Did you keep your house ?

[Sparktrader]

Rent it to family or friends.

[Lacessit]

1 hour ago, 4MyEgo said:

You are entitled to your opinion, however using the word misleading is a bit far fetched, especially when I would say that you haven't read precedents of court rulings, just the ATO website is not enough, if you read the disclaimer you might understand why ?

 

The legislation is complex and long, I would agree with one thing, don't poke the bear, but for me, I like to be as clear as possible, and even wrote to the ATO before I left to ascertain if the actual website which said I would be a resident was correct, that was not the case in the letter of reply which I though, so I sleep better.

 

The coin can always be flipped, here is an interesting read of a recent case.

 

 https://www.colemangreig.com.au/News-1249-A-tax-law-win-for-Aussie-expats-Full-Federal-Court-clarifies-tax-residency-rules.aspx

I was not trying to be discourteous; however, your post did imply the 183 day rule was the sine qua non of ATO residency rules. I'm not sure it is. As I said, a grey area.

My policy is I am not going to say anything if they don't say anything to me. I suspect they have bigger fish to fry than pensioners.

Thanks for the case link, cheers.

[Sparktrader]

14 hours ago, thaibeachlovers said:

Ask yourself if it all falls apart in the new place and you have to return home, can you afford to rent/ buy something decent there.

I'd give anything to have had a house to go back to, as I'm living only one step above a public car park. Houses prices and rents here are entering insane territory, and it's going to end very badly, IMO.

What are your preferred Thai cities?

 

[4MyEgo]

23 minutes ago, Lacessit said:

your post did imply the 183 day rule was the sine qua non of ATO residency rules. I'm not sure it is.

It would appear that there are changes in the making, whether they are any better or worse is to be seen.

 

This maybe of interest ?

 

https://www.holdingredlich.com/current-issues-and-changes-to-individual-tax-residency-rules

 

 

[Kinnock]

Kept it .... rented out.  

 

Yes, the agent fees, tax and maintenance eat into the rental revenue, but it still generates some income and the capital is protected and growing.

 

If I could own property in Thailand legally, I may have sold up, but I can't, so I wanted to have some property in my name.

 

I guess a big factor was that I'd already paid off the mortgage, which is one of the few benefits of being old.

[billd766]

4 hours ago, thaibeachlovers said:

Of all the people I know who got married, most divorced, and the few that did stay married I wouldn't change places with, as their marriages are not what I consider "enjoyable". The only man I know who had a happy long marriage died 20 years ago, so we'll never know if it would have stayed happy. That's a pretty significant reason to doubt that marriage works for the guy.

Well my first marriage lasted from 1976 until 1997 and the cause of the divorce was probably 95%+ my fault

 

My second, current and final marriage to my Thai wife has run from 2000 until today and I hope that it will last until my death many years from now. I knew my current wife for 7 years before we married. We first met in 1993 whilst I was working in Bangkok.

[Nemises]

I moved to Thailand permanently for a carefree retirement. Have no interest in ever again living in the former homeland. 
 

I rented out all 3 of my AU properties and appointed a “reliable” property manager (PM) but was still faced with the following issues on a daily basis…whilst trying to live a carefree retirement in Thailand:

 

• Damages by tenants 

• Loss of income when no tenants 

• Maintenance costs 

• Trusting that my PM was properly screening new tenants 

• Trusting that my PM was carrying-out inspections as agreed upon

• Trusting that PM was properly carrying out said inspections (one bathroom was ruined because PM failed to see leaking water)

• Threatening letters from local councils and strata managements that my tenants were breaching by-laws

• Ongoing payments for council rates, water rates, strata management fees, building/contents insurance, tenant insurances, accountants, income tax etc etc

 

Did I mention yet that I wanted a carefree retirement?

 

Outcome: got rid of all 3 properties and retirement is now how it should be ????  ???? ???? 
 

 

[thaibeachlovers]

19 hours ago, Sparktrader said:

What are your preferred Thai cities?

 

None. Have you observed my username?

[BritManToo]

18 hours ago, billd766 said:

Well my first marriage lasted from 1976 until 1997 and the cause of the divorce was probably 95%+ my fault

My first marriage lasted from 1978 until 2009 and the cause of the divorce was 99.9% her fault.

Unless you count 'being a little dull' a good reason to divorce a guy.

[Orinoco]

21 hours ago, Sparktrader said:

Rent it to family or friends.

Nah, friends and family may let you down real bad.

Not a smart move.

Use a reputable agent to fully manage the properties.

pay there fees and put 15% gross aside to cover all maintenance.

