My sister may be selling up and moving here (Many Q's)

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IraHayes
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My sister may be selling up and moving here (Many Q's)

Post by IraHayes »

It may or may not happen. But if it does....

1: I have already told her NOT to sell her house but to get a decent agent and lease it with the option to kill the lease should she ever need to live in it again. This will give her a decent monthly income (provided it has a nice long term tenent)

2: It is on the market for just over $1mil US [edited because she had already converted the sale price which i didn't realize]. Not sure what it will rent out for but it is a nice place in a nice area from what I have seen. She initially told me she wanted to sell and move her and invest in a business which I promptly shut her down on due to the risks involved.

3: She asked about buying a house here which, again, I said was fraught with problems. Though to be fair I think it is less fraught than buying or investing in a business.

4: She is open to working here but obviously this would be more of a something she would do because she loves to do it type of thing rather than as a means to enable her to live here.

5: Is it possible to bring her 3 cats?

She is aware of the forum and she may pop up later but she has been told to keep personal details out of her posts.... yes Sis ... this is aimed at you! lol


So, thoughts please on the 4 points and I know this is all a bit vague but I said I'd post here for suggestions and there are 1 or 2 users whom I have met frm this forum that I think could offer advice over a drink or a meal when she arrives and I will be getting in touch with them privately.
There's also likely to be as many questions as answers or opinions so I'll see if I can fill in any missing blanks if my sister doesn't join the forum herself.
Last edited by IraHayes on Sat Mar 19, 2022 8:24 pm, edited 2 times in total.
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BobtheBillder
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Re: My sister may be selling up and moving here (Many Q's)

Post by BobtheBillder »

She should wait until she has spent and year in Cambodia and decided if she likes it and what areas she likes before deciding about buying a home.

The buying/renting market in Cambodia is upside down, a property that might sell for 500k might rent for only 1000 - 1500 a month. There's no urgency to buy since rental deals are so great.
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IraHayes
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Re: My sister may be selling up and moving here (Many Q's)

Post by IraHayes »

BobtheBillder wrote: Sat Mar 19, 2022 7:38 pm She should wait until she has spent and year in Cambodia and decided if she likes it and what areas she likes before deciding about buying a home.
Agreed and she is already aware of this, and another reason not to sell her place in Aus.
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Kammekor
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Re: My sister may be selling up and moving here (Many Q's)

Post by Kammekor »

She's eligible to a visa now, but that might change overnight. Why take that risk and sell the house? She needs the dosh to make the move?

She can not legally own a house (as in house on land) in her own name. Would she buy a house in someone else's name, or with a shady legal construct back in OZ?

Investing seems a nice idea. Invest in what? She's got special knowledge in certain fields giving her an edge over other 'investors' separating the good deals from the bad ones? She can speak the lingo and knows her way around the legal system to securely finalize a good deal?

Good she's open to work here. Any special skills companies here are desperately looking for? Spending the rest of ur life doing nothing looks interesting when you start but it wears of pretty soon.
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IraHayes
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Re: My sister may be selling up and moving here (Many Q's)

Post by IraHayes »

Kammekor wrote: Sat Mar 19, 2022 7:53 pm Spending the rest of ur life doing nothing looks interesting when you start but it wears of pretty soon.
The main points you raised I haven't quoted on as I have made her aware of the dangers and streered her away from that line of thinking.
The one point I have quoted from you is something I think she needs to consider.
Let's say she is able to rent her place out and it provides enough to live on.. what then? As you said retirement with no purpose could lead to a great deal of unhappiness. Free time is great but too much free time with nothing to do could lead one to engage in excesses they wouldn't normally indulge in.

Working as a means to keep busy also gives a person a purpose in life and, to me, this is a better alternative than endless free time.
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Kammekor
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Re: My sister may be selling up and moving here (Many Q's)

Post by Kammekor »

IraHayes wrote: Sat Mar 19, 2022 8:08 pm
Kammekor wrote: Sat Mar 19, 2022 7:53 pm Spending the rest of ur life doing nothing looks interesting when you start but it wears of pretty soon.
The main points you raised I haven't quoted on as I have made her aware of the dangers and streered her away from that line of thinking.
The one point I have quoted from you is something I think she needs to consider.
Let's say she is able to rent her place out and it provides enough to live on.. what then? As you said retirement with no purpose could lead to a great deal of unhappiness. Free time is great but too much free time with nothing to do could lead one to engage in excesses they wouldn't normally indulge in.

Working as a means to keep busy also gives a person a purpose in life and, to me, this is a better alternative than endless free time.
If here house is on sale for one million OZ$, the yearly rent will be around 40k OZ$ I guess, esp. with a 'enter when return quarantee' which will reduce the price. After tax, will that be enough to live comfortably for your sister?
Last edited by Kammekor on Sat Mar 19, 2022 8:15 pm, edited 1 time in total.
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AndyKK
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Re: My sister may be selling up and moving here (Many Q's)

Post by AndyKK »

The house price alone is a lot of money, so you would think whatever choices she made she would always have money if she had an exit plan.
I sold my house in the UK at a fraction of that money you have mentioned, thinking I could make it to my main pension. I didn't count on everything, such has my partner getting so ill here, now I will not make that pension day, I can be classed has the many who have burnt their bridges.
Even getting access to my bank accounts in the UK seems to still be problematic.
Always "hope" but never "expect".
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atst
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Re: My sister may be selling up and moving here (Many Q's)

Post by atst »

I'm surprised nobody has asked the main questios
How old is she
How much super does she have
Is she thinking of getting the pension at some time.
Without these answers it's a waste of time guessing what path she could take.
I'm standing up, so I must be straight.
What's a poor man do when the blues keep following him around.(Smoking Dynamite)
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Re: My sister may be selling up and moving here (Many Q's)

Post by Freightdog »

I think the idea of giving it a year, living under a retirement visa, and generating income from her home in oz is a very good plan. Selling up entirely, back home is probably not advised. But, a financial advisor might suggest otherwise, like downsizing, and renting that out, and putting most of the proceeds into other things like local investment in oz, or other things world wide, and generating a pension income.

My monthly spend does not exceed $1500, average! With 3 children, and a partner with no real money management skills. And that’s not being excessively frugal, or loose with money, whichever way you look at it. $18k. But that’s also with me working away, a lot, and not having taken the family for a vacation in a while.

Rent is cheap, or can be, here (in Cambodia). I know a fella who needs a local nanny that could benefit from this situation, if only to get away for a Friday night beer once in a while.

Activities other than working, such as charity efforts, 3 days a week, 3-4 hours? Breaks the routine, without it being a work routine. How that fits with work permits, I’ve no idea.

Using Cambodia as a base, and taking a few years to do some travelling might also be a good plan, as things open up again, and before it all gets overrun with too many tourists.

Cats.
Obvious jokes aside, that would be a concern. But maybe the cats might be better equipped to adapt than they are given credit for.
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AndyKK
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Re: My sister may be selling up and moving here (Many Q's)

Post by AndyKK »

I knew a guy here who would say what do they want from me, his monthly spend was about $1500 for him and his Khmer partner.
Recently I have looked at this, and even with the new law change, the government says to have the means to marry here you are supposed to have an income of $2500 per month.
I live in the suburbs of the city, not the Borey Peng Huoth, but about 2klm from it, the people around, are working people of the city. Most have their own house and car, moto has normality. $1500 spend per month is nothing to these people with their monthly outgoings, many have also kids so the schooling to pay for is in their outgoings. No wonder they think we are poor, and usually have the dark colour girls, and even they will have a bit of land somewhere.
Always "hope" but never "expect".
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