Sell house in UK or Rent out?

[Guest cunnah10]

Hi GANG

 

I know this all comes down to a personal decision in the end!But a hard one to make!

I suppose there will be pros and cons for both selling or renting your house out in the UK!

Having not long put our house on the market(had a viewer who is keen but they have a house to sell so means nothing really)and we realize that we are going to have be extremely lucky to get a potential buyer willing to offer what we want for the house and tie all loose ends up in the hope of being in Adelaide by September to start our new adventure with our 4 kids!That just leaves us June,July and August!I really want to be there in September as i wanted to finish the kids in their school here in the July and not have to start them in a new school year here in the September!Plus my eldest is due to start High school September if we are still here and i really don't want him to have to do this then take him out weeks/months later!

So hard trying to plan when we have the house to sell!

Ideally we both want to sell it as we really need to take our money out with us to do what we want to do in Adelaide!But the market is dead!There is so many houses for sale in our area similar to ours and have been for ages!Our Estate Agent has suggested we rent it out as the rental market is booming and he has a waiting list of potential tenants for our type of house!

Problem doing this though we will still be tied to the UK and will have to take a chunk of equity out to take with us!We would rather break ties completely and have nothing to worry about in the UK apart from keeing in touch with friends and family!

Also with the prediction of a 40% increase in property prices in Adelaide then we would want to buy a property out there before this happens!Prices are already rising there as it is!

Ideally the plan was to sell here,rent for a while in Adelaide then buy a nice home and put roots down asap!But if we rent house out in the UK then this is not going to happen for a long while!

 

Sorry to babble on but it's very frustrating!I know nobody can give me an answer to this problem but i'm sure there will be a lot of you in a similar situation!

 

Gill

[sue2oz]

hi gill,

we are going to rent ours out(house) going with a agencey who looks after it you have to give them a pecentage like!!!

was going to sell but david seems to know what hes doing and the house is our future/pension etc so he says:realmad:

I would rather sell up too easy to come back! BUT you never know what the future brings.

 

suexxx

[Guest cunnah10]

Hi SUE

 

Yes i know what you mean by saying if you keep house here then it is possibly too easy to come back!

But if the market is so bad selling then renting it out maybe the only option!

Are you just happy renting in Adelaide I take it long term?

 

Gill

[Andrew from Vista Financial]

Hey Gill

 

I know how your feeling but as you said only you can make the decision and unfortunately you will probably not know whether it was the right or wrong for some months. We have rented our house out back in the UK and are renting here in Adelaide. We have thought about buying here but are holding back at the moment. Prices seem to have settled around the city at the moment and this is probably due to the uncertainty in the economy at the moment. Mortgage rates are around the 9%'s and with inflation still rising more rate rises culd be in order. Certainly gains of 40% do not seem likely given current conditions. Also the credit crunch has had a big impact on markets here as well, so again this had added to uncertainty.

 

House prices in Adelaide have increased dramatically over the last few years so a slow down is certainly due. However this will have the opposite effect on the rental market here and already rents have started to increase, we have just been accepted for a townhouse in the city, it was advertised at $430 a week but between us viewing and applying it went up to $450 a week.

 

Obviously the media has reported a housing slowdown in the Uk recently and fears of drops in value! I hope that this does not happen as we took most of our equity out before we left.

 

I suppose it boils down to how much you need the money. Certainly the Uk rental market is good at the moment and if you can get the equity out it would be a cheaper way to borrow, as interest rates are lower there than here!

 

The thing with property remember is that it is a long term investment, so whether you get the growth from your Uk property or buy in Australia?

 

Hope this helps a little

 

Andy

[sue2oz]

will be rentng out in adelaide but dont know how long for????

when we first decieded to move to adelaide we were looking on the internet for a house to BUY:shocked: do you belive that!

but now we have calmed down we are taking it slowly now, going with the flow.

You never know untill you get there, have a feel about the place and suburbs etc and then buy instead of renting when weve found what we are looking for

[Guest cunnah10]

Thanks Andy for taking the time to send me that info!

Giving us some things to really think about!

 

Cheers

 

Gill

[Guest Jack Jack]

We are in a similar position. Have two children and one due to start high school in September - I'm not too worried about her starting high school I just want to be there by end of January 2009 so she can start her last full year at primary before going to high school in 2010 in Aus. Depends on which school we opt for as some private schools go right through to year 10 or even 12.

 

Just about to put the house on the market, a few bits to tidy up. We are going on recci trip end of this month. Things are moving fairly slowly where we live but houses are still selling and prices not droping too much. Reallly frustrating at house prices falling here and rising there after watching things go up for last goodness knows how many years. I personally would not want to rent out as still have a tie and would not feel like a total commitment but like you may not have a choice will depend on how the market goes.

 

Maybe check out rental potential of your own property whilst waiting for a buyer on your own.

 

One of our local estate agents said he had been left with four properties to sell for people who had emigrated but not sold but did not want to wait around.

 

Hope it all works out

[Guest the4hopes]

Hi Gill

We are in the same position, want to be in Oz in Sept!! Not sure now, I thought getting the visa was the hard bit, how wrong could I be, not selling the house is now stopping us!! I will be talking to rental agents this week and working out finances etc! We wanted a clean break too, at the moment I feel we are stuck, not knowing what to do and we are not moving forward anymore.

We dont want to book flights at the last minute, and rushing around.

Laura x

[Guest cunnah10]

Hi Gill

We are in the same position, want to be in Oz in Sept!! Not sure now, I thought getting the visa was the hard bit, how wrong could I be, not selling the house is now stopping us!! I will be talking to rental agents this week and working out finances etc! We wanted a clean break too, at the moment I feel we are stuck, not knowing what to do and we are not moving forward anymore.

We dont want to book flights at the last minute, and rushing around.

Laura x

It just seems one stress after another doesn't it!

worrying about passing medicals one minute then can't decide what to do over house!

We too are going to sit down and work finances out if we have no option but to rent our house out!

would rather sell!Cut and dry make the break completely but the choice maybe taken away from us!

To do it that way we would have to up our mortgage and take some equity out with us as everything we have is tied up in our property!So we will still have the stress and worry of paying off a higher mortgage in the uk whilst trying to find a decent source of income in Adelaide to pay out for a long term rental!

Anyway what will be will be(so they say)

 

We will make the best of whatever happens!

 

Gill

[Liz and Kris UK]

Hi

 

We have just started renting our house out, we fly to Adelaide at end of May. We decided to rent out due to market at the moment etc. We have rented our property through an agencey and the process has been quite easy to do.

[Guest the4hopes]

Hi Liz or Kris?!

How much does the agent charge? Also, does the tenant pay for the house insurance? Just wondered what extra costs there were on top of covering the mortgage payment.

Hope you have some nice people in your house. It gives us some idea of what people expect from us when we start to rent in Oz.

Laura x