 

 

[Jingthing]

18 minutes ago, Orinoco said:

Nah, friends and family may let you down real bad.

Not a smart move.

Use a reputable agent to fully manage the properties.

pay there fees and put 15% gross aside to cover all maintenance.

 

 

The voice of wisdom and experience!

How to lose a friend?

Lend him money.

[Nemises]

On 3/2/2022 at 2:14 PM, Orinoco said:

Use a reputable agent to fully manage the properties.

 

 

 

Off-site reputable agents have no idea what is going on at your property on a daily basis.
 

The best agent is one that lives next door to your property. So try find an agent who lives next door and can monitor your property 24/7. Good luck with that.  

[NanLaew]

On 3/1/2022 at 3:22 PM, thaibeachlovers said:

Of all the people I know who got married, most divorced, and the few that did stay married I wouldn't change places with, as their marriages are not what I consider "enjoyable". The only man I know who had a happy long marriage died 20 years ago, so we'll never know if it would have stayed happy. That's a pretty significant reason to doubt that marriage works for the guy.

I definitely see a trend here. Do you know why?

 

BTW, here's another trend.

 

On 3/1/2022 at 1:47 PM, billd766 said:

Speaking from personal experience I know of some 30 farangs married to Thai ladies and only 2 couples to my knowledge have divorced.

 

I will have been married some 22 years in April and a few of the friends have been married longer that that. I will have known my Thai wife a total of 29 years in May.

 

I know that statistics say that I am wrong but I am speaking from personal experience and you can get results in statistics to give any result you want. IMO you start with the conclusion you want, then you can tailor the questions  and targets to reflect the result that you want.

Personally, I am on my second rodeo here in Thailand. My first wife was born in Laos and adopted into a Thai military family. She had more emotional baggage than would ever fit in the overhead locker but by the same token, I was no paragon of virtue. I wrote that off due to my having not quite graduated from Water Buffalo University. The separation was invigorating but the divorce was the sweetest release ever.

 

My current (always and forever) wife and I are enjoying our seventeenth year of a shared and loving friendship, a condition which strengthens our 15-year marriage immensely. The first two years of 'probation' was probably very smart but something that was overlooked on my first joust. Our two boys are just collateral damage.

 

Of the five foreigners who I would call my closest married friends, only one 'lost the farm' and ended up getting divorced. We could all see that one coming from the 'first date' though. One thing you learn about being a good friend is you don't ever tell a friend he's being an idiot over affairs of the heart... or getting laid. Try and let him work it out for himself (if he ever does).

 

As for judging other people's marriages or relationships against what oneself would consider as 'enjoyable', it's a good job we aren't all the same isn't it?

Edited March 3, 2022 by NanLaew

[NanLaew]

On 3/1/2022 at 4:02 PM, BritManToo said:

On 3/1/2022 at 3:22 PM, thaibeachlovers said:

Of all the people I know who got married, most divorced, and the few that did stay married I wouldn't change places with, as their marriages are not what I consider "enjoyable". The only man I know who had a happy long marriage died 20 years ago, so we'll never know if it would have stayed happy. That's a pretty significant reason to doubt that marriage works for the guy.

Agree,

The only happy marriages are the ones where one partner dies (early) before they become unhappy.

If you're really lucky, you'll also have a big life insurance on the dead partner, making you even happier.

You pair are hot-swappable.

 

Awesome technology.

[NanLaew]

On 3/1/2022 at 4:59 PM, Sparktrader said:

On 3/1/2022 at 2:42 AM, thaibeachlovers said:

Ask yourself if it all falls apart in the new place and you have to return home, can you afford to rent/ buy something decent there.

I'd give anything to have had a house to go back to, as I'm living only one step above a public car park. Houses prices and rents here are entering insane territory, and it's going to end very badly, IMO.

What are your preferred Thai cities?

Ubon (third time).

[thaibeachlovers]

4 hours ago, NanLaew said:

I definitely see a trend here. Do you know why?

Married the wrong person, but many different reasons was the last straw.

[CharlieH]

Reported post removed.

[Orinoco]

8 hours ago, Nemises said:

Off-site reputable agents have no idea what is going on at your property on a daily basis.
 

The best agent is one that lives next door to your property. So try find an agent who lives next door and can monitor your property 24/7. Good luck with that.  

Been renting out properties for ten years.

Don't need advice from you. 

 

 

 

 

 

 

Edited March 3, 2022 by Orinoco

[The Hammer2021]

Never burn your bridges. Rent it out and it's there when you need it.

[Mac Mickmanus]

On 3/1/2022 at 9:17 AM, Sparktrader said:

Rent it to family or friends.

