Corey D.
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Rent it out that way you have a place to come back to. |
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Crazy LP
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I would rent it out and use them to pay off your house, but let a reality company deal with the "what if in 6 months" thing. Research the right realty company for the price. |
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jet-set
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If you intend coming back to UK, then rent.
Find a good agent, and they'll deal with it all for you.
They vet all tenants, find new ones if necessary, deal with inspections, replacement/repair of appliances etc.
They'll also advise on the legal/tax situation.
Finding a suitable letting agent, will also free your gf's parents from what could be a big responsibility.
Happy travelling. |
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mikersley@sbcglobal.net
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If you decide to rent be sure to have an attorney draw up the conditions on who pays what and why. Never leave a stone unturned. We have had rental property for years but the last renter did us in. We now have the house on the market. |
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kosmic_chic
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I have many rental properties in North Carolina as well as California and can tell you that it is not that hard to rent homes. If you don't want the trouble of dealing with renters and don't want to bother family members the best idea is to let a real estate company manage your properties. They will take care of everything, they will find renters, do back round checks on renters and if anything needs fixing they will handle it. All you have to do is sit down and wait for your monthly deposit in the bank. Talk to many real estate companies and remember that whatever price they charge you, you can always negotiate. Hope this helps and good luck!!!!!!!!! |
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Rachellie
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Rent it out. Let your parents take care of any problems, if any, it's not all bad when renting your property. Good Luck. |
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ben c
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it seems youve given it a lot of thought already. can you afford to pay the mortgage if you werent renting out? have you considered handing it to a property manager to take care of everything for a small percentage. furnished places rent well. and if you manage to get a family with reasonable rent in they will be more likely to stay for two years. also if you do keep it you have a foot on the mortgage ladder for when you return if you want an upgrade and a guaranteed place to stay. hope this helps. my mate went to NZ earlier this year and are loving it enjoy yourselves. |
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Geoffrey J
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Well we rented our house out to our dismay.firstly no one looks after the house like you 2nd we charged alot of VAT 3rdwe had to pat capital gains and last but not least our home was leased to a very high member ot the usa security force,whenthey left my wife sobbed her eyes out at the mess they had left it .1 hundred cigarette burns around one chair.Maybe because he was high rankin he didnt understand the human race.Do as you feel but pleas please be careful g |
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Ellie
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Renting is great. You can let furnished or unfurnished. I would suggest you get someone tough and reliable to collect rent and see that any problems such as washing machine breakdown is dealt with. It might be best to pay an agent. You will need to pay tax on any rent because thats the law. You need to get tennants properly vetted. A couple of place below give you the kind of information you need.
Good Luck. |
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hollywoodmelody
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If your contemplating on renting or selling have you thought about a lease option? That would mean that the buyers are living in your home with the option to purchase at a later date.
You can have contingencies put into the purchase contract that states what and how to handle the transaction. |
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M'SMA
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I'd rent it out. As you say, there'll be someone there to collect rent, etc. It means you've got somewhere to come back to AND be making money while you're abroad.
I'd look well into the pros and cons first, though. Good luck on your travels. |
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c.r.c.
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Hmm.... I'm not sure, I would try renting it out so that you will be able to make a profit, but at the same time, I'm thinking sell it because your right, If something goes wrong with the house while your in New Zealand, the responsibility would be on you, not the tenants. Your not going on some vacation for the weekend or a week, you'll be gone for two years. And even though two years is not that long, it is long enough to think about whether or not you should sell, or rent your house out while your gone. I would just say do what you feel is best for you in the long run. Hope I helped some |
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9lives
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Check into the house market where you live, chances are that houses are not going for much these days.
Renting is a lot of headaches, and if your not going to be there to make decisions about things that break down then lots of problems can arrise. rental insurance is expensive. But you can charge a good price for a furnished appartment. In some cases you can charge a smaller price and explain that any repairs are up to them to make because the rent is so low. Maybe you can rent to a friend or relative in the family. |
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limitless325
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Rent it out
If things dont work out in new zealand you could always come back to it and if things go well you could always sell up at any time, plus your morgage will get paid in the mean time |
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beverley.newman1@btinternet.com
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As you have reliable people to oversee the rental for you,I would definately rent it out.Make sure that the rent covers the mortgage payments,house and contents insurance and a contingency for repairs.You will not pay tax as long as you do'nt make a profit.Have an itemised inventory of everything in the property and it's condition and have the tenants sign it.I do'nt know where you are in the country,but here in Lincolnshire there is a new firm of estate agents who will rent the house from you at a reduced rent but will guarantee the income wether it is empty or let.They were Bairstow Eves think they are called Northwood now.You could even approach local big firms who have guest workers who will rent from you annually.All worth looking into.You will have to inform your mortgage company who will usually charge you 1% more monthly and your insurers need to know you are renting out so they can alter the policy accordingly. |
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allan j
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youv'e actually answered your own question, keep the house and have your parents take care of it, you never know what will happen in the future, lots of people go to live abroad and then finthey made a mistake, which is fine if you can afford to return home! if you decide the move youve made is the right one then go ahead and sell.. i live in spain been here for 4 years and seen loads of people return to the uk, only a few make it.. good luck with your new venture, hope things work out!! |
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Chikadee
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You're quite right, there's a lot to consider on renting. But aside from the financial consideration of having the house sit empty there are also other considerations such as the availability of home insurance on a vacant property.
