the place empty and not getting any rental income, you will only have a bit of income to declare on your Oz tax this year then, that is one good thing.
  10. Phil & Vikki

    Queuing things up.

    Have you been renting it out and if so are there anyone in it at the moment?
  11. Phil & Vikki

    Feeling trapped

    It sure does sound a bit of a mess at the moment, but like everyone has said, things will sort themselves out. There are just a few options here, with the main viable one going down the route that you have already started, dropping the price until someone snaps it up. This is not ideal by a long shot, but if it is the only way to shift it and allow you to move back to the UK without this hanging over your head. We have a friend in the UK who has put his house on the market at what the agent said it is worth. Personally we think this is more than 50 - 70k above what it is worth. It has been on the market now for a few months and not even a sniff. He is thinking of taking it off the market now as it is not going anywhere. Agents will say it is worth x amount (as they want the most profit they can get), but at the end of the day a place or anything is only worth what people are prepared to pay. You may need to keep lowering it until you reach this amount. The other option for a short term may be to go down the Airbnb route. This is not ideal but it may give you a bit more time to sell, while you are not here. From the sounds of it you will not be able to delay your leaving date. Good luck and please let us know how it all goes.
  12. Phil & Vikki

    We moved back!

    It is great to hear that all is going well and going to plan. So nice to hear that you have found a nice little village that you have been welcomed into and where you can hopefully have a positive impact in. That is one thing that we find about living in Sydney, there is nothing like that and to the most you are on your own. We have found it hard to make new friends and have any kind of social life. Hopefully, you will enjoy it there and fit in. It is inspiring to hear that the move for you has gone so well. We are looking at moving back late next year and to hear good positive updates like this is great.
  13. Phil & Vikki

    To sell or rent out Aussie property

    This is our opinion, we are not financial advisers, but this is what we are going to do. Please do not take this as gospel, but more the thoughts of someone else who is facing the same dilemma. Some may say the thoughts of a mad man, but our thoughts nerveless. When we came to Australia, we had paid off our house in the UK. So renting it out was the logical option. After we brought it, it doubled in value in seven years and now it is worth around 120k more than when we brought it. The way we saw it was that we had an investment in the UK that would bring us in money and a place that we could go back to if we ever decided to return to the UK. On the whole we have had good tenants and it is nice to have the rent coming from it. So for us we have the rent every year and we still have the capital in the property. We brought a place in Sydney and in the four years that we have had it, it has virtually doubled in value. That growth is only set to continue with the new light rail links in the area we live in. So when we decided to go back to the UK, we considered both selling and renting. In the end we decided that the best way to go for us was to rent. Once again, this is only our thoughts and do not take this as any form of advice as we are not financially qualified to give anything of the sort. The reasons for us renting are: We like the idea that in retirement (we will have paid off the mortgage) the house in Sydney will give us a pension income. Like our place in the UK, we do not know if we will want to return in the future, so having a place to come back to will make it easier. If we sell (then decide to return later down the line) the chances of us getting a mortgage at our ages or being able to afford to buy in Sydney again will be very slim. With all the pain and cost of getting the visas, to only have seven years out here and go home with nothing (apart from money) seems a waist. This way we have the passports and have an investment for later. We and the kids all have Australian passports now, so in the future if the kids want to come back, they will have a place to stay. Keeping the property in Sydney if mainly for the kids in the future. On a selfish angle, we like the idea of being able to say that we have a holiday home/rental in Sydney J The rent (by the time we plan to leave) will cover the mortgage and other costs, so we should not have to add to it from the UK. So we have decided to keep it and put everything we earn into getting the mortgage repayments down. If things happen later in life that mean we need to sell it, we have that option. We will keep it as long as we can and keep on driving towards the end goal. Funny enough, the three bedroom house that we have in the UK will not be big enough as there are now 5 of us, so we will have to look at buying a new house in the UK. Yes we could sell the Sydney one, take the money and get a really nice big house in the UK. However, that seems like a short term gain to us (not being financial advisers, just normal Joe’s). We are looking at the long term and every property we have known has gone up in value, so we are taking that into consideration too.
  14. Phil & Vikki

    THE, best health service in the world.

    When you live in the Uk, you take the NHS for granted. it is only when you move away, you realise that it is great and how well we have it in the UK. We will for sure be returning back home with a greater appreciation of what the UK has to offer, including the fantastic NHS. There should however be far greater respect and protection to healthcare staff.
  15. Phil & Vikki

    Customs clearance times

    Yep same as ScottieGirl, so can take longer. it sounds like you were lucky