LisaR Posted January 13, 2015 Share Posted January 13, 2015 I'm in 2 minds what to do with our UK home. Do we sell and go with all the equity or rent it out for 2 years to see if we like living in Perth. I'm panicking about the money side when we're in Perth. Hoping to live NOR in Perth but rent and cost of living is so high. Partner in Site Mgt (Construction) and I will need a part time role (Legal Asst in UK) due to child at school so not sure if we will have enough to get by on. We have some money to take but I don't want to be living in poverty. Has anyone regretted selling up here? Quote Link to comment Share on other sites More sharing options...
Quoll Posted January 13, 2015 Share Posted January 13, 2015 In hindsight I regret not having hung on to our house in Bristol but that was a long time ago and the way the real estate prices rose subsequently we would have been sitting pretty but it seemed like a good idea at the time. I'm a belt and braces gal so I have kept our Aussie house just in case - we can afford it though. I'd be hesitant to take the equity and fritter it away! Quote Link to comment Share on other sites More sharing options...
sumbler Posted January 13, 2015 Share Posted January 13, 2015 In hindsight I regret not having hung on to our house in Bristol but that was a long time ago and the way the real estate prices rose subsequently we would have been sitting pretty but it seemed like a good idea at the time. I'm a belt and braces gal so I have kept our Aussie house just in case - we can afford it though. I'd be hesitant to take the equity and fritter it away! We went to Perth in January 2012....didnt sell our house......rented it out...we returned to the UK in January 2014 (our choice)...moved back into our house.....so glad we didn't sell it!..... Quote Link to comment Share on other sites More sharing options...
tina0101 Posted January 13, 2015 Share Posted January 13, 2015 I guess it depends on how much you love your house too. If everything goes wrong here and we need to head back to the UK, I wouldn't want to go back to my old house anyway, so selling it was ok for us. Quote Link to comment Share on other sites More sharing options...
MARYROSE02 Posted January 14, 2015 Share Posted January 14, 2015 After I went back to England in 1996, for what became a twelve year sojourn, I rented out my flat here in Sydney, and now I'm back living in that flat, whilst my home in England has been rented out for the past six years. In both cases, I have probably hung onto too many personal effects. I've still got some in my garage here in Sydney, and the loft in England is packed 'to the rafters' with more stuff. I think it is easier when you rent out the place completely unfurnished, but my house is managed by a good agent who collects my rent, pays it into my bank account, and takes care of all the repairs, and I get an income. I don't think there is any 'right or wrong' way to do things, sell up, or rent out. Think of it as having to choose between two 'right' decisions? Quote Link to comment Share on other sites More sharing options...
LisaR Posted January 14, 2015 Author Share Posted January 14, 2015 Hi all, thank you so much for your advice. I think we will keep it here and rent it out for 2 years. Hopefully this will give us enough time to decide whether we stay or go. I live in fear of regretting things all the time so think this is the best option. Thanks again. Quote Link to comment Share on other sites More sharing options...
FOL Posted January 14, 2015 Share Posted January 14, 2015 Don't you have the feeling you are not giving 'your new country' it a fair and full, holding onto your old house? (Unless you do it purely financial to rent it out, increase of value over time etc etc) Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted January 14, 2015 Share Posted January 14, 2015 Maybe it is just me but why do so many people plan to move and think that keeping a house on the other side of the planet is a good idea. If you were changing jobs and relocating in the UK you would sell and buy another house in the new area. Or would you assume the new job would not work out and you would hate your new location and therefore keep the house so that you could slot right back in your old life. If your old life is so good that you want to go back as you were before then why go in the first place. Quote Link to comment Share on other sites More sharing options...
Guest Posted January 15, 2015 Share Posted January 15, 2015 We sold our house and although we ended up moving back I'm still glad we did, it meant we had the means to build a house in Australia. If we hadnt done that I don't think we'd have settled at all and it was only in being settled that we could see clearly the lifestyle didn't really suit us. We did keep a rental property but that was purely a financial decision and it was handy to have when we moved back but renting it out was a nightmare and if you have a big family home I really wouldn't recommend it - a flat, small house maybe but you can still have problems and if you did decide to sell after a couple of years you are not going to get as good a price - obviously in a rising market you would but it's relative value would likely drop. Unless it's something special I'd say sell. Quote Link to comment Share on other sites More sharing options...
