Jueglittergirl Posted March 19, 2015 Report Share Posted March 19, 2015 We've been on the market 5 weeks now and feels like 5 months, what have people done, sold or rented out to make the move? Quote Link to comment Share on other sites More sharing options...
ali Posted March 19, 2015 Report Share Posted March 19, 2015 We sold, in part because we wanted to feel that the move was permanent but also we didn't want to manage a tenancy whilst in Aus. For me also, I don't think I could have returned to our family home if someone else had been living in it. So we cut all ties and had we ever returned we would have bought a different house. Quote Link to comment Share on other sites More sharing options...
Walkabout Posted March 19, 2015 Report Share Posted March 19, 2015 We have rented out, OH wasnt ready to sell and wanted the safety net of it still being there if it all went wrong. However in hind sight, I soooo wish we had sold, I totally agree with Ali that even if we did go home, I wouldnt want to go back to that house. It is a pain managing a house back in the UK from here despite having a managing agent, but there were enough other stresses at the time we moved that I think it might have been the straw that broke the camels back if we had gone through the selling process then. It is however still a bridge we will have to cross at some point, now from afar! Quote Link to comment Share on other sites More sharing options...
odies Posted March 20, 2015 Report Share Posted March 20, 2015 It is being hard for us , we are in the middle of the sale at the moment, move across in 4 weeks time. However leaving the family home is a lot harder than I thought, children grew up here , the garden etc etc. I am sure it is the right thing to do but those first 4 weeks before we sold we were thinking this is not going to sell , it will happen the sunshine is coming out with spring on its way, good luck. plus do you have to pay capitol gains tax when you do sell if you rent it out ? Quote Link to comment Share on other sites More sharing options...
SaffanZimbo Posted March 20, 2015 Report Share Posted March 20, 2015 We rented our UK house as not sure where we were going to be in WA. We've ended up in Margaret River and although OH has a job here we are not sure it's where we want to settle long term so will wait 2-3 years before selling the UK house and buying in WA. Quote Link to comment Share on other sites More sharing options...
JasonM Posted March 20, 2015 Report Share Posted March 20, 2015 We are going to sell, next door rent out their house and the last tenant has wrecked the house, needs new kitchen, new bathroom and total redecoration was speaking to the owner and the last 4 months no rent and it's taken this long to get rid and has cost so much money to repair and replace. Could you imagine if that happened while you was in oz? They also had a management agent. even if it does go well you have to pay tax on the income in Oz, can't be arsed with all that. we would also need a bigger house should we come back anyway so long and short selling for us. Quote Link to comment Share on other sites More sharing options...
rpakey Posted March 20, 2015 Report Share Posted March 20, 2015 I guess this depends on a number of factors, perhaps large figures of equity could be better spent elsewhere (moving, buying a new house, furniture etc) whereas, little or no equity would make sense to rent out as it seems there is little benefit, other than peace of mind to sell Also check the rules on taxable income from another country, I am led to believe there has been a recent change, although I am not the best person to ask, just saw something on it in some of my relocation research Quote Link to comment Share on other sites More sharing options...
Deb Posted March 20, 2015 Report Share Posted March 20, 2015 We tried to sell no luck after a couple of years We decided to rent it out.as tenants ready to sign we got a buyer. Can always buy another house if we go back. Quote Link to comment Share on other sites More sharing options...
Jueglittergirl Posted March 20, 2015 Author Report Share Posted March 20, 2015 Thank you everyone for your experiences, it's lovely to share in your knowledge guys. Odies, I've thought about the upcoming sunshine too being a boost so let's hope we're right on that one. We have a large amount of equity tied up, so selling for us is the better option, also we have no family in the area to be on hand if we left it rented. It's back to playing the waiting game and digging deep for buckets of patience. Quote Link to comment Share on other sites More sharing options...
ali Posted March 21, 2015 Report Share Posted March 21, 2015 It is being hard for us , we are in the middle of the sale at the moment, move across in 4 weeks time. However leaving the family home is a lot harder than I thought, children grew up here , the garden etc etc. I am sure it is the right thing to do but those first 4 weeks before we sold we were thinking this is not going to sell , it will happen the sunshine is coming out with spring on its way, good luck.plus do you have to pay capitol gains tax when you do sell if you rent it out ? I remember sitting on the stairs of our empty house and having a little cry ... but it didn't feel like home anymore, it wasn't just the absence of furniture - it felt empty of us (if that makes sense). My then 11 year old (full of wisdom) daughter hugged me and said "home is where the four of us are mummy" ... and how right she was lol Quote Link to comment Share on other sites More sharing options...
odies Posted March 21, 2015 Report Share Posted March 21, 2015 Thanks Ali x Quote Link to comment Share on other sites More sharing options...
