[nellyt]

We will be moving out to ChCh in about 2 months.
We intend putting our UK house up for rental and have our first proper visit by a rental agent later this week.
Our initial enquiries about 6 months ago showed it woud cover its own costs and we have since concentrated our foucus/research on jobs etc.

Any thoughts or a link to a previous thread on things we need to ask/check/be careful about would be gratefully received. (Its a 4 bed detached in Southampton outskirts and we'd be looking for long term rentals from professionals/families)
(n.b. this isn't asking should we be renting, we are. Its what should we be thinking about given that we are)
Thanks

[willowshouse]

I arrange my own rental to professional sharers - 4 per house.

I always ask for a work reference, bank reference or 6 months statements and a personal reference which I always specify can be a parent ... all of my tenants have given me their parent's numbers and addresses and in my eyes it is as good as a guarantor for the rent. People don't give you their parent's details if the'yre going to screw you over.

Apart from that - Find an rental agent you trust 100% - an awful lot of them are rubbish! If you can get a recommendation that would be best... but if not, establish a rapport with them (an actual person) before you go.

[Sam B]

I had 3 property agents look round and value my house, and I ended up going with the cheapest valuation, because I immediately liked the man who ran the company. He was very reassuring about how important it was to respect my home and ensure that the tenants maintained it well. He was also very clear about how he would vet tenants. He made it clear that although he would keep in close contact, he would not trouble me with difficulties unecessarily. He was happy to email me pictures if anything needed repairing.

They did all the advertising, and then we showed the prospective tenants round in groups. When they all wanted to move in, he helped me to choose the best ones and stopped me from basing it on who I liked the most! They have been brilliant property managers, and are now helping to sell the house and arrange my shipping. They took 10% of the rent each month, which is quite steep compared to some agents, but well worth it.

BTW, anyone in Cornwall, it is Cornwall Homeseekers.

[shalamyna]

Hi there , Have worked in lettings for 9 years and would suggest as their are new laws in place from the 6th April 07 find an ARLA /NALS agent they are regulated to get membership. We have to sit exams and know the lettings law as well as the basics.

The new law is quite specific so get someone who knows all about it, if you want to PM me with any queries feel free,
Sue @ Shalamyna

[Moorf]

Make sure they are au fait with the Non-Residents Landlord Tax - they can register you and deduct the tax straight from your rental income, and provide the relevant statements for your tax records.

[Rabbit]

Make sure they are au fait with the Non-Residents Landlord Tax - they can register you and deduct the tax straight from your rental income, and provide the relevant statements for your tax records.

and remember to fill in the IR form, that allows the agent to pay you gross, without deducting NRLT, so you do not have to claim it back.

Our agent charges 10%. Over the last few months, the central heating broke down, there was a flood which damaged a ceiling, and the wheelie-bin got blown through the greenhouse during a storm. They just send me an email, and I confirm with them to do repairs, so I do feel that they earn their money.
They also provide a gardner (seperate charge) to look after the garden.

A tennant arrived the day we left, the current one has just gone and there was a new one appointed the next day, so the market for renting in the UK seems OK, even for our little castle in a very rural area. My big worry was and still is, is if the proerty was left empty for a few months especially over the winter.

We gross about £1200pcm, but then need to deduct the agents fee, a small amount of tax, any repairs, a finders fee for a new tennant, Building Insurance etc.
So the UK rent just about covers our rent here in NZ.

We save a few extra pennies, by not having to pay council tax here or there.

The rent as a percentage of capital value is very low, but property prices are still on the up in the UK, and we have the flexibility to return, should we decide.

We pay the NZ rent out of our saleries here, and leave the UK rent money to build up, so if/when we go back we will have a small pot, to rennovate, redecorate etc.

The capital gain on the UK property also protects us a little from rising property prices in NZ should we decide to buy in NZ and sell-up in the UK.

