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I recently moved from Scotland to Finland, and kept my (paid off) property to rent. The biggest annoyance was that the property management company I picked cou
by stevekemp 9y ago
I recently moved from Scotland to Finland, and kept my (paid off) property to rent. The biggest annoyance was that the property management company I picked couldn't be trusted.
Despite having positive reviews, even from friends, they were just terrible at dealing with any problems. I expect that all properties would have leaking roof, a failing appliance, or similar, over a long enough time. But each time something broke the company handled it in a terrible fashion.
From promising, but not delivering, pictures of damage, to getting estimates for repairs that were almost 100% bogus. The list goes on and on.
Of course changing management company once you've already got tenants in, and you're abroad is a pain in the ass.
Beyond that though I found that since I was abroad I was suddenly classified as a "non-resident landlord" which meant my income was taxed pretty harshly. I should have expected that, but it was just another surprise.
Largely to cut down on tax and currency-conversion woes I put the property on the market, and now I'm waiting for the sale to complete. Good news? The property was sold for a pile of cash. Again though taxes will be a pain, and I'll have to pay capital gains tax for the first time in my life. God help me if the brexit fiasco causes the pound to drop again, because that'll wipe out a lot of money.