Johnny Kash Posted January 15, 2015 Share Posted January 15, 2015 depends on your circumstances and how easily your flat/house would rent out (and what rent you can achieve). I actually tried to sell my flat before coming out here when the market wasn't great. Didn't get the price I wanted so decided to rent it out. In that time its never been void, gained about 20k value and had about 6k mortgage paid off. So for me becoming an 'accidental landlord' has worked out well and now I wouldn't think twice about doing it again. Quote Link to comment Share on other sites More sharing options...
Parley Posted January 15, 2015 Share Posted January 15, 2015 I would look at the various things that impact the decision and make a decision at the time. I don't think you should say you would always sellup or you would always keep it. Firstly look at the exchange rate. Now it is quite favourable for bringing over a large sum. A lot better than the last few years. Even if you don't immediately buy a home in Australia you can invest the money at a better interest rate in Australia than UK. How likely is the UK housing market to strengthen over the next 3 to 4 years, and will it be significant. While some have said they have lost heaps of money by moving back to the UK after only a few years, that is not always the case. Many have made a fortune by bringing over money when the exchange rate is high and going back when the exchange rate is low. It can mean a difference of hundreds of thousands of dollars. So consider these factors before deciding. Probably now, based on the exchange rate I would sell and move the money to Australia. Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted January 15, 2015 Share Posted January 15, 2015 depends on your circumstances and how easily your flat/house would rent out (and what rent you can achieve). I actually tried to sell my flat before coming out here when the market wasn't great. Didn't get the price I wanted so decided to rent it out. In that time its never been void, gained about 20k value and had about 6k mortgage paid off. So for me becoming an 'accidental landlord' has worked out well and now I wouldn't think twice about doing it again. A flat might be different but renting out houses rarely brings the same returns and there are often gardens and the external to maintain which do not apply for flats where the outside is covered by a communal charge and you are not responsible for it either. Also if you know that your move to Oz is on a temporary basis it will make some sense. It is the people who are emigrating but keep their house with a view to moving back into it just in case they don't like where they go to. Say you were in a football team in a match which would pay you a large win bonus....but you were not confident that you would win so you placed a bet on the opponents winning so that you would get much of the money back if you lost. Might seem a sensible hedge bet but would it impact on your commitment to winning the game? Quote Link to comment Share on other sites More sharing options...
Lindor Posted January 16, 2015 Share Posted January 16, 2015 I had no intention of selling my house when I moved to Australia 2 years ago. It was the right decision for me and my house is there if I ever need it. Quote Link to comment Share on other sites More sharing options...
Chortlepuss Posted January 16, 2015 Share Posted January 16, 2015 I held onto the house as we were coming on a 457 visa. If I'd had PR I'd have sold. We have rented here which for the most part has been really disruptive and expensive needing to move so often due to factors like landlord increasing rent by 5o% or owners returning home. I would have felt more secure and settled if we had been able to buy our own place. Plus we've paid off UK mortgage so getting hammered in tax. If you can afford to own in Oz as well I'd say keep your UK house, but renting here and being a UK landlord is hard work. Quote Link to comment Share on other sites More sharing options...
NicF Posted January 16, 2015 Share Posted January 16, 2015 I'm really pleased we sold our UK house for lots of reasons. We wouldn't have been able to buy here without selling the UK house and my OH hated renting. He didn't really feel settled, or like he lived here until we moved in to our own place. And he is from Adelaide. Also our house in the UK was our home that we loved. There is no way I would have wanted to rent it out to someone who wouldn't take care of it the same way we would. And it would have devastated me if the place had been trashed. By selling it we have passed it on to someone else and cut our emotional ties with it. If that makes sense. If you think you will be okay about renting or can afford to buy here without selling in the UK and don't mind the idea of strangers living in your home then renting out your UK home may be right for you. Otherwise sell up and have the money ready to put towards a property here in case you want to buy. Quote Link to comment Share on other sites More sharing options...
Guest Guest100417 Posted January 21, 2015 Share Posted January 21, 2015 Say you were in a football team in a match which would pay you a large win bonus....but you were not confident that you would win so you placed a bet on the opponents winning so that you would get much of the money back if you lost. Might seem a sensible hedge bet but would it impact on your commitment to winning the game? Haha what you smoking???? Quote Link to comment Share on other sites More sharing options...
