brummietony

New Member
Rent out house in Uk and live in Altinkum ?
Hi Folks

I recently lost my job as a Mortgage Adviser in the Uk and looking to rent out my house for around £650 per month, put this in a high interest Turkish Bank Account (Akbank) and live in my appartment, situated in Maveshir, Didim.

My age is 50 and single.

Does this make good busuness sense, in the current economic climate :
i.e. high cost of living in the UK, low interest rates on your UK savings compared to the low cost of living in Turkey and high Bank interest rates ?

From the expats I know living there, the culture is :
Each day you meet up to learn Turkish, go for a walk, play darts, go to the gym etc (but no work, as nearly all jobs are given to Turks). Is this a good healthy lifestyle ?

Is there a good chance to meet a lady of your dreams, who is doing similar ?

Your comments / feedback are most appreciated.

Brummie Tony :thanks:
 
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Lesley T

Member
Rent out house in Uk and live in Altinkum ?
Hi Brummie Tony,

Am in similar position and from Brum too! You are in a better position than me as I can't afford to complete on my property due to the hike in the exchange rate. The life style you describe sounds better than here in the UK- except for the learning Turkish part as it looks so difficult! Don't know if it will lead to meeting the woman of your dreams however, but everything seems better in the sunshine doesn't it?
 

Kalkan regular

The Golden Girls
Rent out house in Uk and live in Altinkum ?
a. Can you actually rent your place for £650 a month or is this a theoretical amount?
b. If you have no other income can you live on £650 a month, less any expenses like agent's fees, dead time when your place is empty or needs to be refurbished between tennants and any tax liability.

As to meeting the woman of your dreams - it depends on how interesting and exciting you are as to whether you can attract her - if you couldn't do it in England will you be different in Turkey?

As an ex mortgage consultant you must be good with figures. If they add up and you have the confidence then do it.
 
Rent out house in Uk and live in Altinkum ?
hi tony me and my wife are also from brum but live in turkey about 5 months of the year now not expensive to live there but depends on your life styl if you eat out a lot etc can be exspensive need to live with in your budget were u from in brum as i am in uk at the miniute were does every body else come from who lives in brum ?
 
Rent out house in Uk and live in Altinkum ?
Hi Tony
I think that if you are not letting your house go in England, therefore keeping your options open, you would have nothing to lose by giving your grand plan a whirl. If it doesn't work out, you have still got a house to go back to.
The interest rate is not as good as it was but still loads better than the UK and you can live for a small amount of money if you have to. A great life can be had without spending a fortune.
As for finding a lady, there are loads of single women living out here and you never know, the woman of dreams might be one them. So I think the fact that you have no job, if you can afford to do, go for it.

We live in Altinkum by the way and are very happy.
 

Bubskar

Member
Rent out house in Uk and live in Altinkum ?
Hi Tony - I don't know about "business sense" but from your profile description in your thread, I would say you are in a good position to at least put your toe in the water and test it. As they say you won't know unless you try. Look on it as an adventure. You can rent out your English home and as you say you have your own apartment here so you will have no rent to pay. Maybe initially try the lifestyle for six months and see how you get on.

I am doing exactly what you are pondering. Although I have been here for 10years now - my present status is as a "singleton" but I am managing ok. You just need to find some "good" friends you can trust and who trusts you. Some of my friends are "couples" and I am lucky that they enjoy my company to invite me out with them. You may find that as a single person within a group of couples you may not be welcome.

Financially you will be in control of your budget and what you can spend. This again is subject to what kind of lifestyle you are looking for and by giving yourself six months here you will know if you can manage or adjust your finances to suit your pocket to stay for longer.

Many years ago I gave up my job and left my house to embark on this adventure. I gave myself 1 year and it was a very big decision to make for oneself but I have never looked back. It's a lot for you to think about and only a decision that you can make.

I hope this is helpful.

As for your love life - you could always start a "Singles Club" down in Altinkum.