Rabbit

[thirtysomethings]

We are new to the boards and found this thread very interesting.We are currently in the process of submitting EOI (Wife is a midwife, Im IT)
We have been struggling with the sell or rent scenario !
We have been considering selling our current UK property, buying a smaller two bedroomed property more geared to the rental market. (Buying it outright).
Then getting a buy to let mortgage to raise the capital to come over to NZ with. This should allow us to buy an apartment with a small mortgage in Wellington.
Our plan being to enjoy city life for 1 , 2 years explore and then decide where we would like to settle.
Now Rabbit you mention the capital gain in the UK as a bonus should you the wish to sell up in the UK and buy in NZ.
Does not the present growth in property prices in NZ make it just as viable to buy a property outright in NZ and take the growth from that? (The safety net of a UK home removed)
I must admit I like the idea of the UK property as a long term nest egg but also like the idea of starting mortgage free (or near as possible) in NZ.
Perhaps we are over analysing the whole thing.......but one things for sure its scarey and exciting at the same time ! (We visited Wellington and the Kapiiti coast a few weeks ago to scope the area out)
Look foward to further ideas and thoughts from the forum

[Rabbit]

Hi Thirtysomethings

I guess when we came here (12 months ago), there where the same concerns about the property market in NZ as now. That also with similar concerns about the dollar. Though it did drop to 3.06 as expected.

Since then, the dollar is at 2.70 (to UK pound) and property prices in NZ have risen on par with the UK.

Many factors have came into play for us:

a) Do we really want to stay here (coming here was not an all-or-nothing decision for us).
b) The costs and other associated challenges with renting e.g. lack of freedom, transience.
c) The Dollar, versus potential property bubble, the challenge of getting in a corner or getting locked in 12,000 miles or how many it is from where we might decide later we need to be.
d) The need to get it right - e.g. location, house, value for money, feeling comfortable with the decision.

OK waiting some time, has had a price impact, and yes we want to get away from the transient state of renting.

But as they say, everything comes to he who waits (not sure how true that is), and we plan to wait a little longer, though we hope to be able to make a decision in the next six months, one way or the other.

We came here for a life, rather than a short term gain, perhaps in the next six months we will get both. Let's wait and see. I think the next three-six months are going to be interesting in terms of NZ property prices.

As we are still in the UK property market, any potential loss in NZ associated with price rises, is off-set by the capital gain in our UK property, e.g. it would have been a far worse situation (financially) to have not been a property owner, and stuck in a rental.

If we decide to buy here, because the time or place is right, then, and only then will we sell our property back in the UK.

The challenge then remains what do we do with the surplus capital - and of course managing the cash-flow issues in between, as we do not like mortgages especially at 8-9%.

[thirtysomethings]

Excellent post Rabbit good to have another perspective on things

In fact you probably echoe our take on things - normally. I guess the emigration aspects has made us think differently.

Or perhaps illogically !

Did I sense a philosophical bent in your post ? Changing subjects ---
"The GOD Delusion" Richard Dawkins its a must read !

Our property is not ideal for renting and has a higher risk of void periods.

The idea of buying somewhere smaller as an investment has appeals - though it will cost to sell/buy.

I get the feeling that NZ is not as cheap as it is popularly
portrayed.

I guess I want to maximise the available income/capital when we are out there.

Ideal world I would do both but since a win on the lottery is unlikely its gotta be one or the other.

either way its useful to bounce ideas around.

Interest rates are due another hike over here and in relation to earnings the amount spent on mortgage payments is at the highest.
Perhaps the NZ and UK markets are in a similar pickle from different baselines.

Have to the end of the month tp put house on market to avoid HIPS.........

[thirtysomethings]

Have decided to go for selling and taking the capital gained over to NZ to eventually purchase a property.

If all goes well it will work in our favour/if it goes "pete tong" and we wish to return to blightie -we take a hit.

For us to get the location type of property we require it is our only option. From the threads people genuinely feel better once installed in their own gaff so to speak !

Waiting on job offer EOI in , the clock has started ! :)

Incidentally this forum is an absolute mine of useful information coupled with extremely friendly and helpful individuals. I hope as we progress we can add further value to the site with our experiences.

I think a glass of red wine is in order ! Have a great weekend everyone.