CNC FABS Posted January 22, 2015 Share Posted January 22, 2015 We are planning to sell our house on South Coast. I would not like to have to think about slotting back into old life if we did return. Even where we are (SO32) house prices will not rise much in the 2 years our mortgage will let us rent it out. Plus we have had things go wrong this year that make you think about the hassle and cost of remote renting. (boiler, leaks, drive damage by lorry). Agents will take care of it all yes,but at a cost by their team of 'friends'. Only a few more months until we are back in Mount Martha ...... Quote Link to comment Share on other sites More sharing options...
Lovingit Posted January 22, 2015 Share Posted January 22, 2015 My personal feeling is if you can hold onto it I would, if you can afford to. It's not being negative but a fair % of people return to the UK and it gives them a comfortable base if that is the case. Quote Link to comment Share on other sites More sharing options...
fifi69 Posted January 22, 2015 Share Posted January 22, 2015 We held on to our UK house, not for sentimental reasons, just economic ones. If someone willing to pay our mortgage then great. Can be a hassle though. no issues here getting a mortgage with little savings. So for us. No brainer. But if anything does go wrong in Aus then we can go back. No dramas. Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted January 22, 2015 Share Posted January 22, 2015 We held on to our UK house, not for sentimental reasons, just economic ones. If someone willing to pay our mortgage then great. Can be a hassle though. no issues here getting a mortgage with little savings. So for us. No brainer. But if anything does go wrong in Aus then we can go back. No dramas. Is it straightforward getting sitting tenants to leave if you wanted to move back? Quote Link to comment Share on other sites More sharing options...
Guest Posted January 22, 2015 Share Posted January 22, 2015 Is it straightforward getting sitting tenants to leave if you wanted to move back? Yes, as, assuming an assured short hold tenancy agreement (which 99% of private landlord agreements are) providing 4 months of the agreement has been completed all that is required is two months notice. We gave tenants a 12 month contract in the Sept. then gave them 2 months notice in the May (felt awful as they were a young couple with a baby but it make it easier for them we said if they found somewhere earlier they could move out and stop paying rent) They can refuse to move out, you then have to have a court evict them but it is a routine procedure. At least I hope so as our current tenants 6 month agreement is coming to an end and they are refusing to move out. Quote Link to comment Share on other sites More sharing options...
Guest Posted January 22, 2015 Share Posted January 22, 2015 We held on to our UK house, not for sentimental reasons, just economic ones. If someone willing to pay our mortgage then great. Can be a hassle though. no issues here getting a mortgage with little savings. So for us. No brainer. But if anything does go wrong in Aus then we can go back. No dramas. Wow I am really surprised, I never imagined you even considering something could go wrong in Aus. We kept our rental purely for economic reasons, we had never lived in it but it certainly made returning a lot easier. Quote Link to comment Share on other sites More sharing options...
Grabri Posted January 29, 2015 Share Posted January 29, 2015 We wanted to sell and did find a buyer, but then we thought that at the moment makes sense letting. Agency will handle it all, fingers crossed it'll be ok. If it works out ok we will keep as long as possible, but we will sell if needed to buy a house in Oz Quote Link to comment Share on other sites More sharing options...
markp Posted January 30, 2015 Share Posted January 30, 2015 Really interesting post and discussion. We're planning to move from the UK to Brisbane to be near my wife's family. I don't think it's likely we'll be heading back to the UK to live for a fair while and, frankly, I'm not sure we'd choose to live in the same house if we did move back. So we're purely thinking of the economic side... House prices in our UK area are always heading upwards and the rent would cover the mortgage, so on one hand I'm tempted to keep the UK property. But then I think about the weak Australian dollar and the opportunity for growth in Brisbane... Plus I think it we rented out the UK house then sold it later, we may be liable to capital gains tax. Very confused! Quote Link to comment Share on other sites More sharing options...
ciaranmacgiolla Posted January 30, 2015 Share Posted January 30, 2015 We moved from Dublin in 2006 and were between 2 minds in sells Ng or keeping, luckily we sold as the market hit a downturn and the house is now worth less than its 1998 price, I felt if we wanted to give here a good go it was just easier not to have any ties back home, also took 3 yrs to really feel settled and if we had the house then we may have gone home... Each to their own anyways Quote Link to comment Share on other sites More sharing options...
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