To sell or not to sell....

[Gidza]

Hi guys

 

I'm in the initial stages of planning a move to Oz. I have a fairly new (5years) mortgage. My question is, whats the best way forward? Should I sell or not and get tenants to rent the property. What are your experiences and what would you advise regarding the practicalities of not selling and managing the property from a long way away.

 

Thanks

[RivieraKid]

Hi guys

 

I'm in the initial stages of planning a move to Oz. I have a fairly new (5years) mortgage. My question is, whats the best way forward? Should I sell or not and get tenants to rent the property. What are your experiences and what would you advise regarding the practicalities of not selling and managing the property from a long way away.

 

Thanks

 

If you seriously plan on keeping your property and renting it out, you should go for a fully managed service - everything will then be taken care of for you. The charge is usually around 10-15% of the rental rate per month.

 

Having said that, if you have equity, that can help give you a boost when you arrive in Oz, which would be very welcome.

 

Another thing to consider is if the rental income (minus the management fee) will cover your mortgage. If not, you'll be paying for two properties at the same time as trying to get properly established in Oz. Ours wouldn't, which is why we're selling our apartment in Canary Wharf after 6.5 years for the buffer and because we have absolutely no intention of returning to the UK except for vacation. Yes, things change, but if you spent your life worrying about what might happen - well, you probably wouldn't be on the way to Australia.

 

I don't think anybody can give you a definitive answer, but for us at least, it is the right decision to sell.

[fifi69]

If you can rent and cover mortgage, I would say do that at least until you know Oz is def for you.

 

 

if you get a decent management company you shouldn't have to worry. We are renting our house out in the UK and yes at the mo it does feel a bit like a noose around our necks, but it has also been a bit of a safety net in the first few months when your going thru the turmoil of WTF am I doing in this strange land.

 

that feeling passes or at least for most gets less, if that's you, then sell your property and go all guns out here.