In America you can pay your insurance and property taxes yourself if you like, but most banks offer to do it for you and put it into escrow it's just much easier and convenient that way. Their is a law that you can only have a certain amount in escrow, so once a year your bank will perform and audit on the escrow. Nine times out of ten you will be short, because of an increase in property tax most likely, so you will be asked to pay the difference in a lump sum or have it spread out into your monthly payments over the year.
Thanks for the clarification 😊 we weren't sure if it was just the standard thing for Mortgage Providers to do across the board 🙂 yes its definitely very easy and convenient for them to pay our bills for us! 😄
Hi Joe, we will be covering this in more detail in a future video. We still need a management company to do our monthly maintenance for us, pest control, a/c filter changes, dryer vent cleaning and to do general checks on our property whilst were in the UK
Wow, that's a big chunk of change. It sounds A LOT. Interesting and helpful video. Do you have to pay tax in the UK as well as the US? I've heard that Americans who come here to work have to pay income tax in both countries. I've been scouting accountants in hope of starting something over there but everyone I've looked at seems expensive or have bad reviews. Looking forward to your next video.
Thanks very much for your nice positive feedback 😀 yes we pay income tax in both countries. So what we earn in the UK, we pay income tax in the UK. And what we earn in the US, we pay income tax in the US. Thanks so much for watching 😊
Thanks for putting out this video . We've been thinking of buying a holiday home like yourselves out there, so this is very informative 👍 looking forward to your next vlog 😊😃
In America you can pay your insurance and property taxes yourself if you like, but most banks offer to do it for you and put it into escrow it's just much easier and convenient that way. Their is a law that you can only have a certain amount in escrow, so once a year your bank will perform and audit on the escrow. Nine times out of ten you will be short, because of an increase in property tax most likely, so you will be asked to pay the difference in a lump sum or have it spread out into your monthly payments over the year.
Thanks for the clarification 😊 we weren't sure if it was just the standard thing for Mortgage Providers to do across the board 🙂 yes its definitely very easy and convenient for them to pay our bills for us! 😄
Good video. Look forward to next series
Thanks Ultan 😀
Hi, I'll be interested to see why you decided to stop renting out your condo. If your not renting it out why do you still need a management company?
Hi Joe, we will be covering this in more detail in a future video. We still need a management company to do our monthly maintenance for us, pest control, a/c filter changes, dryer vent cleaning and to do general checks on our property whilst were in the UK
Wow, that's a big chunk of change. It sounds A LOT. Interesting and helpful video. Do you have to pay tax in the UK as well as the US? I've heard that Americans who come here to work have to pay income tax in both countries. I've been scouting accountants in hope of starting something over there but everyone I've looked at seems expensive or have bad reviews. Looking forward to your next video.
Thanks very much for your nice positive feedback 😀 yes we pay income tax in both countries. So what we earn in the UK, we pay income tax in the UK. And what we earn in the US, we pay income tax in the US. Thanks so much for watching 😊
Thanks for putting out this video . We've been thinking of buying a holiday home like yourselves out there, so this is very informative 👍 looking forward to your next vlog 😊😃
@nickyleach3856 your very welcome 😊 we're glad it helps a lot of people thinking about it 😊 thanks so much for watching! 😀