No, they will expect leniency and favours because you are acquainted .

Don't get into business with Family or friends, keep it professional . 

[The Hammer2021]

43 minutes ago, Mac Mickmanus said:

No, they will expect leniency and favours because you are acquainted .

Don't get into business with Family or friends, keep it professional . 

Depends if you a dreadful family or you made ćŕáp friends.

[Mac Mickmanus]

2 minutes ago, The Hammer2021 said:

Depends if you a dreadful family or you made ćŕáp friends.

You find out how un dreadful your family are and how uncrap your friends are , when you get into a business with them , and it can become rather awkward and unpleasant if you need to evict them by talking legal action against them and facing them in Court

[Mike Teavee]

I kept my house in the UK, but even if i were to move back there, I could never live in it as I've had 14 years of living in modern condos so what would I do with a 4br detached house in the middle of nowhere!.  I understand the argument about keeping a bolthole in your home country but why not downsize to somewhere that costs 1/3rd of the price? 

 

At the moment the house is generating approx 3.5% on what it's market value is (mainly because I really like my tenants so I've never put their rent up in the 4-5 years they've been there)... "Sensible MTV" knows I could be getting a lot more on that equity if I sold up, but it does help balance my overall portfolio of assets. 

 

I have (This week) told the tenants that I need to increase their rent by 8.5% this year (mainly due to increased landlord costs in the UK), which would still see them paying rent 25% below market value but I bought the house as a home not an investment so am happy if it just ticks over with no hassles for me.

 

I'm yet to get a response from my agent (Oh, there goes 10% +VAT (so 12%) of your income) on whether they're ok with the increase, but if they're not then I'll probably sell & look to buy a bolthole somewhere else, which I will then rent out until the day (hopefully never) comes that I need it... 

 

 

 

 

 

 

Edited March 3, 2022 by Mike Teavee

[Mike Teavee]

On 3/1/2022 at 7:49 AM, JonnyF said:

I kept my house in the UK. In the 15 years I've been here I've received as much in rent as I paid for it in 2003.

 

I intend to rent it for about 15 more years, then sell it if I still have no plans to return there. Even though I work here it's nice to have that steady income stream going into my UK account where the rent is paid. 

 

I also like knowing that if it all goes wrong here, I won't be homeless if I have to return. 

 

I strongly advise keeping a base outside Thailand if you can afford to.

I'm in a similar situation (14 years, bought in 1999 but kept my UK house empty for 3 years as I was always 3 months away from being sent back to the UK) & it's almost paid for itself, but recently I've been looking at it a different way... 

 

E.g. If (completely made up numbers) I get 30,000 pm income from my house in the UK that I could sell for 15 Million and in Thailand am paying 25,000 pm for a condo that I could buy for 10 Million then I'm effectively trading 5,000 pm income for 5 Million (1,000 Months)

 

Obviously there are increases in income/costs on both sides going forward & the flexibility of not owning in Thailand is worth a lot of money but I am leaning more to selling my UK property and buying a smaller one there that will generate a smaller income (say 20,000 It's hard to find a decent place in the UK for less than £500 pm) and provide me with a bolt hole if I need it.    

 

 

 

 

Edited March 3, 2022 by Mike Teavee
Poor Maths...

[Mike Teavee]

On 3/1/2022 at 9:59 AM, RichardColeman said:

I have set my rent about about 30% below the rental market value (Market value £1400 a month). In fact the guy in my house pays only 80% of his rent into my bank, the other 20% I leave to him for upgrading my house. He's a landscape gardener, carpenter and great guy, looking for a long term rent. He's put in new doors, landscaped the entire garden, wooded the floors, painted the inside to his 'pastel' taste, knocked out a door to make it open, installed built in shelving, put in hedging, installed new roof drainage, etc... 

 

The money he pays me is back-up to my pension AND my house is gaining in value. House - bad old council housing - has gone up something like £10,000 a year.

 

I really would suggest to anyone, try and get a craftsman as a tenant and lower their rent.  Putting aside 10-15% is fine, but in my case the tenant takes care of it as its built in !

Same here, I try to spend about 20-25% of income on the property... 

   - Last year it was having the exterior repainted & the gardens upgraded. 

   - Year before it was a new gas boiler & some panels in the conservatory changed. 

   - Year before was having the kitchen appliances upgraded (That hurt as I spent a small fortune on the ones that were there!) 

   - Year before it was having the driveway & paths around the side of the house / patio area upgraded. 

 

All can be offset on your self assessment form in the UK plus my accountant sorts out something like a 10% discount on the assets (furniture) that I have within the property  

 

Edited March 3, 2022 by Mike Teavee