We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Do I sell or stick with it
Comments
-
You are clearing £75 a month now with record low interest rates. £75 a month is nothing and could easily be wiped out by a boiler repair or a couple of months empty when changing tenants. Also you haven't said if an agent is managing the property, if not then fully managed is about 12% of rent, it varies. Then there are the costs of general maintenance, redecorating etc, are they accounted for before the £75 a month?
That's without mentioning the more serious issues:
Interest rates may go up.
You may get a really bad tenant.
House prices may go down in the short term. That house prices long term go up is of course true but we've had a massive boom so you can't rely on sustained house price rises for a few years yet and more likely falls in the meantime IMO. Also some of the rise is just general inflation which is now allegedly low.
How will having the debt affect your life in Oz if say you wanted to buy a house over there?
However if you want to come back and live in the property again then keeping it may make sense.0 -
blunt_crayon wrote: »devils advocate but... what would happen if you kept it, emigrated and your tenant moved out when you were in oz...? could you afford to pay the mortgage yourself for a couple of months?
I've had him for 18 mths and he doesn't want to go anywhere, so I am not too worried about that.
Yes, I've got an a/c with about three months of mortgage payments set aside, in case of probs0 -
You are clearing £75 a month now with record low interest rates. £75 a month is nothing and could easily be wiped out by a boiler repair or a couple of months empty when changing tenants. Also you haven't said if an agent is managing the property, if not then fully managed is about 12% of rent, it varies. Then there are the costs of general maintenance, redecorating etc, are they accounted for before the £75 a month?
That's without mentioning the more serious issues:
Interest rates may go up.
You may get a really bad tenant.
House prices may go down in the short term. That house prices long term go up is of course true but we've had a massive boom so you can't rely on sustained house price rises for a few years yet and more likely falls in the meantime IMO. Also some of the rise is just general inflation which is now allegedly low.
How will having the debt affect your life in Oz if say you wanted to buy a house over there?
However if you want to come back and live in the property again then keeping it may make sense.
Don't want to buy in oz, going for 2 years and see what happens really, hopefully save a bit when I am out there with both of us working ft.
When we come back, (if we do!!!!) we will prob live together, or I can buy again, just don't want to come back to a house that has dropped in value.
I was going to put it with an agent when we go if I don't sell it, just saves the tenant having to call Oz and that way, they can get local tradesmen if there is a prob, rather than me trying to sort it all out from the other side of the world.
The question is do I say goodbye to 20k and 'start again' or stick with it and hope to claw that back in 2 years (if the flat keeps rising)0 -
I'd say keep it for now just in case. Living in Oz might not work out for you. Friends of mine emigrated at the beginning of the 90's. Despite being really enthusiastic, they just couldn't fit in and gave up after 2 years. In the meantime house prices had shot up back here and they could only buy a much smaller house than they originally had when they returned to good old BlightyIt's great to be ALIVE!0
-
Don't want to buy in oz, going for 2 years and see what happens really, hopefully save a bit when I am out there with both of us working ft.
When we come back, (if we do!!!!) we will prob live together, or I can buy again, just don't want to come back to a house that has dropped in value.
I was going to put it with an agent when we go if I don't sell it, just saves the tenant having to call Oz and that way, they can get local tradesmen if there is a prob, rather than me trying to sort it all out from the other side of the world.
The question is do I say goodbye to 20k and 'start again' or stick with it and hope to claw that back in 2 years (if the flat keeps rising)
Getting an agent in while you are abroad is sensible, but is that cost factored into your first post or not? You haven't set out in any details what keeping the property would cost, can you not post the figures, rent pcm, mortgage, interest rate and how long fixed, what costs you have allowed for etc.?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards