To Sell or Not to Sell

chevalier

We are in the process of emigrating to New Zealand. We are trying to decide whether to sell our house here (means less mortgage in NZ) or to keep it and rent it out (but we would have to deal with a letting agent when we are in another country).

We live in the country, and it is near some pretty big towns. So it may be attractive people who want country living but to have a close ish commute to work.

Has anyone else been in this situation? I would value anyones opinions
thanks
chev

jennifernil

No personal experience, but it might be an idea to hang on to it for at least a bit to make sure you settle ok in NZ. If you could afford it then I would keep it. Houses in NZ are much less expensive, so you would have problems buying another property here if you ever wanted to return. Would the rent cover any mortgage you have on it?

janeawej

I rent out my mothers house whilst she lives with us i have found out the following

high price porperties may be lovely but not many people can afford to rent them
situation is everything it must be in an area people want to live in close to hospital is good as drs have to live nearby
good transport essential
must be in good condition
near good schools if you r renting a family house
will u allow pets? if so i recomend taking double the deposit!

let several leting agents look around before u choose which one to use, (2 said i couldnt possibly let mums house without a brand new kitchen, iexplained i would spend the cost of a new kitchen updating her handmade 1974 one but they were not interested, i spent severla thousands and now have a fab indestructable hand made kitchen (c1974!) and have let house for over £1000!!!! with the only agent that would let me keep the kitchen!)

who will deal with repairs? will u allow the agency to get these done without asking you or will they need to contact you first except in emergencys?

will agents be able to allow tenants to do things to property without your permission or do you want them to ask first?

how often witll they inspect?

lots to think about!!!good luck

chevalier

Thanks for the replies
The house is near good schools certainly at primary and middle level. Whilst we are in a tiny hamlet the local town is only 2 miles away, so the take aways deliver (helpful some times!). I think that the rental would pay the mortgage (just about).

But it is a good point about hanging on to it, until we know we like it. Hmm still not sure which way to go.
thanks
chev

no1gymbunny

I would suggest finding a good letting agent and let it out for the first 6-12 months while you find your feet in NZ. If things don't work out at least you have a base to come back to should you need to (obviously the tenants will need the obligatory 2 months notice!). If things take off then you can reassess a later date and sell then if you feel happy. A good agent will make sure they vet the prospective tenants properly in the first place which should hopefully eradicate the dodgy element. They should also inspect the property every 2-3 months to make sure it's being looked after.

hethmar

One of our neighbours has a very nice 3 bed cottage which he has let out whilst he is on a 2 year teaching contract in NZ - the cottage has been fully let since the day he moved out and has increased in value by about £40k. Hold on to your house until you make a decision in NZ - the properties there are better value than here, so hopefully you will be able to get something even nicer or have a nice lump sum in your pocket when/if you decide to sell your UK property.