Moving Overseas: to Sell or Not to Sell Properties

[Deactivated] on 01/05/2016 - 15:41
Last edited 02/05/2016 - 06:53

Hi there,

We're moving to a paradise island for… a while (could be a year or could be forever). The Mrs will be working but I don’t have a job lined up and it might be hard for me to find one. We will be staying at her Grandma’s place for the first year, in exchange for fixing up the place, or until we find another accommodation.

We own 2 properties and both are located in the Bayside area of Melbourne.

Property 1: “Happy House”

It is a 2 bedroom + study house. We call it the "Happy House". We bought it soon after we got married, almost 12 years ago. We furnished it with donated and second-hand furniture and slept on a mattress on the floor for a very long time. We had so little and yet were so happy and in love. Every single room in that house is filled with scintillating memories of joy and laughter; even the driveway, where my son was too eager to be born to wait until we reached the hospital.

By the time we moved out, there was 7 of us ( 2 adults, 2 kids , an Ewok, a Darthie and a Goldfish) and we were planning on having more kids.

Currently, my best friend lives there and is looking after our cat, Darthie M, who has chosen to stay in Melbourne. Darthie is too old and cranky to ever thrive in Paradise Island (PI). My best friend has a bad credit rating ( he had several addictions, including gambling) and a shocking rental history( he has a pattern of dating psycho women , then cheating on them and getting his placed thrashed by said psycho women when they find out he's been cheating on them.)

We have received an unsolicited offer on the property and so has the neighbour. We believe that the investor is planning to demolish both properties and build apartments or a couple of townhouses on the 2 lots.If we do sell, as advised by our financial adviser, we are concerned that my best friend might not be able to find a decent place to move to.

Property 2: “ Thornfield Hall”

I can't remember why we bought it. At the time, we were told that it was too good an investment to pass on ( which it has been, considering how much it is worth now) but none of us really liked it that much. Maybe we thought we would grow into it or maybe we were just tired of house-hunting. We never grew into it: it is the perfect house for the perfect family. But we are not the perfect family: we are too loud and messy and enthusiastic and exuberant and accident-prone and incontinent…at least the cat is, to have ever been happy there. There were also no more babies, as we had planned and hoped for. The house is just too big, with too many empty rooms.

Not too long after we moved in, a very deplorable 'incident' occurred: someone slit their wrists in our master bedroom's bathtub. Our son found him while the rest of us were watching tv downstairs.He survived but we couldn't move back into that house. We lived in a motel until a 'colleague' offered to house-swap.

The ‘colleague’ has made us what we believe to be a fair offer. If we sell Thorfield Hall, as we call it, we could pay off our mortgage and still have more than enough money to buy a property ( or 2) in PI and not have to worry about money or finding a job for a very , very long time.

Our financial adviser says it is too good of an investment to ever sell.

What would you do if you were in our shoes?

TL;DR : Our financial adviser has advised that we should sell property 1, to which we are very emotionally attached and always refer to as the “Happy Place”. My best friend currently lives there and it would be very hard for him to find another suitable rental because of his credit, rental and past conquests history.

On the other hand, we’ve been advised to rent out property #2 and this will be our back-up plan if we ever decide to move back to Oz. We are still paying the mortgage on property #2 and have received a very fair offer for it. It is also highly unlikely that the children would ever want to live in that place again following a traumatic event that happened there.
What would you do if you were in our shoes?

Poll Options

  • 22
    Take his advice and sell the 'Happy House' and keep 'Thornfield'. He knows what he's talking about.
  • 141
    Do not take his advice. Keep 'Happy House' and sell the other one, since you don't like it anyway.
  • 11
    Sell both: you need the money.
  • 67
    Don't sell either and get a job ASAP.
  • 8
    Other
Financial

closed Comments

        • outlander on 03/05/2016 - 15:05
          -3

          @GameChanger:
          Nobodies time is being wasted here that it wouldn't be willingly wasted elsewear.
          Is it so wrong to want attention? Where that really the case, wouldn't he deserve pity over hatred?

