Does anyone own a house in America and the UK?

We rented out our house here in America for the year that we lived in England and rented a house in England. We love England and my in laws are there so we visit often and want to move back some day when the kids are out of school. We are coming back to visit in Feb and think we may start looking for a small house to buy. Does anyone else own two houses? We may wait and not buy one, but we are thinking about it.

Its seems a go go situation to buy right now because of the value of the dollar to sterling and the prices of homes have fallen significantly in the UK.
I think both the prices and the pound will continue to fall, but who knows?
In my case I think I will rent in the UK.
I like what I see in Edinburgh (thanks 365 member postings). It looks very clean and it rains. but I have seen rentals in the Isle of Wight that are comparable, in price, to Edinburgh. The difference is the weather.
From the posting on here I think the transportation is very good in Edinburgh but I might pick Perth which is a little bit north of there.
"Dream on"
"A poor man is not the man without a dime but the one without a dream"

Now would be an excellent time to buy property in the UK, Snownrs. And being a landlord is less fraught than in the US; even an absentee landlord. If you can afford to do it, it would probably be a sweet investment.

This is something that my husband and I have discussed *endlessly* because we have been SO undecided about where we want to be.

We have an investment property in the US and my in-laws have investment property in the UK (for us as well). We've had no problems finding renters in either country - which more than covers the mortgage on both sides. Are you thinking about buying and letting it out, or would you keep it empty?

We're still trying to figure out how to make things work long-term, but I'd love to be able to go back and forth with a foot in both countries. Good luck!

I've had the occasional thought about buying a place in Baltimore while we have the house in England currently.  Renting has been a big concern apart from the obvious cost of mortgages for 2 properties!  I've read that in the UK the average a full-service rental agency would charge is about 15% of the rental price, does that sound about right?
Anyone know what it is in the US market?

We own two houses on opposite sides of the pond.  The one in England is our "family" home -- now occupied by DH.  The one in US is my parents' home which I have inherited and am currently living in.  When (and if) I finally pack up to move back to UK, I don't know what to do with the US house.  It would be nice to keep a toe hold here, but I would still have to pay real estate taxes on it.  I hate to think of selling it because my father designed it himself and had it built back in 1950 -- and there are all those family heirlooms too big to ship over.  And it would need a lot of modernization still to make it attractive to anyone to live in (I shudder to think of someone buying it and tearing it down for a MacMansion to be built!) Some people suggest renting it out, but again there are the upgrades needed, what to do with the contents, and presumably hiring someone to oversee it while I'm abroad.  Then if I did want to come back for a period, I'd have to kick the tenants out or rent somewhere myself.

I've had the occasional thought about buying a place in Baltimore while we have the house in England currently.  Renting has been a big concern apart from the obvious cost of mortgages for 2 properties!  I've read that in the UK the average a full-service rental agency would charge is about 15% of the rental price, does that sound about right?
Anyone know what it is in the US market?

Matt, you should PM Bmore_2_UK. She's got a place in Baltimore she currently rents and has someone manage it for her I think.

Thanks everyone for your input. I am leaning towards a small home in England as well as the one we own here in the U.S. We will be visiting my DH's family in England this Feb, so I think we will take some time to look around at the market.

Hiya!

Remember to get your tax status reviewed for any rental income you may acheive in either the US or UK home. Prices in the USA for homes has always been much more affordable like for like/price wise and so makes for a good investment/2nd home location for many UK/USA based individuals. The double taxation treaty is a welcome agreement so that you don't pay tax twice. Figure in costs for a good tax accountant familar with both systems (only have to look as far as Guya and Lizzit on the tax section here!) and factor in costs of looking after the 2nd property.

The good thing with the USA is that laws, practices, transparency and rules & regulations all combine to make for a potentially safe route to ownership whilst your in the UK or vice versa. As always, due diligence is required!

I've found that 15% for full management is a common figure given on both sides of the Atlantic for property management services. Some places I think charge more so check out what you get for the extra outlay.

Lastly, as the thread is saying own a house in the UK and America, I've assumed one place would be rented whilst occupying the other - it may well be that certain people can and will choose not to rent out the other property and simply maintain it just for their own use or immediate family etc. Still worth taking tax advice though just to cover all bases.

Snownrs - With careful planning and evaluation of your own personal situation and aspirations, it's perfectly normal to go the route you've thought about, I know quite a few people who do this to one extent and another and it's very common. Just the usual 'do your own research' applies and try not to get too carried away with the currently low property prices, but instead look at the complete ownership picture to suit you and your family's scenario.

Cheers! DtM! West London & Slough UK!