How can I rent a property for long term abroad?
Renting property abroad for a long period of time can be a fairly complex arrangement, fraught with potential obstacles. Here are some tips to consider before renting a property abroad for a long period of time. Contact Property Rental Agencies in the region
Property rental agencies are the safest option for property lease abroad.
Online research or references from independent forums can help you find a reliable rental agency. You should make sure you do some research about the agency for security reasons to avoid any potential scams.
Understand the costs
The costs you should factor into your decision making process, should extend beyond the fees charged by the agency, but also the potential living costs of the region your moving too. Sometimes living costs advertised online may differ dramatically from the actual costs. Your property rental agency can help guide you about living costs in that area, but you should also do some independent research to ensure you’re not caught got off guard when you arrive. Also give some consideration to commission structures that estate agents may be on in that particular country, and how this may play a role in their ‘recommendations’ for you. In France and Uruguay for example, the real estate agent’s commission is equal to almost one month’s rent of the property. Again, some methodical independent research will help empower you in your decision making process, don't leave choices solely at the hands of the agencies.
The costs to factor in also include move-in charges, move-out charges, deposit on water and security, average gas and electricity bills, and other related costs that may be included for that property (check before!). In some countries like the UK, insurance and liabilities on rental properties are higher than those of other countries. You should make sure that you understand all costs specific to that country.
Negotiate, Negotiate and…….Negotiate!
Never be afraid to haggle! Since you are going to live at your new property long term, your monthly rent is more important than your security deposit. You should either ask the agency to show you pictures of the rental property or visit the property in person. You should base your bargain position on the condition of the property, but make sure you’re fully versed in the average rents of the local area before you begin to negotiate.
Read the lease before signing
This sounds painfully obvious (and lets face it, it is!), but regrettably too many Brits these days are getting exposed on 'small print' leases. It is highly important to only sign the legal papers of the property lease abroad. once you have fully finished reading it. Additionally, you should make sure to review the property before moving in. Sometimes foreigners are charged with emergency and broken item fees, or for maintenance fees that they were not responsible for. You should be aware of additional charges for electrical appliances, furniture as well as structural. These charges are usually mentioned in the property lease documents, but you can also show the documents to a local lawyer or real estate attorney in order to check for possible scams.
Check and submit the documents
It’s important to ask your property rental agency to send you a list of documents required for renting the property. You should check the list of documents and then submit it. In many cases, you will need a credit report for renting luxury apartments and villas.
Additionally, many rental agencies include a meet and greet service for foreigners. Some agencies also provide either a 2 or 3 month bill payment service free of charge. To rent abroad you should make sure you receive quotations from at least 3 or more agencies in order to compare the costs and services from each so you can choose the best option for you.