Disposition of Possessions and Property for Relocating Americans

Proper Disposition of Property and Possessions

Your two most valuable assets are probably your home and car. Proper disposition of either one of these assets needs to be thought out carefully.

Rental or Sale of Primary Residence or Other Property

Ask a real estate agent the selling price of your house and/or how much rental income you could expect. The decision to sell or rent is a personal one and dependent on a variety of circumstances.

Factors to consider include:

• What are the expenses associated with selling your house? Ask your real estate agent for estimates of advertising fees and sales commissions.

• How long will you be working in the host country? You could also factor in the likelihood of contract extensions in your decisions. If the period away amounts to more than three years you should seriously consider selling your home. Although there is always the option of renting your home while you are away, you may not want the stress of having to deal with tenants long distance. If you choose to rent, consider landlord's insurance to protect yourself against non payment of rent and the destruction of your by your tenants.

• Compare rental returns (and likely maintenance) against other forms of investments. Also, factors in any likely depreciation of your property during the years you are away. Are there any tax liabilities (personal tax and capital gains tax) for income earned from the rental of your home during your stay in the host country? Seek the assistance of a professional financial advisor or planner before making major financial decisions.

If you decide to sell your home, plan for sufficient time. Check with real estate agents on the average length of time it is currently taking to sell a property similar to yours in your neighborhood. Put your house on the market while you are still living in it (an empty house often look less attractive). Remember that prospective buyers may negotiate more aggressively if they are aware that you are moving overseas.

Storage or Sale of Personal Vehicles

Your car may be your next most valuable asset. Have your vehicle valued by several car dealers to obtain an estimated selling price or check auto magazines, the AAA or sources on the Internet for expected price ranges. A great way to sell your car yourself is via Craig's List or E-bay. You may have to consider renting or borrowing a vehicle for the last few weeks prior to your departure.