          What precisely is your motivation here gc?

        • GameChanger on 03/05/2016 - 15:06

          @outlander: I don't hate him, not sure why you implied that.

          My motivation is to educate the masses who believe his stories unconditionally.

        • outlander on 03/05/2016 - 15:10
          +1

          @GameChanger: Well, your posts seem filled with vitriol from my perspective.
          I don't particulary mind, its just something I've noticed a few times.
          Tell me something, have you always quick to anger? I'm curious.

        • GameChanger on 03/05/2016 - 15:16
          -2

          @outlander: I don't like the assumptions you're making.

          The game that I am in requires no emotional attachment, so hope that helps you answer your question.

        • [Deactivated] on 03/05/2016 - 15:56
          -1

          @GameChanger: You seemed rather emotionally attached to certain other, recently banned, OzBargainer. Very difficult not to regard parts of your presence in certain threads, of late, as just additions to the one long tantrum you appear to be in, in the wake of that.

          For benefit of those skeptical of the pair (JJB & Wiki) as individuals, and position, financially -
          Entirely feasible and reasonable when you factor-in things - some indiscreetly stated, previously on OzBargain.

          JJB head-hunted while still in uni (happens) into a well paid and by way of results, presume quickly secure, position, in a private-sector company, ongoingly keen to retain his particular skill-set for benefit of the organisation. Hap-pens..

          A decade or so, on, with his wife having also worked for at least a good portion of that time post-kids, it is and factoring-in property prices as they were then, entirely feasible to now have one smaller property entirely paid off, and a significant chunk from the mortgage on a more substantial one, now accounted for.

          Being on OzBargain has no doubt also assisted them (as it does us all) to otherwise live within their means.

          The one thing I don't believe is that a one-eyed cat could possibly be cranky.

          Incidentally, they also have a large and valuable stash of Eneloops (recently revealed), so they definitely have flexibility in their options, including being kind to JJB's wayward friend, should they so wish.

        • GameChanger on 03/05/2016 - 16:04

          @Tas: I never said the situation JJB lands himself in is impossible…. If anything the house situation is quite normal. I doubt the side stories that come with the post, which makes everything else not believable.

          If you read my previous comments anyone who is 30+ should have at least 2 houses and a substantial accumulation of money.

        • [Deactivated] on 03/05/2016 - 16:09

          @GameChanger: First paragraph was for you, the rest for others.
          I will kindly show you the courtesy of not negging your comment, given that you misunderstood that.

        • GameChanger on 03/05/2016 - 16:12

          @Tas: I didn't neg your comment… I up voted it but will revoke once you see, as I don't agree with it.

        • [Deactivated] on 03/05/2016 - 16:16

          @GameChanger: Interesting. Indeed.

        • WhatWouldBiggieDo on 04/05/2016 - 14:31
          +1

          @Tas: I agree with game changer. I think JJB is either full of it or a braggart. Way too much circle-jerking going on in this thread.

      • [Deactivated] on 03/05/2016 - 22:56

        @outlander, I didn't "crack his shell" nor was I interested in doing so. He was 1 of my tutors from uni. The diagnostic was that he was suffering from a Borderline Personality disorder with a side helping of eromania. Erotomania is a form of paranoid delusion with an amorous quality. Unbeknownst to me, I become the object of his obsession.

        We later found out that he had followed me home on several occasions. On that particular day, our cat had gone missing and we had left the laundry door ajar for when she chose to come back home, as Darthie, the cat, considers herself to be too posh to use the pet door.

        -wiki

        • [Deactivated] on 04/05/2016 - 06:22

          *became

  • Flying Ace on 02/05/2016 - 16:39
    +3

    I wish I had enough money to just buy a house and not remember why I bought it.

    • GameChanger on 02/05/2016 - 16:44
      -3

      If you're 30+ there has being ample opportunity.

      Especially if you started working from the age of 20.

