All That You Leave Behind

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When going on an extended overseas trip, there are things that may need to be addressed before you leave. It may be relatively easy to dump pets and furniture on friends and relatives, sell everything, or break your rental lease, but what if you have a mortgage? What are your options?

Sell Sell Sell!

There are some very attractive advantages to selling:
  • freedom from debt
  • having cash to spend

 There are also many headaches associated with selling your home:
  • losing your current fortunate position of homeownership
  • future homeownership is likely to be unaffordable 
  • an unpredictable market cannot guarantee that you will be able to sell
  • where to live when you must vacate

Renting Out

A better option is to perhaps rent out your property. Advantages of this include:
  • keeping an asset that at holds capital value
  • rental money earning potential to contribute to the mortgage

Disadvantages of keeping your home and renting it out include:
  • occupation of your home may be unpredictable
  • you still have a debt
  • long distance communication with the real estate agent may be difficult or inconvenient

It is a good idea to assign a General Power Of Attorney who can look after your financial matters while you are away. This is someone you nominate that can trust completely, as they may have to make important decisions and deal with real estate agents, tenants, banks and your tax return.

For more information about assigning someone Power Of Attorney, visit the Department Of Justice (Australia) website.

Comments

  1. Lani DFebruary 19, 2010 5:54 am

    A word on money. Make sure you have total access to your accounts and internet banking. I had issues because I didn't have my phone with me to receive text message confirmation codes for internet banking. Fortunately, Mom and my sister Lara could sort some things out after I emailed them.

    ReplyDelete

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