Moving abroad for short term possibly longer
Discussion
Would appreciate people more knowledgeable than myselfs thoughts on my current situation.
I'm 28 working in the North West as an Engineer.
I am potentially looking at a job offer in Vancouver, its a tempting offer, but to be honest, its not all about the money, it would be a valuable experience and something I know I would regret if I didnt try it. I can always hop on a plane back in a year or two.
My question is what is the best way to handle my finances with such a move.
I own a property, worth 170k, with a 95k mortgage remaining. The house is in an ideal rental location, and would be my preference to remain in the UK property market and rent it out.
I have 12k in a S&S ISA and 8k in a company share scheme that will have to be withdrawn. I will be able to get about 15k for my car.
I'm struggling to work out what the best strategy for this money is. Do I want most of the rental income to be going on the mortgage to save on fees transferring this abroad? Can I keep this in a UK account and leave it set aside for maintenance?
What would people in a similar situation do?
I'm 28 working in the North West as an Engineer.
I am potentially looking at a job offer in Vancouver, its a tempting offer, but to be honest, its not all about the money, it would be a valuable experience and something I know I would regret if I didnt try it. I can always hop on a plane back in a year or two.
My question is what is the best way to handle my finances with such a move.
I own a property, worth 170k, with a 95k mortgage remaining. The house is in an ideal rental location, and would be my preference to remain in the UK property market and rent it out.
I have 12k in a S&S ISA and 8k in a company share scheme that will have to be withdrawn. I will be able to get about 15k for my car.
I'm struggling to work out what the best strategy for this money is. Do I want most of the rental income to be going on the mortgage to save on fees transferring this abroad? Can I keep this in a UK account and leave it set aside for maintenance?
What would people in a similar situation do?
Edited by ajr23 on Tuesday 30th October 16:15
I went through a very similar situation 5 years ago.
I moved to the USA on a temporary work visa and have ended up staying permanently.
We kept our house until just very recently where we’ve finally decided to buy here and needed the equity.
We moved almost all of our cash / money over to the US at the time of moving as we needed it here. Leaving a small amount for house emergencies that the rental might needed.
It’s pretty easy to move money around so we felt it was best to move all of our cash with us, leaving only the house in the UK.
One finally thing to bear in mind is that it’s worth calculating the tax you’ll need to pay on your rental income, especially with the new tax rules coming into play. It might work out better to sell in the long run. But you’ll need to work that out based on your own tax situation.
I moved to the USA on a temporary work visa and have ended up staying permanently.
We kept our house until just very recently where we’ve finally decided to buy here and needed the equity.
We moved almost all of our cash / money over to the US at the time of moving as we needed it here. Leaving a small amount for house emergencies that the rental might needed.
It’s pretty easy to move money around so we felt it was best to move all of our cash with us, leaving only the house in the UK.
One finally thing to bear in mind is that it’s worth calculating the tax you’ll need to pay on your rental income, especially with the new tax rules coming into play. It might work out better to sell in the long run. But you’ll need to work that out based on your own tax situation.
While I hope that it all works well, you never know, and buying and selling involves a lot of slippage.
I’d look at getting a good agent and renting, however...
You will not get “your” home back, it will have been lived in and knocked round a bit. Is a year’s rent enough to cover redecoration and work on the kitchen?
It will also involve some ongoing work, arranging repairs etc, so bear this in mind.
We’re it me I’d speak to agents, find one you like but then ask a friend or relative to spend the odd night there for insurance reasons for the first couple of months while you see how you settle in. If you decide to come back it’s there for you but if you you stay you can rent it out.
We rent out two of our ex homes but I’m about to move again from our “forever” home and will leave it empty. The rent is not enough over the next three years to compensate me for the costs.
I’d look at getting a good agent and renting, however...
You will not get “your” home back, it will have been lived in and knocked round a bit. Is a year’s rent enough to cover redecoration and work on the kitchen?
It will also involve some ongoing work, arranging repairs etc, so bear this in mind.
We’re it me I’d speak to agents, find one you like but then ask a friend or relative to spend the odd night there for insurance reasons for the first couple of months while you see how you settle in. If you decide to come back it’s there for you but if you you stay you can rent it out.
We rent out two of our ex homes but I’m about to move again from our “forever” home and will leave it empty. The rent is not enough over the next three years to compensate me for the costs.
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