  • donkey12 on 02/05/2016 - 16:48
    +2

    also beware of tax if you will become a non-resident: https://www.ato.gov.au/General/Capital-gains-tax/In-detail/I…

  • captobvious on 02/05/2016 - 17:00
    +1

    Air bnb your places in oz. Move overseas.

  • stumo on 02/05/2016 - 17:35
    +2

    Do they have the internet where you're going?

    • [Deactivated] on 02/05/2016 - 17:46

      Yes, there is internet. Why?

      • stumo on 02/05/2016 - 20:45
        +9

        Damn.

        • [Deactivated] on 02/05/2016 - 23:10

          So you want him to move to South Africa, instead? He'd survive, but still cruel…

          You probably didn't make Jar Jar smile, but… +1 :)

        • [Deactivated] on 03/05/2016 - 07:09

          @Tas: Lol!

  • adam149 on 02/05/2016 - 20:18
    +1

    Lines of drivel but you couldn't even put the location of the properties. Were you trying out a new keyboard or something?

    • [Deactivated] on 02/05/2016 - 20:19

      One is in Mordialloc and the other one in Black Rock. Thanks for stopping by.

  • twodollah on 02/05/2016 - 21:32
    +3

    I never know how to feel about your posts, JJB. On the one hand, they seem so incredible that they border disbelief. On the other hand, I don't think anyone would spend their time constructing lengthy, elaborate stories that involve suicide in a bath tub.

    So I will give you the benefit of the doubt and wish you and your wife the best of luck for the future.

    • momov3 on 02/05/2016 - 22:01

      Needless to say, it won't be the last we hear of Jar Jar Binks because he does have internet access from PI. But don't get me wrong, he sounds like a nice guy although like some others, I can never decipher if his 'problems' are really problems at all. I would give anything to be in this dilemma - have 2 valuable properties (Mordialloc and Black Rock for God's sake - do you know how much prices have appreciated both places) and whilst not remembering when he bought the 'mansion', he cannot decide if to sell up or retain as investment. Phew - some dilemma.

    • GameChanger on 02/05/2016 - 22:08
      +3

      It's made up imo and many others feel the same way.

      He likes to be on the front page.

  • momov3 on 02/05/2016 - 22:06

    'slit their wrist in your main bathtub' - eeeewww, worse than The Shining, JJB, seriously hope you sent your son for counseling after that find. :( :( :(

    • [Deactivated] on 03/05/2016 - 07:46
      +2

      He was affected by it but play therapy helped. He also insisted on meeting the man afterwards to make sure that he was ok. He, and his sister, were very distressed by the thought that someone would be so "sad" that they wouldn't want to live anymore:(

  • gawky on 03/05/2016 - 00:39
    +2

    Check out PL first for a month or two and decide then.

    You may not find that it is good fit for your family.

    If you do decide to sell, from my experience with investments, you should always have a plan that encompasses all foreseeable risk.

    'If a problem is fixable, such that you can do something about it, then there is no need to worry. If it's not fixable, then there is no point in worrying.' - Dalai Lama.

    P.S: Are you a worrier or a warrior? =)

  • effgee on 03/05/2016 - 08:39
    +1

    yolo. Sell the bad memories to help you move on. Hold onto the good memories. You will be happier, albeit with a different number showing in your bank balance (maybe). I gather you're not getting close to your last dollar. From the way you've written this post I can tell you know which is the right choice for you, but are being swayed to make the right choice for your financial adviser.

  • cooni on 03/05/2016 - 08:50

    How long can you not work for if you sell up? Forever?
    I hope to retire - or at least only work when I want to here and there at a young age.
    Is this something that interests you?

  • voiletmay on 03/05/2016 - 10:30
    +1

    You write beautifully, just wanted to say good luck with your move and your decision.

    Sounds like you should get rid of property 2, don't worry about your financial advisor. Your cat and friend are important to you, so make sure they are both cared for.

