Selling Your House And Car In Your Home Country

[rideswings]

Ive been coming to LOS for almost 3 years, each year spending more time in Thailand and presently here 75% of the time and back there only 25% of the time.

Im thinking of selling my house and car overseas and just stay in hotels or with friends when I go back there for the one month out of 4 that I am there, and renting a car when I need one. It would save me a huge amount of money each month and possibly free some money up to buy something here in LOS.

Before I commit to selling anything, i just wonder how many people have sold everything and committed to living here with only the rare visit back to see family and friends. I dont want to rent my house out because I would prefer to sell it. Im afraid renters would trash my house and then leave me with a bigger problem. How did you feel after selling your "home" and car and has it presented any problems for you when you go back. I just get the feeling that I will not have a "home" to go back to, so the fear is probably more emotional than rational.

Has anyone regretted the decision? Anyone sold it all and then eventually moved back?

[rixalex]

Sold my cars and bikes, but i don't think i'll sell my property for a very long time. Have been renting out for over ten years and never had a problem. The key is finding a decent letting agent that will keep tabs on things. I must admit at first i was very reluctant and left it empty for over a year. I felt like if other people went in there it would no longer be my home. I no longer worry about that. I make decent enough money on the rental to easily strip and redecorate should i ever want to go back. And having that option is comforting, because once you step off the housing ladder we all know how difficult it is to get back on. Good luck with whatever decision you make.

[fredob43]

I know lot's of peep's that have done that and after a few year's. There money has dwindled away now they are in the sh-t. Cant go back as nothing to go back to, and on there last leg's over here. Slowly slowly. Rent out is my advice.

[Crossy]

Do NOT that's NOT sell your property, get rid of the car and other stuff but keep the bricks and mortar.

Rent out the house via an agent and turn it into an income source rather than a cost centre.

[GuestHouse]

Sell the car, its a liability.

Then rearrange the following words.

Burn Don't Bridges.

[rideswings]

Thanks for the advice everyone. Renting it out will put me into a negative cash flow situation but that might be better than continuing to pay a huge mortgage while not living there.

[PattayaParent]

Sold my UK house first chance I got.

Different with my Pattaya condo though, when I went outside to work just left the car parked under the building and locked up the unit.

Saved on hotel costs and car rental when I was back, even with replacing tyres and battery occasionally.

[khundon]

Keep the home in UK and put it with a GOOD agent. Rent or buy house in Thailand.

I would buy a car in Thailand, it will last you for years and won't rust much.

[basjke]

I live here for about 15 years now.Had 2 cars and an appartment when I moved here.Sold 1 car after 4 years and the second one 2 years ago.The appartement still stays empty for the past 15 years and get used 2 times for maybe 2 weeks a year when I visit.Hundreds of times I have already counted how much it costs me each year in maintenance,government tax and electricity( meter cost ) without being used.

Been thinking of renting it out for years but for the last year I'm thinking more and more of turning my back to Thailand due to the current situation and other thoughts I better don't talk about on this forum.

[yeesipha]

I know lot's of peep's that have done that and after a few year's. There money has dwindled away now they are in the sh-t. Cant go back as nothing to go back to, and on there last leg's over here. Slowly slowly. Rent out is my advice.

yep,know someone who took a £30,000 bank loan,and £40,000 on credit cards and is spending (spent?) the lot in thailand,and he has no intention on paying the banks in the uk back,his words to me, when i ask you not worried, <deleted> umm

OP be careful, many a good man been financially ruined going to thailand with a load wonga in the bank.

[markwhite]

"i just wonder how many people have sold everything and committed to living here with only the rare visit back to see family and friends"

I sold everything I owned about 5 years ago and came here with a one-way ticket and a backpack. I haven't been back to the UK since.

"How did you feel after selling your "home" and car and has it presented any problems for you when you go back."

Immensely releaved, but I don't go back.

"I just get the feeling that I will not have a "home" to go back to, so the fear is probably more emotional than rational."

