Question about renting out our Perth property from interstate or overseas

Hi all,

Quick question: are there any Perth Poms that have left WA but kept hold of their property in Perth and are renting it out whilst living interstate or overseas? If so, I'd be really interested in having a chat and hearing about your experience.

It is something that we have been discussing for a while - in case we decide to leave Perth/ Australia, and one of us really doesn't want to sell up whilst the other anticipates problems managing the property from afar - particularly if we leave the country.

Thanks in advance.

Hi and welcome to the forum.

Good question there and I am interested to see what answers you get.

I have friends who moved to Victoria for a 2 year work contract and they let out their house in Perth whilst they were away. They had the local estate agent manage it for them (think it was Professionals at Forest Lakes Shopping Centre) and they were happy with the way it went, especially as the rent more than covered the mortgage/insurance/agent fees. Mind you that was about 10 years ago so things could have changed in that time.

Hi and welcome to the forum.

 

Good question there and I am interested to see what answers you get.

 

I have friends who moved to Victoria for a 2 year work contract and they let out their house in Perth whilst they were away. They had the local estate agent manage it for them (think it was Professionals at Forest Lakes Shopping Centre) and they were happy with the way it went, especially as the rent more than covered the mortgage/insurance/agent fees. Mind you that was about 10 years ago so things could have changed in that time.

Thanks Ross, it sounds like your friends had quite a good experience.

Sadly, I think the rental market may have changed in recent times, so one of our concerns will be whether the rental payments cover the mortgage. We had a real estate agent out to see us earlier this year, and they explained how the market had changed, so we then planned to re-evaluate the situation early next year. Aside from the changing market, we're also wondering about the practicalities of owning a property on the other side of the world...

Totally get where you are coming from. The whole property scene in WA has changed so much in recent years. Property prices are falling, so if you can wait until you sell, it might be a good move because prices will steady eventually. Hopefully.

I'm guessing the practicalities will be the same as if you were renting out the UK property. You would have to speak to your bank regarding the mortgage and insurance with it becoming a rental. I would imagine it will be classed as income so you may still have some sort of tax benefit. Your best bet I think would be to employ an agent who will do the inspections and also if anything goes wrong with the property (internally and externally) would be able to arrange repairs

ETA - a friend had a property in the UK which she rented - nightmare to manage on her own, especially when the tenant stopped paying rent and solicitors had to get involved.

We where thinking about this ….. i know its early days , but we where thinking of buying a holiday let / flat in scarborough , and just rent a family home for us - as to buy where we are would be prettty pricey .

But then if we did go back to the UK …. Or Greece …. or wherever we could still rent out holiday let.

just thoughts thats all )