Input needed: keep house and stuff in U.S.?

britabroad says on Jul 17, 2008, 13:12:

We did the same thing from the UK.
I wanted to just sell up completely, but Mrs Brit wanted to keep our property - so we did. It's rented out furnished, through an agent and so far, no probs. Her thinking was that we may need to return to the UK one day and, if so, would probably never get back onto the housing market. So, the rent pays the mortgage and letting fees, the tenants pay the bills, and the property is an investment.
We brought a load of furniture etc over here with us, but the costs involved showed that it would have been cheaper to buy new stuff once we got here.
Renting properties through agents takes the headache out of it, and landlord insurance etc is available if you're bothered about damage etc. Plus, in the UK anyway, the tenants lose their deposit if anything goes missing or gets destroyed etc.
I understand your thoughts though. But once you're out here and get set up with a new home etc your worries about "home" in the US will probably evapourate and you'll just look forward to the monthly income it provides.
Alternitively, if you sell up, you'll have a wodge of cash to enjoy in your new life but nothing to fall back on if you need to return to the US for some reason. In 5 years I hope the present property crisis has sorted itself out, so why not wait and see how much equity you'll have nearer the time. That may be the clinching decider as to what you'll eventually do.

Leave the big stick at home...carry a cannon!

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Mononoke28 says on Jul 17, 2008, 13:17:

Not only that, but think of the equity you'll have on it once you sell it years down the road.

Diana

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lpdiver says on Jul 17, 2008, 13:20:

I would keep it for a number of reasons.

* It is a nice fall back plan. Things change and it would be nice to have an easy return set up.

* You may get a better price on your house in the future.

* Your return trips home can be written off as a tax deduction.

* It is nice to have a diversified source of income. The dollar is down now. I believe it will rebound.

ts

"cook some rice!"

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Lowell says on Jul 17, 2008, 13:24:

I'm nearly 6 yrs out of the States. I've no property in the States. It's worked for me. I've no plans to go back. Not even for a visit. However, I know many people who have done what I did and regreted it. I say keep the property for 1-2 years. Move someone that you know real well and give them a great rental price. IE: just enough to cover the total costs of the house.

Alfred E. Newman. "What. Me Worry?"

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ZeDoCaixao says on Jul 17, 2008, 13:24:

I'd bet money on a move back. Put your things in a reputable storage facility, try to find a reliable maintenance man to manage the renting of your house, and count on coming back in 1-2 years to reoccupy it. Not being cynical, but very few American expats here are in for the long haul.

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Lowell says on Jul 17, 2008, 13:27:

I was lucky when I moved my stuff. Panama and Colombia didn't charge me a dime in import taxes and I did all of this before the fuel problems. 3 yrs ago I moved all my goods from Panama to Colombia for 50 cents a pound. At that price I even brought my nuts and bolts collection.

Alfred E. Newman. "What. Me Worry?"

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Iowano says on Jul 17, 2008, 13:42:

Thanks

Already some excellent feedback.

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erik@transplay.ca says on Jul 17, 2008, 15:00:

i've kept my 3 houses and rent them out with cash flow - fully furnished and have very little problems! Depends on the appreciation in your area.. for me it makes sense at 7% per year.

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adrienne79 says on Jul 17, 2008, 15:59:

I sold absolutly everything I had except for what I could fit into 4 suitcases and a few bins that my father has in storage for me. I sold my house, car, furntiure, everything! Craigslist came in quite handy to get the big stuff sold. I think I am here for the long haul. I don't regret selling at all. I too thought hard about keeping it all or letting it all go but I was not up for the risk of someone trashing it and me not having any control over things going on there. And now, I have the money in a high interest account so that if I ever do move back, I have some funds to get started with again.

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jonny305 says on Jul 17, 2008, 21:06:

* Your return trips home can be written off as a tax deduction.
what you mean>how?

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tejasmarcos says on Jul 17, 2008, 21:48:

i have had some issues managing my home back in the states from colombia. pain in the arse.

trying to walk a straight line on sour mash and cheap wine...

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adrimm says on Jul 17, 2008, 22:39:

I'd say keep *something* propertywise, that way the option to return home will always be there if you, or your kids have to. It would suck to loose your spot on the market. If what you have right now won't give you enough return to rent out furnished with a nice bit on the side, then downsize & buy something that will, and might be easier to maintain from a distance & consider the future housing & energy market too.

If I were to be buying anything for the long term anywhere in North America I'd buy a newer condo or strata townhouse (efficient heating, better soundproofing than an older one), in an established area that is as close (ie less than a mile) to businesses and services as possible ... it will hold value better in the long run than something that is a 30 or 45 minute drive out of town, and the strata can deal with major things like roofing, etc.