  • [Deactivated] on 03/05/2016 - 10:32
    +2

    bloody rich ppl on ozbargain!!!!!!! WTFFFFFF

    • GameChanger on 03/05/2016 - 14:33
      -6

      This is fairly normal I would have thought.

      Especially for someone who is 30+.

      • momov3 on 03/05/2016 - 16:31
        +4

        Hi GC, I'd like to (politely) add my opinion on your previous assumption that it is 'normal' for a 30+ person (whether Oz Bargain member or not) to be 'bloody rich ppl'. You also mentioned earlier it is expected that 30+ people to be owning at least 2 houses (presumably one an investment property) and have 'substantial accumulation of money'. I do not know what planet you are living in (no offence) and the financial circumstances under which you were born, nor your job situation. But you are so wrong - do you know howmany over 30+ to late 30+ singles and couples who are struggling to afford their first home? Much less own 2, and be accumulating money substantially. There are people still renting, living with their parents and just getting by. Let it be known majority are not yet able to get into this investment property pool. I feel you live in a different world from the rest of us, if it is fairly normal for someone over 30 to be bloody rich, we would have a great population retiring before 40. We wish. I assume you have been damn fortunate salary wise and investment wise to be making the same assumption about other 30+ yr olds.

        • GameChanger on 03/05/2016 - 16:44
          -5

          You do raise some fair points, I live in WA and it would be unusual to be 30+ and not have a house. From 2005 on wards anyone in the mining industry, even the city would have cracked $100k easily. If you have worked 10+ years and not on $100k+ then I would say its quite a failure with so many opportunities that were present. Perhaps the people that I know took more risks than the everyday Australian.

        • [Deactivated] on 03/05/2016 - 17:10
          +1

          @momov3 I hope that you didn't misunderstand my comment in the attempt to explain the plausibility of their circumstance. Not the norm and in the scheme of things they are in a significantly privileged position for their age, but I am also very sure that they haven't lost sight of that. They are good (with some variations on a theme for Wiki…) people / Star Wars characters / Witches (half the family, anyway..)

        • [Deactivated] on 03/05/2016 - 17:13

          @Tas:

          They are good (with some variations on a theme for Wiki…)

          :)

        • momov3 on 03/05/2016 - 18:14
          +2

          @Tas: haha no, did not misunderstand at all. There are haves and have nots in this world, some acquired by birthright and inheritance, others just sheer hard work, being in the right place at the right time, wise career/investment choices, and still for some others just random good luck! I'm OK with that. Wonder if there's any money to make out of witchcraftology and if JJB can recommend a TAFE…

        • [Deactivated] on 03/05/2016 - 19:24

          @momov3:

          JJB can recommend a TAFE…

          There's more involved in making a stubborn man who is stuck in ways change his mind than one might think. My witch Wiki has a BA hons (psych), an MSW and lingerie.
          No nagging was involved.

        • [Deactivated] on 03/05/2016 - 19:35

          @momov3:

          Australians have won a fair bit I would say, compared to the other 7,000 million people in the world

        • [Deactivated] on 03/05/2016 - 21:04

          @JJB Not just psychology and lingerie (or change of hair couleur. She's behind you!)

          @momov3: Maybe there's a Udemy course?

          Sorcery in the genes for the Wiki one, I suspect, but the potential of She - via JJB, starting a 'Wicca by PM' correspondence course for Lady OzBargainers, is a TRULY terrifying possibility.
          I'm frightened :(

          :)

        • momov3 on 03/05/2016 - 21:29

          @Jar Jar Binks: My apologies - I thought MSW stood for Municipal Solid Waste until I googled it and found out otherwise….does she organise lingerie enlightenment home parties as well?

        • GameChanger on 03/05/2016 - 21:35
          -2

          @momov3: There is money to made with everything, but are you in the right place?