I say have the gf's folks keep a good eye on the place and rake in the dough.
Good luck. |
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borgpicard
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rent its always there for you when you get back |
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Northernbloke
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Rent out.
You will always have the equity in the house which will be building while your away. And if for whatever reason you have to go back to the UK you will have somewhere to live.
Happy travelling |
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CAT
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You sublet kind of..tell the renters (in the contract) if anything breaks, they fix it UNLESS it has to be replaced, then you would replace it. Include all things in the house. Roof would be your responsibility, etc. Specify that the renter HAS to call the tech/plumber that YOU say. Have them in the contract. |
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srracvuee
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rent it by all means and if or when you come home and the tenants have moved out you
have somewhwere to lay your head down and it should have gained in value if indeed the rises are going on as it is currently |
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Stephen A
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If you are wanting to rent your house out , use a letting agent , they will deal with the day to day problems , as well as being liable for anything that goes wrong ? |
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Ms. X
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You have this well thought out. Your best course is highly dependent on your situation:
* Are you in a good rental market?
* Is there someone who can handle any problems that come up? (Bad tenants, repairs, etc.)
* Can you afford to be paying the mortagage for several months if the property sits vacant?
Given how far away you'll be, your best bet may be to hire a professional property manager. You'll make a smaller profit, but have less headache. I have a friend who spent a couple years abroad, successfully rented out his house with the help of a professional property manager, and is now back in the U.S. living in his house. |
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lulu
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i would def. rent it because you can always count on money coming in and you would have more in the longrun and even when times are bad its there to help you out and you could always go back to it! and you could always sale it later! |
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vangorn2000
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If you want to rent it out, put all of your concerns in the rental contract that you would rather have the tenant be responsible for instead of yourself. Best to remove any furniture that you really like and put in storage, you could very well rent it "partially furnished".
And be sure to set up an "emergency fund" account that you could directly transfer to your gf's parents if something needed to be fixed.
Personally, I'm not sure it would be worth all the trouble, just being gone for 2 years, with all the liability issues you stated. It might be better to hire a "sitter" who would live there rent free and take care of the place in exchange for assuming full liability of anything that might break while you're gone (which you could put into the contract). |
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Gen
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i would just rent the house just in case |
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Nicholas L
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Rent because while your relaxing on vacation you will make money for yourself. |
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candi b
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Even though it would be nice to have something to come back to after you travel, selling is the best option. When resorting to renting there's always complication. People seem not to respect the property, and something always goes wrong ...whether it's the washing machine, carpet,heating/air, or other domestic duties.
And the paperwork and mortgage are just a few other things to take into consideration when you have unreliable tenants coming and leaving as they please although they still may be under contract. There's only so much that you can do from where you will be and some much that your parents can handle. It's a constant head ache...and you'll be left responsible every time.
You'll probably find something better when you return anyway. |
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PK
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I think renting would be nice if you are making a fair profit out of it. If you are taking in more than you are paying out for the property in mortgage, taxes, maintenance - then it's profitable even if you pay taxes (which would only be on your profit after depreciation).
Definitely specify to any renters that they are responsible to pay for any utilities (such as electric, phone, etc) that are based on their usage. Try to find reputable and trustworthy tenants. And enjoy your extended move! |
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Barbarian
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If you can afford to rent it out, even by a little contribution yourself, you will gain long term by capital appreciation. Even if the value goes down, it historically has shown to outperform all other investments.
Use a managing agent as they can take all your worries away, but check out their clients before signing. |
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SisterSister
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Renting is great. you will always have a place incase something happens before 2 years.. Get the renters to sign a lease for 1 year..also try to rent to someone you know is clean and respectful. They will take care of the place..DO NOT Furnish the place..take all your stuff out..you wil never know whats broken of missing..Try a rental angerny they will do all the hard woth and take care of the legal stuff. Dont sell your home it something you own and can use in the future incase anything happens!! |
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