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Sell the house or rent it and go to Oz?


Guest kdal

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Hi Everyone

 

Until this weekend the idea was to sell the house and move to Australia but all of a sudden I feel the need to have the security of my home here in England behind me.

 

Can I please ask all of you PIO people what you are doing regarding your property in the UK and why? I feel I need this security net and on the other hand i'm not sure it's right to go feeling we could possibly be coming back!!

 

Your views are welcomed

 

Kimx

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Guest gary12

Kim

 

We are planning to rent our home out for the first 12months that we are in Oz at least. After much debate it is the right thing for us to do. We are not keeping our house on because we hope to come back or expect not to settle but for us it just gives us a bit of time to adjust to a new way of life.

 

We fully intend to make our permanent home in Oz however, we know that things don't always turn out as you plan and we would never be able to afford to move back into the same are/village as we are in now. Our home has risen by about 60% in the 5 years we have been in it so for us it would be financially crippling to have to start from scratch.

 

It really is such a stressful time anyway ,for us it just takes a bit of pressure off. I know in previous threads people have said they had to sell as they didn't want any easy options to come back others sell as they want to use the money towards a new home straight away in Oz so there will be as many for selling as there is for renting.

 

At the end of the day you have to do what is best for your family.

 

Good luck

 

Michelle :wubclub:

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Guest JoanneHattersley

:err:

We went the other way and sold as we didnt want anything left in the UK. Our theory was if we had something to come back to then it meant that at the 1st bad time we could up and go! We were worried that we wouldnt have given Oz the time it deserves!

 

All good for us. I have to say we knew within 2 weeks that we had done the right thing. what would happen if u sold your home after 12 months and at 15 months you hated it and wanted to go home? There will always be "what ifs". I am a "all eggs in 1 basket" girlie! If you are going to do it, do it good and do it right!!!!

 

Just my opinion! But worked for us!:yes:

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Guest OldiesRUs

We are going to sell. Little bit of equity in our house as we have been in it for 38 years and paid £4000!!!!!!!

 

We know that we are not coming back once we get there - if, we get there - and so will sell up completely. We intend to buy as soon as we can, in fact, we will probably buy two properties, one to sell and one as an investment.

 

But we are in a different position to you in that we have quite a lot of family over there, been going back and forth for the last ten years so we KNOW we are going to settle as we love the place and of course, we have a great cushion of support.

 

You have to do what is right for you, but I think if I had made the decision to go, then even without the family over there, I would sell up completely. Of course it is a risk, but if you have something to come back to, it makes it a bit easier and you might not give it the full go you would otherwise.

 

Whatever you decide, be happy with the decision.

 

Jean.

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Hi Guys, Thanks for all your answers it does help to know what other people are doing or have done to help you think and weigh things up!! We haven't got the VISA yet as awaiting the results of the TRA, so I guess and I hope that I will know in my heart the right thing to do when we are that little bit closer. My OH and kids just want to sell up and go I did but my mind went in a muddle

 

So Kind of you to answer and let me know how you all felt

 

 

 

thanks.gif x

 

Jean, Wish I had only paid £4,000 for my place, I would be so happy now!!!

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Guest thekeg95

The other side of the house question to look at is can you get a better return on your Uk house than it costs to rent in OZ and where is the housing market in it's cycle.

In OZ we are prety close to the top of the market.

STEVE

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Guest bernie

Hiya (Kdal),

 

We have been thinking about this alot too. I think it is a safety net at the end of the day. We do think that if we go we don't look over our shoulder. Looking forward and facing the issue of being unhappy there when and IF it should happen. I believe in moving forwards and not backwards. Even if you came back to the UK, I really don't believe it would be the same as when you left. Neighbours move, things change and this country is constantly changeing at the moment to adjust to the increase of population.

 

Secondly I have heard that it is really hard selling a property from the otherside of the world unless you know you can afford the trips back home!

 

Also it depends of what visa you have. If it's permanent or not.