        • WhatWouldBiggieDo on 04/05/2016 - 14:55
          +1

          @Tas: Tas - what is your infatuation with jar Jar Binks? You don't know him from a bar of soap yet talk about his wife like she is a dear old friend. He may have even made her up. It's quite disturbing to be honest

        • [Deactivated] on 04/05/2016 - 16:33

          @antt: Infatuation? I wasn't aware of that as being part of the dynamic, but thanks. I clearly need to do some soul searching. Various of that required, apparently.

          If I were to do all of that, where on Earth would I find time for OzBargain? One of The Eternal Questions.

        • [Deactivated] on 04/05/2016 - 17:54

          @Tas: For what it's worth, I don't think you're infatuated with me. But you could be ever so slightly besotted with the bewitching witch:P

        • [Deactivated] on 04/05/2016 - 18:56

          @Jar Jar Binks: At the risk of being accused of being pedantic, it is impossible to be 'slightly' besotted. You either are besotted, or you're not. Pretty sure, not, such is the level of mischief at play in your life, by the wiki-one.

          Also, as per bargainantt, above - 'bar of soap'. Various imaginings can be fun, but she almost certainly has some worse habits than even witchcraft.
          Shudder

          Now, if you'll pardon me, you've interrupted my pre-dinner mandarine. Extra-yummy this season and a considerably prettier colour than yellow.
          :P

        • [Deactivated] on 04/05/2016 - 20:30

          @Tas: I must be totally and irrevocably besotted by her. Why else would I be planning to leave my life as I know it behind and move 1000s of miles away?

          P.s. I've handed in my resignation again and they've refused to accept it again. They've approved up to 15-month leave without pay leave. The restrictive covenant clauses in my contract pretty much mean that I won't be able to accept any paid employment during that 15 months.

        • [Deactivated] on 04/05/2016 - 20:46
          +1

          @Jar Jar Binks: In purely cricket terms, you are on a very good wicket.

          You'll find something to do to keep you occupied.
          Possibly not cricket.

        • [Deactivated] on 04/05/2016 - 22:51
          +1

          @Tas: Might start with scuba-diving, kite-surfing, exploring the island on my bike and catching up on my reading.

          *besotted with

        • adam149 on 04/05/2016 - 23:17
          +1

          @antt: They have to be the same person. This person has 2 accounts.

        • GameChanger on 04/05/2016 - 23:21
          -3

          @adam149: Coincidence that his wife account closed after I caught 'him' typing from it.

          I analysed the structure of sentences, paragraphs, words and have come to the conclusion that he has multiple accounts on this site.

          To the negers please reveal yourself and why you disagree? JJB is currently on a proxy to add further evidence of multiple account usage.

        • [Deactivated] on 04/05/2016 - 23:21

          @adam149: Tas and I may look vaguely alike but we're most definitely not the same person.

        • GameChanger on 04/05/2016 - 23:34

          @Jar Jar Binks: Whats a certainty from this comment, you don't work in law or have an understanding of contract law.

        • [Deactivated] on 05/05/2016 - 15:54

          @adam149: so you're saying that I'm also Tas and/or Outlander?

    • boomramada on 04/05/2016 - 10:18

      Don't you know that most rich people are cheap a$$ses and poor people are the one that spend like they are rich.

  • misu p on 03/05/2016 - 10:41
    +1

    You already know the answer I think. You are not living in the "haunted house", it is too big for ya, you have bad memories there, why would you think that in the future you might come back to it? The only point in keeping it is as an investment. So decide from an investment point of view as probably you will never live there again.

  • [Deactivated] on 03/05/2016 - 10:48
    +1

    Will you be satisfied without employment? make sure it's your version of paradise and not someone elses.

    I was in a similar situation to yourself and moved to "paradise" without a job. After three years I'm completely over it and looking at heading back to the city for work (part time) while my family stays here.

    I'd cash out of the "unhappy house"

  • xsacha on 03/05/2016 - 16:27

    So if you are moving to paradise island (aka Australia), where are you coming from?

  • Dsquall on 03/05/2016 - 17:56
    +1

    Financial advisers are always about the bottom line, from what you've said, I think you know that fulfillment in life isn't just about how big your financial-wiener is and to be honest, that would be the only reason for you to keep property #2. If I were you, the only reason that would sway me into selling would be if in the distant future your kids might need the money (but I'm assuming you're not).

