Should we sell up or rent it out?

[Guest 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?

[Quoll]

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.

[Guest gary12]

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

[Guest Diane Paul and the kids]

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]

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.

[Guest SAINTHURLOCK]

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.:twitcy:

[Guest EM&M]

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

[Guest BRAMBLE]

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.

[Guest 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.

[Guest SAINTHURLOCK]

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

[Generalis]

Just emailed our local estate agents and they said their fees were 10% with a £150 up front fee for marketing etc. They also said I may have to pay tax at source too - see below text from agents:

 

With regards to the taxation issues I believe you may have

been mis-informed slightly. You can procure an inland revenue which if

granted means you are exempt from paying tax at source. Generally after a UK

tax payer has been out of the property for longer than 6 months a letting

agent must pay the inland revenue tax at source (making deductions from

rents received). The form does not make you exempt from tax, just paying at

source, a tax return would still be necessary in order for you to avoid

paying tax at all on your income.

A financial advisor/ accountant is the best source of advice on such

matters.

[Guest taylorandrew]

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.

 

It's very strange that you had waited for 10 months and that too without any positive results. There is no need to consult any real estate agent for selling your house.

 

My suggestion would be tap property buying companies. They can really get you out of the crisis and fast. Selling through estate agent would cause you further delays.

 

In contrast, property buying companies can get you closer to a deal much faster, because they themselves are the buyers and they pay cash! They usually can purchase your property within 28 days.

 

You would be spared the expenses of legal fees, estate agent fees or any hidden charges too. And what’s more, you receive all your money in cash andsell house fast for cash .

 

You can also check a website which is surely going to help you. www.sellhousefastcash.co.uk

[VERYSTORMY]

We are moving in May to Sydney and did think about renting it out incase we dont like Aus, never having visited, however the reality of my work means i have to live somewhere other than the UK. But, my father in law has been renting out a couple of properties which were left to him from deceased family and it has been a nightmare. In one case the tenant stopped paying rent and refused to leave and trashed the house.

A rented house a few doors away from me was let to some very nice chinese guys, who apparently were no trouble to the next door neighbour and paid rent always on time. But it was raided a few days ago as it was being used as a canabis farm. The house is completly trashed from the humidity. All the wood including stairs have rotted away.

Combine this with the fact we know we will have a lot of expense when we first arrive, (most of our furnishings are not worth taking) and we think selling is the only real option

[Guest Diane Paul and the kids]

It's very strange that you had waited for 10 months and that too without any positive results. There is no need to consult any real estate agent for selling your house.

 

My suggestion would be tap property buying companies. They can really get you out of the crisis and fast. Selling through estate agent would cause you further delays.

 

In contrast, property buying companies can get you closer to a deal much faster, because they themselves are the buyers and they pay cash! They usually can purchase your property within 28 days.

 

You would be spared the expenses of legal fees, estate agent fees or any hidden charges too. And what’s more, you receive all your money in cash andsell house fast for cash .

 

You can also check a website which is surely going to help you. Sell your house fast for cash in UK

Hi,have tried a few of those companys and they all offered roughtly £40,000 less than the asking price,so we politely declined the offers,we do have a viewer this sunday,so fingers crossed,this could be the one,Paul.

[Life on easy street]

It's very strange that you had waited for 10 months and that too without any positive results. There is no need to consult any real estate agent for selling your house.

 

My suggestion would be tap property buying companies. They can really get you out of the crisis and fast. Selling through estate agent would cause you further delays.

 

In contrast, property buying companies can get you closer to a deal much faster, because they themselves are the buyers and they pay cash! They usually can purchase your property within 28 days.

 

You would be spared the expenses of legal fees, estate agent fees or any hidden charges too. And what’s more, you receive all your money in cash andsell house fast for cash .

 

You can also check a website which is surely going to help you. Sell your house fast for cash in UK

 

 

 

I would only use one of these companies if I was in danger of loosing my house to the Bank.

 

A 40k reduction from the current valuation for a quick sale is huge loss.

 

But i am not in the U.K at the moment so i do not know the current U.K housing market situation.

[Guest BRAMBLE]

We are moving in May to Sydney and did think about renting it out incase we dont like Aus, never having visited, however the reality of my work means i have to live somewhere other than the UK. But, my father in law has been renting out a couple of properties which were left to him from deceased family and it has been a nightmare. In one case the tenant stopped paying rent and refused to leave and trashed the house.

A rented house a few doors away from me was let to some very nice chinese guys, who apparently were no trouble to the next door neighbour and paid rent always on time. But it was raided a few days ago as it was being used as a canabis farm. The house is completly trashed from the humidity. All the wood including stairs have rotted away.

Combine this with the fact we know we will have a lot of expense when we first arrive, (most of our furnishings are not worth taking) and we think selling is the only real option

 

THAT'S SORTED THEN.....WE WILL SELL! THANKS..