 

I hope you come to the right decision for you and your family, I guess you have to think is it being wise or is it just a safey net????

 

Bernie :twitcy:

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Guest jonseywife

Hi Kim

This question has had me in a tizzy for ages too !!!!

On one hand we need the money from our house to fund our new life down under but on the other hand Im sooo scared to sell, just incase we don't like it and come back !!!!!!!!!!!! :arghh:

We did think about getting a loan to fund our relocation, and rent our place out while we go to Oz..... but then I was worried we wouldnt be able to rent, or people would mistreat my house, or did'nt fancy having to pay huge amount to an agent to handle it all for us, so obviously we did'nt go for that option!!!!!!!!!!!

I think its really down do peoples different circumstances and financial needs.

In the end we have decided just to sell up and go, lock stock & two smoking barrels ............ we will probably rent for the year first anyway, just to make sure the area is right we hope to settle... and then in the mean time any money you have sitting in an account in Oz will be earning you 7/8% interest................

Dont know if it will help in anyway Kim, but at least you know your not alone in your dilema................ I get confused too !!!!! :yes:

Best of luck

Sally-ann x

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If you rented out your house in the UK and had the rental money paid into an account in Aus would this be taxed as an income - would you need to leave the money in the UK to avoid this?

 

Ali

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Guest KP Nuts

My nephew said to me the other day about this an another option would be to mortgage it for the full ammount, rent it out an have the money paid into an account that would be for the sole purpose of paying the mortgage off asap but leaving a little in it to cover any maintinance that is required over time and agent fee's.

 

Now i'm not sure on this point but if all the money is being paid for everything would you then be liable for TAX if there is nothing there TO TAX, ie all the monie's left at each quarter could be paid towards the mortgage balance to clear it sooner, therefore if you dont make it in OZ then what ever you bring back will hopefully clear it.

 

But having this serious moment Kdal (Kim) we will be selling, an now i'm going to have a lay down as my head feel's like it may explode.

 

Mr KP Nut.

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Guest TheBrowningFamily

Hi

We spent 6 years trying to buy a house in our village, a family home under £250k with garden is seriously that rare. Now we got here & after 12m are leaving it! We had decided to rent it out, as we knew if we wanted to come back we would never get another one here.

HOWEVER...I have been looking after my mum's property up the road which she rented out for 6 months while touring USA and I did an inspection this week (after 2 months) it is TOTALLY trashed. So sad. The house was 100% immaculate, now there is urine all over the house, carpets ripped up, kitchen trashed, garden ruined etc...not paying utility bills/rent and are refusing to leave. Will have to go to court to gain possesion which will take months and cost a bomb.

Imagine dealing with that from the other side of the world. We could not afford the mortgage if the rent was not paid either!

Needless to say, we have changed our minds re renting. We are selling and have got a good price, as house freshly renovated and all new inside, so worth more than if we rented it first. but will not sign until we have visa's in hand.

Please think carefully with regards to renting, if you decide to do it use an agent, or rent to someone you know VERY well!

good luck in your hard decision...I am terrified of selling but for us it is the only option.

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Would sell as having some money in Oz would make it easier from the off. Also the house next door to us is rented and whilst the tenant who is in there at the moment (and has been for about 6 years) is a fantastic lady, you don't even know she is there, previous tenants have been a nightmare, one wrecked the place - took the boiler out and flooded it, another didn't pay anything and it took the landlord a while to get them out, so going on this I wouldn't want to rent ours out, it would be a worry I could do without especially being so far away. My personal opinion is that unless you are lucky enough to know the people personally and know they are okay I think you are taking a chance.

 

Tracey

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Hi Everyone, Do you know what? You are all sooo helpful and I've read all of the posts over and over again. I read one then think YES thats it thats what I'm gonna do and then the next :wideeyed:.

 

My house here is so lovely and it is one of four in a courtyard and I'm worried if all goes belly up then I wont be able to afford or there will not be another one avilable! I don't mean to be shallow and materialistic but like all of you we work so hard for what we have here.

