When moving overseas, do you recommend renting you old home or selling it?
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When moving overseas, do you recommend renting you old home or selling it?
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The real estate market is horrible right now, of course! So we wouldn't make much money on the house if it would sell at all. And honestly, I'd like to keep it anyway. My husband says we can keep making the payments, but that seems like a horrible waste of money. What have some of you done, or what would you do and why? I know this isn't exactly an immigration question, but I am sure that some of you in this category have had experience with this. Thanks!!
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Ozmaniac
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That's a really tricky question to answer.
Now is a terrible time to be selling a house and it's also a more difficult time than usual to be moving to a new country. Very few jobs anywhere are absolutely secure in the current economic climate and a larger than usual number of new immigrants are finding things more difficult in their new country than they had anticipated. I know that quite a number of new immigrants to Australia have gone home in recent months because they were retrenched or because their partner had difficulty finding work, and the ones who had rented their houses have had something to return to. That said, you may be less likely to commit fully to your new country if you have an easy bolthole and that's not a good approach for the long term.
On balance, I'd say that if you can sell at a decent profit, do so and if you can't or if you have to take a loss on the sale, then rent it out. |
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Kemo sabe
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A lot of people get a local realtor to represent the owner for a fee.
You never know when you might want to come back and like you mentioned, the market is down. |
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kittysue2000
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How long do you plan to be overseas? Are you planning to move back to where you currently live?
When friends moved over to France, they knew it was only for a 3 year job so they rented out their house, furnished. They paid a neighbor to act as their property manager for any problems (plumbing issues, boiler problems, etc), then had a house to come home to when the contract was over.
If you can keep making the payments and rent out the house, then keep it. |
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Ashli K
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it really depends on how long you are staying overseas. if you are staying over a year, sell it! if not, then just rent it out. |
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