    To be honest, what you've said makes me think you've already made up your mind and you just need that last little push. Ignore your financial adviser if you've already got enough capital to keep yourself, the misses and your kids healthy and happy.

  • syousef on 03/05/2016 - 18:02
    +3

    This is a great place to ask if a gadget you want to buy has been bought by others before and if they like it. Asking for financial advice here is however beyond ridiculous! At best you'll get some ideas you didn't have yourself that you're not qualified to judge.

    But for what it's worth in your position I'd try to hold on to both until I was more settled in "PI" in case I wanted to come back. PI might not be paradise after all. If I had to keep just one I'd keep the better investment and sell the happy place. The happy house was the right happy house for the time you were happy in it. That doesn't mean it will suit you forever. The better investment has at least the chance of letting you sell it and buy another house with minimal change in finances.

    donkey12 has linked to info on CGT that suggests you can keep at least one quite easily as your "main residence" for 6 years and still rent it out while you decide. I don't know if that means you'd have to come back and live here for a year or more to sell it without CGT implications.

    If you're currently the main breadwinner and your wife's job is tentative, you could be making a terrible mistake either way. It's very hard to get back into the job market right now if you don't already have a job.

  • cuppaciano on 03/05/2016 - 20:55
    +2

    I don't get the second story.. How could someone sneak into your master bedroom's bath just to slit their wrist?

    • [Deactivated] on 04/05/2016 - 06:22

      [wicket1120] 7 hours 27 min ago

      @outlander, I didn't "crack his shell" nor was I interested in doing so. He was 1 of my tutors from uni. The diagnostic was that he was suffering from a Borderline Personality disorder with a side helping of erotomania. Erotomania is a form of paranoid delusion with an amorous quality. Unbeknownst to me, I became the object of his obsession.

      We later found out that he had followed me home on several occasions. On that particular day, our cat had gone missing and we had left the laundry door ajar for when she chose to come back home, as Darthie, the cat considers herself to be too posh to use the pet door.

  • WaterMark on 03/05/2016 - 21:06
    +1

    Personally I wouldn't trust and follow 100% of what a financial adviser suggests you to do. I've been to one and during the lengthy discussion they insisted I put my super money into shares instead of the cash savings interest option. Personally I found this high risk especially when I would have no control of where they would "invest" in.

    This was before they uncovered dodgy combank financial advisers.

    Good luck with your trip. Hope it pans out for you and your family.

  • Plug on 04/05/2016 - 00:06
    +1

    It all rather depends on whether you need to sell either. Once you decide then your path will be clearer.

  • velleyy on 04/05/2016 - 23:45
    +1

    If the second house is quoted at least double the 800k you said earlier. I would definitely sell the second house and keep the happy house. Seeing as you're more emotionally attached to that, as well as being a great friend for someone who seem like a good man that doesn't make good decision.

    I mean, if you're never planning on staying there, the money is better to be put to invest isn't it? I guess you'd still have more than enough to buy a big enough house for your family if you ever decide to come back in the next few years.

    You're at the point where, in my opinion doesn't really seem to be that troubled over money. I would never sell the first place to be honest if I am you. I might even look toward moving back in the future after the kids leave the nest! I don't frequent the forum much so I don't know where that is, but it sure sound to me you won't have a problem renting a few years in PI!

  • Dr Techno on 05/05/2016 - 00:56
    +3

    I still dont understand what the heck Jar Jar Blinks posts half of time………

  • Dr Techno on 05/05/2016 - 03:23
    +1

    Well at least i learnt what besotted means.

    I'm definitely besotted by my Commodore Amiga1200.. :)

  • Moderatorhamza23 on 05/05/2016 - 22:08

    It's been some days since any meaningful on topic discussion has taken place, lets keep personal issues out of public OzBargain threads - comments are closed.

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