Hi everyone,At the moment i'm retired living in the philippines, 57 years old, i have a small anuity that pays me about £300 a month, i also have a flat in manchester that i rent, recently i have had tenants who don't pay, trash the place etc.I'm thinking maybe i could try and sell it, if i did what should i do with the money?,(180k) i certainly wouldn't bring it here, i've been away from uk for so long i've lost touch,Any ideas, all comments gratefully received.Nick
I can't advise as to that but it sounds like you are enjoying your retirement!
If its become too much a hassle to manage the flat from half a world away, sell it. There is nothing wrong with letting the money sit in a bank collecting interest in London until you decide what to do with it.When you say you wouldn't bring the money here (to the Philippines), why? Banking system not reliable?JLC
There is a UK version of the "Fool" that might be able to help more with what do do with your UK investments since they might know more about the situation there. Here is a link.http://boards.fool.co.uk/A lot about your situation really depends on where you will finally end up living. In looking at the questions like if you should sell the real estate or not I like to reverse the questions and ask, "I have 180K in cash, should I buy a flat in Manchester with it?" This is really just about the same question and unless there is something like big tax considerations then the answer will usually be the same. Greg
Thanks guys, the interest rates here are non existent, plus the Philippines is like a sponge for money, it's a good place to spend it but almost impossible to make it,Whatever i do it must be in uk i guess, when the flat is rented i get £600 plus a month, for sure no investment will give me a return anything like that?,My anuity pays me £300 monthly, i think from memoery it cost me £50k, i'm guessing rates have gone down a lot, any idea what income i could get for say £180k bearing in mind that i'm 57 so not the most attractive client.Thanks again.
shiredevon11 writes,My anuity pays me £300 monthly, i think from memoery it cost me £50k, i'm guessing rates have gone down a lot, any idea what income i could get for say £180k bearing in mind that i'm 57 so not the most attractive client.For 180k premium you might get 500/month. I don't know what you mean by not being the most attractive client, but if you are in poor health, the UK does sell 'impaired annuities' which give annuitants in poor health a larger monthly benefit.intercst
when the flat is rented i get £600 plus a month, for sure no investment will give me a return anything like that?I don't know why you say that. Assuming £625/month (since you said £600 plus) is £7,500/year. That's a 4.17% return annually. However, once you take into account property/council taxes, repairs, maintainence, and vacancies/other times when the tenants don't pay, you're probably down to somewhere between a 3% and 3.5% annual return, at best. A 3% return would be £450/month and a 3.5% return would be £525/month. As already suggested, you could probably buy an annuity that would pay you £500/month. Or you could invest in divend paying stocks, preferred stocks, debt securities, or bonds.AJ
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