 

Going to sit my hubbie in front of this computer this weekend and go through all the posts and then see what we are going to do. So anymore reasons or change of hearts from your last posts then let me know please!

 

Thanks everyone you don't know how much all your advice/opinions mean to me!

 

Kimx :wubclub:

 

p.s. Keep looking at my Kitchen and my hallway etc saying 'can I let you go'

how sad is that, talking to the house LOL

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hi, hope you don't mind a bit more advice. We are moving to Sydney on the 10 September and will be in rented accommodation (subsidised by Australian Navy) but we are renting our house here in UK. The thought of coming back and being priced out of the british market is frightening, we have struggled at times to always pay the mortage and our house is precious to us. I know from personal experience if you're moving somewhere it takes ages to settle in, find good schools, shops etc and it's good to browse and take your time before settling for something more permanantly. Basically, it's a huge move and always best to keep all options open. Can you imagine being there in Oz and finding it's not what you had hoped for and wanting to come back to UK and not being able to afford your old house. We have an agent recommended to us who we are using, I feel a bit protective about my house, we've worked really hard on it,but basically it is our largest assett and now I have to look at it like that and not as our 'home' because home is wherever we are living and happy. Hope this ramble helps.

 

Alison

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Guest kimdownie

Hi there Kim,

 

As you probably know, we have sold our house, but prior to putting it on the market we had the same dilema.

 

When we looked at renting we looked at the rise in property prices, and how unsustainable the current inflation rates are, (approx 12% at the time) risky as prices could go up/down or stay the same. We also considered if the tenants mistreated it, would we want to move back into it and whether we could afford for the house to be empty for a few months and still be able to afford the bills in oz.

 

We also looked at if we sold it what sort of interest we could get on our equity, if we just stuck it into a high interest, no risk savings account 6-7% more or less guaranteed, knowing that if it all worked out in oz we didnt have to worry about having to sell a house over the other side of the world (not knowing what state it was in or what the market was like). And if it didnt work out our money was safe and had still worked for us, and we could move where ever we wanted to.

 

At the end of the day the decision is yours good luck with whatever you decide.

Kim xx

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Guest gary12

Alison

 

Thank goodness someone else is going to rent out their home. I was begining to panic!

 

It's such a tough choice made harder by the fact that many of us require the equity to purchase once in Oz.

 

Good luck everyone

Michelle

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Hi Everyone

 

Until this weekend the idea was to sell the house and move to Australia but all of a sudden I feel the need to have the security of my home here in England behind me.

 

Can I please ask all of you PIO people what you are doing regarding your property in the UK and why? I feel I need this security net and on the other hand i'm not sure it's right to go feeling we could possibly be coming back!!

 

Your views are welcomed

 

Kimx

 

 

Hello Kim

 

Rent it. Our hoiuse fell through and it was the best thing that could have happend. We now feel that we have a choice. Plus the exchange rate is not very good at the mo.

Just don't put all your eggs in one basket it's a big move and one that at this early stage you'll not know what will work for you.

 

Good luck

 

John

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Guest kimdownie

Hi kim, me again

We havent worried about the exchange rate as we intend on keeping our money in a sterling account for as long as necessary, hoping to catch the exchange rate when it improves, like I said before at the end of the day the decision is yours.....you do what you feel is right.

 

best wishes

kim

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Hi Everyone

 

just to let you all know that I am reading the posts everday so please do not think I am ignoring you all. I am really enjoying the reads and your reasons for what you are doing. And I will let you know when I know, what we are doing and our reasons.

 

I am still torn but understand what everyone has to say and it does help and I know the decision has to be ours in the end, but I value your comments and it will help us to decide as I am sure when I read the posts with my hubbie we will say 'ah we hadn't thought of that'.

 

It's a very interesting read

 

 

Once again thank you so much for taking the time to reply

 

Kimx

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