Relocating or Emigrating: Should I Sell my House?
Updated August 2023
Did you know that over 5.5 million Brits have chosen to emigrate and start anew in different corners of the world?
If you’re relocating or emigrating and need to sell your home first this article is for you.
Relocating or Emigrating and Keeping your Home
Pro’s
1) You can generate extra income by putting your property on rent
One advantage of keeping your UK home when relocating or emigrating is that it allows you to generate some extra income which could be in the form of rent.
Having some extra money in your bank account after moving away is a big bonus and may allow you to settle in more efficiently at your new place.
2) You have a backup option if you do not enjoy your new home
Moving to a new place is almost always an exciting experience. That said, there are times when a move away doesn’t work out, and many people fail to cover themselves in this regard.
People are usually too busy spending their budgets on things for their new home and keeping nothing in reserve just in case something unexpected happens.
By keeping your UK home, you’ve got yourself covered, so if you really don’t enjoy your new home, you can always move back whenever you like!
Con’s
1) You may have to pay a firm or someone else to look after your property
Keeping your old home is fine, but now that you’re not going to be around, you will either need to pay a firm to look after it or have someone you can trust keep it in working order.
If you decide to put the property on rent, you’ll have to pay an estate agent to manage it since you won’t be around, which will eat some of your potential profit.
2) You may have to start paying extra taxes including capital gains tax
If you decide to keep a property in the UK while you live abroad and it makes more money from rent than your personal allowance (£11,850 in 2018-2019), then it’ll be eligible for taxation.
You may also be liable to pay capital gains tax on any profits made from selling or renting your property in the UK.
Relocating or Emigrating and Selling your Home
Pro’s
1) You get a totally fresh start to begin the next chapter of your life
For some people relocating or emigrating away comes out of necessity. Whether the reason is something more personal like divorce or something common like wanting to move closer to the family, they get to do so in the form of a fresh start.
This fresh start is very important for some people as it allows them to move on and not hold onto the past. When you have nothing to return to, you’re always looking forward and have no reason to return.
2) Cash injection, which should give you some financial stability
As exciting as moving abroad can be, it can also be quite intimidating. You don’t know anyone or the living costs involved in maintaining the lifestyle of your choice.
By selling your home in the UK, you get that extra boost in cash which should help you settle down much easier and not worry too much about overspending.
Con’s
1) No ‘Plan B’ if something goes wrong at your new home
Although it’s not very common for people to despise a new home to the point where they feel they cannot stay there, these things happen, so it’s always better to be prepared.
People often forget to plan for ‘a rainy day’ and blow their budgets on new things rather than saving. If you’re one of these people, consider what would happen if you were to find yourself in a bad situation. Be smart and always plan ahead!
2) Returning to the UK is tougher as you have no place of your own
Selling your property in the UK makes returning (even if it’s just for a holiday) much more complicated because you don’t have a place to return to.
Should I Sell my House Before or After Relocating or Emigrating?
Firstly, we recommend you consider this an option only if you’re financially stable.
Secondly, the answer to this lies in your personal circumstances. If you have someone who can watch over your property or rent it for you while you move away and start your new life, then go for it. However, if you want one thing less to worry about after you move into your new home, then it’s better to sell up before you move out so you can focus all your energy on getting the best out of your new life.
If you’re in a situation where you’re only moving because of work and the firm you work for is covering your living expenses, then it may be better to keep your home and rent it out for that little bit extra in monthly income.
I Need to Move Fast, but My House Won’t Sell
This is a prevalent issue among homeowners and can be very problematic.
Why?
Sometimes, homeowners get caught in the hype of relocating or moving abroad. They forget that they have to sell their home in a set amount of time or for a certain amount BEFORE they can complete the purchase of their new home and move into it.
Ask yourself the following at the very start of your move before doing anything else:
- Is there a pre-set date that I need to move out?
- Do I have any work or other commitments I need to take care of before I leave?
- Do I need to achieve a specific sale figure for my current property in order to fund my new one?
- Can I afford to pay for my new home even if my old house is stuck on the market?
- Do I need to book a moving company? (An international moving company if you’re moving abroad)
By answering these questions before your move, you are preparing just in case something unexpected crops up!
Why Isn’t My House Selling?
Unfortunately, even if you’ve prepared yourself fully, as a homeowner, you could still suffer negatively in the form of being unable to sell your home. There are many reasons for this, some of which include the following:
- Market conditions.
- You have priced your property too high or even too low.
- Poor advertising.
Related: 6 Reasons Why Your Home is Stuck on the Market and Not Selling
How Selling to a Cash Buyer Like Housebuyers4u is the Way Forward
If your property has been on the market for a while with no significant interest, then selling to a national home buyer like Housebuyers4u could be the right option.
We guarantee to buy any house in any condition, irrespective of its condition or location, within 7-14 days. You may even make more money by selling with us as we cover the cost of most fees involved with buying a house. Below is a chart outlining our services compared to estate agents and other companies that buy houses.
