Rent or sell property after emigrating?

S

strewth

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We're emigrating to Australia at the end of 2008 and trying to decide whether to rent or sell our current home - a 2-bed apartment in South Dublin City. If we rent it we would just about cover the mortgage (after estate agent fees were deducted).
Would it be better if we sold the apartment before we go and bring the money with us or wait until we find a property in Australia and sell the apartment then?
Personally, I think it might be a nightmare trying to sell a property here while living in Australia and therefore selling before we go might be the best option. If we do that, how should we invest the money until such time as we find a suitable house to buy in Australia?
Any advice appreciated. Thanks.
 
if you bought it as a first time buyer, and rent it within 5 years of buying, you will have to pay the stamp duty that would have applied when you bought it. If you are willing to take the hit, then rent it out.
Renting while abroad would be OK if you go through an agency. The owners of where I rent are abroad and all questions and problems are dealt with by the agents.
 
What are your long term plans? Will you be coming back to Ireland? Did you take tax into account when you say that the rent will barely cover the mortgage?
 
rob30 said:
if you bought it as a first time buyer, and rent it within 5 years of buying, you will have to pay the stamp duty that would have applied when you bought it.
Click to expand...

The stamp duty clawback has been reduced to two years as of this month's budget
To the OP - emigrating is going to be a big enough hassle without trying to deal with renting a property. In my opinion, you should simplify as much as possible. Sell the property and put your money into high-yielding account - see financial best-buys section
 
are you really going to wait in australia?

i lived there for a while and while its good, its a long way away and a lot of people come home in the end, the apt might be a safety net if you leave it there, but if your going for good and leaving the country for ever then sell.
 
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