Druid Posted March 21, 2015 Report Share Posted March 21, 2015 You only pay capitol gains if you buy in Aus before you sell in the UK, if you are going to rent out your UK house before you come, get a couple of agents around to give you a valuation before you leave, you only pay capitol gains on the difference between what it was worth when you lived in it, versus what you sold it for when you have finished renting it out, we were lucky, we got a valuation when the property market in the UK was almost at its highest when we left, now we will sell it for slightly less, hence no capitol gains Quote Link to comment Share on other sites More sharing options...
Chopchop Posted March 21, 2015 Report Share Posted March 21, 2015 we are in this situation at the moment... visa granted, house been up for sale for 9 months with 1 offer 15k below asking price. We have rented out the property in the past and had a nightmare tenant. Never paid, wrecked the house threatened neighbours with knifes etc causing A LOT of stress! We had unfortunately used a below average estate agents that had not credit checked the tenant, checked references or protected the bond. When we finally got the tenant out we both vowed to never become a landlord ever again! Having said that we are now coming round to the idea of renting it back out. Main reason that neither me or my partner have a pension. This time round if we were to rent the property out I would do the following... 1) Use a well established fully managed estate agents, do not go with the cheapest. 2) Get a good rent guarantee insurance. 3) Have sufficient funds in your bank account for at least 6 months of missed rent if your rent guarantee insurance does not cover you. Funds that you are wiling to loose. 4) Fix my mortgage on a Buy to let for 5 years so that I know the payments. Quote Link to comment Share on other sites More sharing options...
Druid Posted March 21, 2015 Report Share Posted March 21, 2015 If i got offered 15k less i would snap their hand off, the exchange rate at the mo will make up the shortfall, and the interest rates here are higher for savings, we have a fully managed contract with a reputable agent and the insurance just in case, we will try sell again when this tenant gives us notice Quote Link to comment Share on other sites More sharing options...
flatpack Posted March 21, 2015 Report Share Posted March 21, 2015 You only pay capitol gains if you buy in Aus before you sell in the UK, if you are going to rent out your UK house before you come, get a couple of agents around to give you a valuation before you leave, you only pay capitol gains on the difference between what it was worth when you lived in it, versus what you sold it for when you have finished renting it out, we were lucky, we got a valuation when the property market in the UK was almost at its highest when we left, now we will sell it for slightly less, hence no capitol gains That's not how UK capital gains tax was explained to me by my accountant. You have to pay CGT on the difference from what you paid for it and what you sell it for but only pro rata on the length of time it was your home and when you rented it out. So if you owned it 10 years and used it as your primary home for 9 years and rented it for 1 year then you would pay CGT on 10% of the difference between the buying and selling price. I may have got the wrong end of the stick but I'm sure that was what my accountant told me, I assumed he knew his stuff as I'd used him for 10+years with no issues. Quote Link to comment Share on other sites More sharing options...
flatpack Posted March 21, 2015 Report Share Posted March 21, 2015 Alan Collet of Go Matilda has just posted this link on Pomsinoz, it's about UK property and CGT https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/413988/capital-gains-tax-non-uk-res.pdf Quote Link to comment Share on other sites More sharing options...
GavinM Posted March 21, 2015 Report Share Posted March 21, 2015 We've been on the market 5 weeks now and feels like 5 months, what have people done, sold or rented out to make the move? House is sold and we move out tomorrow, few months in my Brothers house then the adventure starts. Week in Thailand then on to Perth for our new exciting life Quote Link to comment Share on other sites More sharing options...
Druid Posted March 22, 2015 Report Share Posted March 22, 2015 Alan Collet of Go Matilda has just posted this link on Pomsinoz, it's about UK property and CGT https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/413988/capital-gains-tax-non-uk-res.pdf Trust the UK tax man to f@#* everything up again, I use GM Tax by the way, can highly recommend them Quote Link to comment Share on other sites More sharing options...
HoneyJackMonster Posted March 31, 2015 Report Share Posted March 31, 2015 We seriously considered renting but in the end decided to cut all ties to the UK and sell our home, myself and wifey are not particularly sentimental and want to commit to Oz 100%. We are fortunate enough to have some equity in the property because the market in Hampshire is good and the exchange rate at the moment is also great and predicted to get even better! We had our house on the market for two weeks before accepting an offer £2500 under the asking price, no chain and happy to complete one week before my wife and kids fly out to join me in August. So I can only hope the good luck continues Quote Link to comment Share on other sites More sharing options...
benj1980 Posted April 9, 2015 Report Share Posted April 9, 2015 Decisions, decisions... I have two houses with good tenants in, seems a shame to sell when good tenants can be hard to come by! Quote Link to comment Share on other sites More sharing options...
Druid Posted April 9, 2015 Report Share Posted April 9, 2015 Unless you are loaded, then sell, not having your UK equity money here in Aus makes it bloody hard work and spoils the enjoyment of it, been here three years now, done very little, seen very little, its all work work work & save save save, to scrape enough of a deposit together to buy your own place, eventually it will come right when the UK house sells, by that time I will be over it and ready to go back. Quote Link to comment Share on other sites More sharing options...
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