:10:
 

yalicat

Member
Rent out house in Uk and live in Altinkum ?
UK letting agents have to take the tax off any rental income before you are given the balance however if you are not resident in the UK you can sign a form (sorry can't remember the name/number of said HMRC form) any rental income can be given directly to you, less any agent fees.
 
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Rent out house in Uk and live in Altinkum ?
hi tony me and my wife are also from brum but live in turkey about 5 months of the year now not expensive to live there but depends on your life styl if you eat out a lot etc can be exspensive need to live with in your budget were u from in brum as i am in uk at the miniute were does every body else come from who lives in brum ?
We live in Aldridge, near Lichfield.
 
Rent out house in Uk and live in Altinkum ?
Hi Folks

I recently lost my job as a Mortgage Adviser in the Uk and looking to rent out my house for around £650 per month, put this in a high interest Turkish Bank Account (Akbank) and live in my appartment, situated in Maveshir, Didim.

My age is 50 and single.

Does this make good busuness sense, in the current economic climate :
i.e. high cost of living in the UK, low interest rates on your UK savings compared to the low cost of living in Turkey and high Bank interest rates ?

From the expats I know living there, the culture is :
Each day you meet up to learn Turkish, go for a walk, play darts, go to the gym etc (but no work, as nearly all jobs are given to Turks). Is this a good healthy lifestyle ?

Is there a good chance to meet a lady of your dreams, who is doing similar ?

Your comments / feedback are most appreciated.

Brummie Tony :thanks:
Good luck to you Tony, I agree with the others, why not give it a whirl, don't forget though that Turkey is very different in the Winter but the winter can also be a nice time for travelling around the country and cosy nights in with good friends . Hope you meet a nice lady too who knows?
 

Lesley T

Member
Rent out house in Uk and live in Altinkum ?
hi tony me and my wife are also from brum but live in turkey about 5 months of the year now not expensive to live there but depends on your life styl if you eat out a lot etc can be exspensive need to live with in your budget were u from in brum as i am in uk at the miniute were does every body else come from who lives in brum ?

I am just over the border in Solihull but still count myself as a Brummie as that is where I have spent most of my life. I have the accent too!
 

SAMIMI

EX MEMBER
Rent out house in Uk and live in Altinkum ?
Hi Tony,
I'm sorry to hear you lost your job. Look at it as a chance to do something new, something you may not have done if it had meant giving up a job in today's climate.
My husband and I are in a similar position. We moved to Turkey last month and we are at present managing on a small budget.
We planned to stay 6 months and find out exactly how much it costs to live here. So far our food/groceries and toiletries have come to just over 600 TL for 2 of us. We are here 27 days to date. We still have to get our water and electric bill. We do not have digiturk as this would be another expense.
The days fly here but you do need to be a person who likes to keep busy. We find lots of things to do and wonder how we ever found time to work.
Give it a go......there are lots of people here and the socializing is great as people do have time to relax and live life!
 
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leylaasena

Member
Rent out house in Uk and live in Altinkum ?
Hi Tony

650 pounds a month should be plenty for a single fella as long as you're not eating and drinking out every night.
You'll soon find the cheaper supermarkets ( BİM not Migros for essentials) and restaurants ( anywhere not on the seafront).

You really will need to have a bit of spare cash behind you tho'.
I rented out my Uk property when I first came here and every tenant I had ended up doing a moonlight owing me money and me with the mortgage still to pay.A double whammy !!!!

My savings didn't last me long.
It was such a relief to sell it in the end.
 

newhorizon

"Light Years Away"
Rent out house in Uk and live in Altinkum ?
Tony,

Will be relying on the £650 sterling?
Is the £650 a month after all costs?
How do you know you will get £650 a month? from a Letting agent? If so, don't believe it! You need to call a Letting agent in UK as a prospective 'tenant' then see what they actually quote you to get a feel of what kind of rent is achievable.

Obviously I don't know the type of property/location but tenants are competitive nowadays and theres lots of choice with so many empty new build contemporary apartments on the market as well as so many family homes due to repossession.

