| Author |
What to do yet again...............
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| Spides 2004-01-20, 8:43 am |
| As some of you may know I was in Oz a little while back but returned because I have a five year old son in the UK. Me and my Aussie missus are thinking about buying a place in Brisbane and renting it out rather than buying in the uk which I think price wise is a joke……..what would you do in my position……I am seeing this as my pension, so when my lad is 16 I will emigrate and he could too rather than buying here…………..just thinking out loud | |
| MistyRing 2004-01-20, 9:39 am |
| What's the point? You still have to rent a house here even if you don't buy it. Renting costs about the same as paying a mortgage give or take a few quid, so why give yourself the added hassle of managing a property in Brisbane for no financial gain? Also, not sure if you are planning on taking out a mortgage with a UK or Aussie bank but mortgage rates are 6.5%+ in Oz which is higher than they are here. Therefore the loan will cost you substancially more over 20 years or so.
Finally have you considered the possibility that your son may not want to live on the other side of the world when he is 16, especially if his mother and any other family are staying here? | |
| Spides 2004-01-20, 9:51 am |
| Oh yeah I know that my son may not want to live in Oz, but in ten or so years I will already somewhere to live in Oz when we emigrate.....I don't want to retire in the UK....for £90,000 I can buy I detached three bed house with a swimming pool, what can I buy for £90,000 here, I can't even buy a one bed house!!! | |
| HOOLIGAN 2004-01-20, 10:40 am |
| Sounds like a good Idea if you can afford it, though I know renting a house out when your not near it is a real pain. You have to pay the Morgage when its empty, renters trash it, dont pay rent, you need someone to repair it, maintain it, let it out. etc etc, My Mother did that with her house in London when she moved to Ireland, and it was one big problem after anouther so in the end she just sold it because of the stress. Im sure it can work but I think it all depends on how good your renters are.
Good luck. | |
| MistyRing 2004-01-20, 11:45 am |
| quote:
Originally posted by Spides
Oh yeah I know that my son may not want to live in Oz, but in ten or so years I will already somewhere to live in Oz when we emigrate.....I don't want to retire in the UK....for £90,000 I can buy I detached three bed house with a swimming pool, what can I buy for £90,000 here, I can't even buy a one bed house!!!
I still don't see the point. Buy what you can afford here then sell it in ten years and buy a place in Oz. You will have to live somewhere for the next ten years - renting costs about the same as buying - so why rent when you can buy? | |
| enforcer 2004-01-20, 2:05 pm |
| I'm with MistyRing on this one (something I'd thought I'd never hear myself type  ).
If you rent here it will cost you more than buying here, so if you can get a mortgage buy a place here, and sell up when you want to move. | |
| jimbo2002 2004-01-20, 3:41 pm |
| I agree with you about the cost of property down your way. I think if you bought in oz you should be able to get a rental agency to take care of a lot of stuff for you, such as the financial status of tenants etc. | |
| bearing 2004-01-21, 4:18 am |
| Also with Misty on this one, if you're planning on staying here for a while then renting is tantamount to putting your money down a drain, what will you have to show for all that money you've spent on rent when you've retired and want to return to Oz.
But if you're adamant about an 'Ozzy House' then how about this one.  | |
| MistyRing 2004-01-21, 5:10 am |
| Re the cost of housing in the UK, have you considered buying a run down place and doing it up to sell it. My mate does this all the time - he moves house about once a year. He reckons he makes between £15-40K profit per house on average. Tax free if you live in the house.
THe down side of course is you have to spend a lot of evenings/weekends doing DIY. | |
| jkhnwspec 2004-01-21, 6:18 am |
| quote:
Originally posted by bearing
Also with Misty on this one, if you're planning on staying here for a while then renting is tantamount to putting your money down a drain, what will you have to show for all that money you've spent on rent when you've retired and want to return to Oz.
But if you're adamant about an 'Ozzy House' then how about this one.
That is a nice looking home! | |
| enforcer 2004-01-21, 8:00 am |
| quote:
Originally posted by bearing
Also with Misty on this one, if you're planning on staying here for a while then renting is tantamount to putting your money down a drain, what will you have to show for all that money you've spent on rent when you've retired and want to return to Oz.
But if you're adamant about an 'Ozzy House' then how about this one.
Yeah but living there will make you the butt of many jokes | |
| bearing 2004-01-22, 3:56 am |
| quote:
Originally posted by MistyRing
The down side of course is you have to spend a lot of evenings/weekends doing DIY.
I take it you're not married then Misty |
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