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Moving overseas - sell or rent house?
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TomBxx_2
Posts: 19 Forumite
Hello,
Occasional lurker, even more occasional poster. You guys (and gals!) appear to give sound advice. Hence this post.
My wife has been offered a role overseas from July, likely to last 2/3 years. I will get a transfer with my employer to join her.
We currently live in a detached three bedroom house in south London, zone 6. We bought it in late 2004 for 318k have made 50k worth of improvements (the house was rather dilapidated at the back) and extension. We have planning permission for phase 2 of an extension to build a 4th bedroom above our garage.
The mortgage outstanding is circa 270k. We almost moved away previously and had an estate agent value the place for rent (1600-1700 pm) and sale (470k) - this was March 2007. I was dubious of the valuation, but an identical property, on the same cul-de-sac, less the 35 sqm extension, sold for 440k 2 months later.
Our dilemma is should we sell or rent?
As far as I can see, the pros of renting:
- we'll retain a base in the UK in a house we love and an area we like
- we'll have our mortgage paid for by somebody else
- when we bought in 2004, it was a buyers' market and we managed to get a good deal. Our local area is holding up, but the feeling is it's a buyers' market once more and if we sell it's a time where buyers are running scared.
The pros of selling:
- no hassle of renting
- we'll have a cash lump sum we can invest and use as a deposit on a home when we return
- although it may be a buyers' market, given current predictions, it may be wise to sell now at a discount and avoid any further house price falls
- our mortgage is currently one year into a two discounted tracker, I guess we would have to change to different mortgage product (with higher rates) if we decide to rent - as an aside, what's the risk in keeping on our current mortgage deal and renting?
Appreciate it's a long post, but any pearls of wisdom/advice would be gratefully received.
Many thanks.
Occasional lurker, even more occasional poster. You guys (and gals!) appear to give sound advice. Hence this post.
My wife has been offered a role overseas from July, likely to last 2/3 years. I will get a transfer with my employer to join her.
We currently live in a detached three bedroom house in south London, zone 6. We bought it in late 2004 for 318k have made 50k worth of improvements (the house was rather dilapidated at the back) and extension. We have planning permission for phase 2 of an extension to build a 4th bedroom above our garage.
The mortgage outstanding is circa 270k. We almost moved away previously and had an estate agent value the place for rent (1600-1700 pm) and sale (470k) - this was March 2007. I was dubious of the valuation, but an identical property, on the same cul-de-sac, less the 35 sqm extension, sold for 440k 2 months later.
Our dilemma is should we sell or rent?
As far as I can see, the pros of renting:
- we'll retain a base in the UK in a house we love and an area we like
- we'll have our mortgage paid for by somebody else
- when we bought in 2004, it was a buyers' market and we managed to get a good deal. Our local area is holding up, but the feeling is it's a buyers' market once more and if we sell it's a time where buyers are running scared.
The pros of selling:
- no hassle of renting
- we'll have a cash lump sum we can invest and use as a deposit on a home when we return
- although it may be a buyers' market, given current predictions, it may be wise to sell now at a discount and avoid any further house price falls
- our mortgage is currently one year into a two discounted tracker, I guess we would have to change to different mortgage product (with higher rates) if we decide to rent - as an aside, what's the risk in keeping on our current mortgage deal and renting?
Appreciate it's a long post, but any pearls of wisdom/advice would be gratefully received.
Many thanks.
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