You need to take into account others costs of Letting. I.e would you use an agent to manage the property or manage it yourself? Or would you use a friend to check it? With you being in Mortgage side them I'm sure you know if 'managed' the agent would take 10-15% of your rent.

Other costs of rental:
1.Agent (if used): fees £300-700 - to find tenant, draw up contracts, Inventory
Of course you can save on these costs and do it yourself, best place to advertise in UK for free is on gumtree.
2.Agent on going management fees (if managed) 10-20% of rental income
3.If you have Gas in house you need a Gas Certificate each year (£30-£85) plus annual gas service (big fine -if you don't have this -it is compulsory)
4.From 1 Oct 2008 you need a EPC Certificate (cost £55-£100) but lasts 10 years
5. Building Insurance on property

6. If you do rent out your property, make sure you use a AST (Assured Shorthold Tenancy) as that give you more rights to evict someone if the situation ever arose, start with a 6 months AST and see how it goes!

7. need to check your tax situation, if you receive rental income you will have to do a self -assessment tax return, can be done online, anything you make over £5225 after expenses you may be liable to pay tax -speak to tax adviser to check your situation.

I'm sure the UK Govt will bring in even more paper work and costs for people renting their properties! Yet for home owners living in their own houses theres no requirement (law) that you must have a Gas Certificate, annual service etc but as soon as you rent your property you are responsible and liable and must have the paperwork.

Enjoy AH1 in April!
 
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Howell's

Member
Rent out house in Uk and live in Altinkum ?
Tony,

Will be relying on the £650 sterling?
Is the £650 a month after all costs?
How do you know you will get £650 a month? from a Letting agent? If so, don't believe it! You need to call a Letting agent in UK as a prospective 'tenant' then see what they actually quote you to get a feel of what kind of rent is achievable.

Obviously I don't know the type of property/location but tenants are competitive nowadays and theres lots of choice with so many empty new build contemporary apartments on the market as well as so many family homes due to repossession.

You need to take into account others costs of Letting. I.e would you use an agent to manage the property or manage it yourself? Or would you use a friend to check it? With you being in Mortgage side them I'm sure you know if 'managed' the agent would take 10-15% of your rent.

Other costs of rental:
1.Agent (if used): fees £300-700 - to find tenant, draw up contracts, Inventory
Of course you can save on these costs and do it yourself, best place to advertise in UK for free is on gumtree.
2.Agent on going management fees (if managed) 10-20% of rental income
3.If you have Gas in house you need a Gas Certificate each year (£30-£85) plus annual gas service (big fine -if you don't have this -it is compulsory)
4.From 1 Oct 2008 you need a EPC Certificate (cost £55-£100) but lasts 10 years
5. Building Insurance on property

6. If you do rent out your property, make sure you use a AST (Assured Shorthold Tenancy) as that give you more rights to evict someone if the situation ever arose, start with a 6 months AST and see how it goes!

7. need to check your tax situation, if you receive rental income you will have to do a self -assessment tax return, can be done online, anything you make over £5225 after expenses you may be liable to pay tax -speak to tax adviser to check your situation.

I'm sure the UK Govt will bring in even more paper work and costs for people renting their properties! Yet for home owners living in their own houses theres no requirement (law) that you must have a Gas Certificate, annual service etc but as soon as you rent your property you are responsible and liable and must have the paperwork.

Enjoy AH1 in April!


Whats a EPC certificate ?
 

newhorizon

"Light Years Away"
Rent out house in Uk and live in Altinkum ?
Whats a EPC certificate ?

EPC Cert. is an Energy Performance Certificate -it assesses how warm your house is and how much it'd cost to heat it, things like double glazing, loft insulation etc are taken into account and a banding A -G style is produced, when A being totally efficient.

It's similar to HIPS that Sellers have to have when they try to sell their houses. But as far as renting goes personally I think its another paper exercise I mean how many tenants come round asking can I see what the energy rating is of this house/emissions etc are?!
 

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