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gringoloid says on Jul 17, 2008, 22:45:

jonny305..........what he's saying is that when you have a rental anything you do is a tax writeoff. so when you go to visit the rental you can deduct the cost of the visit. i'm not sure how much of a trip from colombia is deductible, but i'm sure there is a deduction there.

Who are the three blind men?

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dwmte7 says on Jul 18, 2008, 03:54:

well, if you have a house ful of antiques as do we, you'll want to drag it along. we've done it 3 times...over and back. 9 and 1/2 tons. appx 19.000 lbs. it is a colossal undertaking and has serious costs and heart aches. buyer beware. i've made countless posts on the subject google it above and if you have any other questions, pm me.

dwmte

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lpdiver says on Jul 18, 2008, 04:36:

jonny 305,,,what gringo loid said. I always make it a point to have lunch with my realtor, attorney,and accountant and document it well to cover my bases with the IRS. I also make it a point to make an appointment with my renters to have lunch and do a casual walk through of the property and document that as well.

ts

"cook some rice!"

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sloopskipper says on Jul 18, 2008, 05:11:

I sold/gave away almost everything before I left the U.S, house/contents, antiques, family heirlooms, cars, boat, camper, most clothing, other real estate, except for 13 liquor store boxes that I shipped to Puerto Rico, six years ago. I arrived in San Juan with only an overstuffed suitcase.

Regrets, yeah a few. Would I do it again? Yep!

I moved to Panamá 2 years ago and schlepped everything that I had accumulated in PR (including car), and wished I had sold all that. It was a big, and expensive, headache (and I didn't need to pay any duty here).

I bought a new bed but I had to wait many weeks, with nothing else, until the stuff arrived, and cleared customs.

I have no plans to return to the U.S. and would not want to have to worry about rental property, or stuff in storage, back in Pennsylvania. In nearly six years I have only spent about 2 hours in the U.S., at MIA, on a return flight from Perú.

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dwmte7 says on Jul 18, 2008, 06:52:

we have one more move back from miami to cartegena and, personally, i'd rather die of aids that go through all that bullshit and grief another time.

it intails moving our antiques and general household items as well my work shop and tools and so it's a major costly task. one more time and that's it. i'll commit suicide befrore i ever do it again after that. i must be fuckin nuts for doing it so manytimes already. just in cold cash, it can cost up to $25,000.00 before all is said and done. dig it.

dwmte

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sloopskipper says on Jul 18, 2008, 07:08:

I think that I'd rather eat worms ;o)

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sloopskipper says on Jul 18, 2008, 07:11:

You could buy a lot in Colombia for twenty five grand.

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lpdiver says on Jul 18, 2008, 08:54:

insure it and burn it

ts

"cook some rice!"

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sloopskipper says on Jul 18, 2008, 11:51:

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dwmte7 says on Jul 19, 2008, 06:59:

depending on your locale, sloop, you could buy a damn finca for that price.

dwmte

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perezoso says on Jul 19, 2008, 08:04:

US house rented out for a bit more than the cost of the mortgage & taxes. Our stuff worth keeping is in a storage space, and the other stuff was sold at yard sale / craigslist. I pay a friend a small amount every month to look after the US place.

We plan to go back. But even if we don't, the US house is appreciating and is a good investment... lord knows I never made any money from mutual funds.

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sloopskipper says on Jul 19, 2008, 13:16:

If you have a house in the U.S. that is still appreciating, consider yourself lucky. That's pretty rare, these days.

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sloopskipper says on Jul 19, 2008, 13:30:

dwmte7 says on Jul 19 (today): flag

"depending on your locale, sloop, you could buy a damn finca for that price."

I can imagine. But really is a "finca"? Simply a country place, or farm?

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Nucknfuts says on Jul 19, 2008, 17:26:

sloopskipper wrote,
"If you have a house in the U.S. that is still appreciating, consider yourself lucky. That's pretty rare, these days."

Yes and to continue to appreciate will even be MORE RARE....
The U.S most likely will be going into the "greater depression"
Let's hope not but is sure will be tough to avoid....

Tha Nuck

You are never lost, unless you don't want to be where your at.

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Nucknfuts says on Jul 19, 2008, 17:28:

The U.S. housing market has a loooooooong way down to go.

It is simple arithmetic.

The price of houses were selling for WAY more that what the people could afford. ( Giving out crazy loans "interest only")

Now people have to really qualify for their loans.

So either wages either need to go up.

( and in this economy I don't think so )
Or,
The prices of houses have to come down to where people can afford them. ( Very likely )

Tha Nuck

You are never lost, unless you don't want to be where your at.

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dwmte7 says on Jul 19, 2008, 18:05:

sloop, literally, finca is property in el campo.....what it contains is variable. it can be a cattle ranch...no structures, or simply a house and a modest piece of land. basically, property in the country.

dwmte

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sloopskipper says on Jul 20, 2008, 04:17:

Thanx Douglas

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