The fear is real to you. It doesn't matter whether it's rational or emotional. For me, I got over that in the first few weeks of coming here. I had some mild panic attacks when the reality of what I'd done sank in, but it was just part of the experience of such a big move.

"Has anyone regretted the decision?"

Not at all.

[flying]

Thanks for the advice everyone. Renting it out will put me into a negative cash flow situation but that might be better than continuing to pay a huge mortgage while not living there.

Perhaps you are already on a low interest mortgage? If not re-fi & that may help a lot for your huge mortgage lowering the payment to rental range perhaps?.

If you had not said huge mortgage I would nave suggested a credit line if you needed a little $$ to tie you over.

But since you said huge already.......

Good luck with what ever you decide

[hawthorne]

Same boat as you. I immediately just gave my car to my parents and when I am in the states I use it for whatever time there instead of renting. My parents are ederly and only had one car in retirement so they appriciate it. No cost to them but gasoline.

My house I have had for way too long and never lived in it. My family checks in on it for me. It is not doing so good not being lived in. I keep thinking I may go back and I love my house otherwise I would let it go. It is on a very nice lake.

I think selling it is probably the best move. I have a tree farm that I never plan on selling. I like farm land because of the low taxes but the residential tax rate is a bit of a waste.

[BigWheelMan]

The first priority should be, will you be able to hack it here in Thailand for the rest of your natural? Money wise especially.

Because once everything is sold and packed up in the home country, than there is no going back.

Think carefully before doing this, the most important decision you`re ever make in your life.

[rideswings]

Thanks again for all your opinions and feedback. Im tempted to sell the house I have and buy something smaller and more affordable in case I decide to rent it out so the negative cash flow would be smaller or maybe none at all. The house I have now is very big and needs repair, another reason why renting it out scares me.

I am pretty sure I want to spend the rest of my life in Thailand because if I can live modestly, I can afford to stay here forever. My wife, the warm weather and the cheap cost of living are 3 of the reasons I stay.

[sarahsbloke]

I was lucky not to have to make that decision (my ex-wife took care of the house problem)

I gave all my other wordly goods away.

If you have a big mortgage in the UK, I would sell.

If you own it outright, I would rent it out.

[Heng]

Glad we didn't sell up, although our properties are long since 100% equity. It's a decent hedge against Thai Baht-US$ (in my case) forex fluctuation. There's certainly an endless supply of tenants with so many people giving up on home ownership.

Depends on where you're located, but I'd bet you could find a decent property management firm to weed out potentially problematic renters for you, and I'm sure if you get to know your own agent, she'd be more than happy to be very 'un-PC' about it as well (for example: no students, no male tenants, no ehm...whatever). I've never had damage on our properties go beyond the rental deposit in 15+ years.

Different scenario though if you're in a negative cashflow situation, just IMO but perhaps you shouldn't have bought in the first place and should indeed sell up or at least downsize into something you might be able to own outright now or in the near future.

[somboomboom]

how can you possibly give good advice wo the numbers to analyze?????????

you peeps are horrible!

[Chunky1]

rental income is taxable in the usa and 3rd parties fees will add up. if you are not ever considering living there again, i dont see the point in holding.

i personally hold properties in the usa but relatives live in them (they pay insurance/taxes, i take a 5-6k usd loss a year on them for lack of rental income ) . reverse isaan style i guess but what can i say, i am the older brother...

[villagefarang]

I guess I'm in the camp that says sell the overpriced property and buy something more affordable and rentable. Then give yourself a very long time to see how things go.

Even if your wants don't change over time, other things might. Finances, wife, children, family, health can all affect your notion of where you want to live. Not having a home to go back to is indeed a big deal so don't rush it.

[Heng]

For our Austin properties, prop. management IME works out to about 8-9% of a year's rental income. YMMV. In the end, like all things, there are upsides and downsides.

there: Higher rent per sq. foot/higher maintenance fees/faster appreciation/more stable legal environment/higher prop. taxes/a little more difficult to under report income

vs.

here: slower appreciation/economical to keep your own 'maintenance crew' on staff/low prop. taxes/often no need to report at all

For myself, the answer is clear. I'll take both (although yes, I'm heavier Thai side because of the tax thing).

[krading]

Keep your house, take out a mortgage loan against it and negative gear the income for tax purposes.

You can use the loan money to set up in Thailand and the rental income will pay off the mortgage.

[ignis]

"Has anyone regretted the decision?"

Not at all sold up everything in the UK early 2004.. + transferred all the cash to Thai baht March 2004 was 73 baht to 1 GBP + Fixed rate interest in a Thai Bank was then 2.67%

I did rent out my house for 8 years before, found the best Letting Agent recommended by lots, had nothing but problems, was constantly being billed for this and that, the stress of trying to sort out problems long distance, trying to find out if the mortgage was paid, GBP 20 charges from the Bank for letter because the letting Agent had not paid the money into the Bank etc, the list of crazy things was unending...... at the end of the day it was me that was paying...

I believe it was year 2000 every month there was a bill for something.... repair washer in kitchen tap GBP 60, Settee was not the correct type for a property being let, cost GBP 400, about a month later was another GBP 35 for removal of old settee [plenty of Charities would love + collect free] as said the list was endless, and when I stated I would return to the house [3 months notice] there was no Settee at all in the house, the big garden was totally overgrown, yet was paying the letting Agent monthly for a gardener!

It is still totally beyond me how an Agent can change a 3 month deposit fee, yet give this money back before checking the house... Then change me the owner for repairs, re damage by last tenant, before a new tenant can move in...

So if you want to keep your home in the UK then stay there yourself or get someone neighbour/friend you trust 100% to look after your home. or you will be stressed out + constantly phoning the UK to find out if and what has been paid.

Edit: Water meter, Electric meter at one time had been removed for non payment... Sure YES it was me that had to pay to get them reconnected to be able to get the house rented out again.. Never did find out what the Agent did for his monthly fee if anything.

[Pikey]

I sold my house, car & 4 large motorbikes to move here from the UK back in 2005. The house had a huge mortgage on it so I had no qualms about selling it. I visit once a year and stay with my father and use his car (he very kindly puts me on the annual insurance).

I have no regrets about moving here as I have got an income stream and am debt free. However, if I was considering the move now, given both the world and local political and financial climates, I think I'd wait a year or so to see how things develop. Thailand may not be such a great place to live once some certainties occur.....

Cheers,

Pikey.

[billd766]

I did it the easy way.

I got divorced and left with everything else I owned that would fit in the company car.

Good way to downsize your belongings.

[rixalex]

I did it the easy way.

I got divorced and left with everything else I owned that would fit in the company car.

Good way to downsize your belongings.

If anyone else out there is looking to be liberated from their money and assets, let me know.

[wintermute]

Depends on where you're located, but I'd bet you could find a decent property management firm to weed out potentially problematic renters for you, and I'm sure if you get to know your own agent, she'd be more than happy to be very 'un-PC' about it as well (for example: no students, no male tenants, no ehm...whatever). I've never had damage on our properties go beyond the rental deposit in 15+ years.

The best renters in the U.S. tend to be middle class asian families. The worst? College aged white people. The property I own prices out most of the black/hispanic demographic so I don't have to be worried about being un PC about that.

In Bangkok I bet the best renters are probably NE asian renters from Japan, Korea, Taiwan, etc.. It's a surprise that people rent to farang at all..I suppose the unscrupulous know that the deposit is up for grabs at the end.

[Zstarx]

It's really not the best time to sell property having just come out of the GFC, Unless you are loaded I'd wait a year . Nearly all currencies are week against the Baht, at the moment, this should possibly improve over the next year or so

[rixalex]

Nearly all currencies are week against the Baht, at the moment, this should possibly improve over the next year or so

Surely a time when other currencies are weak against the baht is exactly the right time.

[billd766]

I did it the easy way.

I got divorced and left with everything else I owned that would fit in the company car.

Good way to downsize your belongings.

If anyone else out there is looking to be liberated from their money and assets, let me know.

First I would have to marry you and I don't think my Thai wife would be tooooo happy about that.