7 Things To Consider When Moving To A Rental Property Abroad
People move abroad for various reasons, such as seeking adventure, new employment opportunities, or to live in a place with pleasant weather. For instance, West Palm Beach, Florida, has hot and humid weather. During the summer— from June to September— the temperature can often cross 90F. The hot temperature, coupled with crowdedness during the peak tourist season, can cause challenges for local residents. Therefore, they may consider moving abroad to a less crowded place.Thank you for reading this post, don't forget to subscribe!
When moving abroad, renting a property to stay before buying your own place is a good option. It prevents you from buying a property which you may not like eventually.
Renting a property for some time gives you room to explore your new surroundings and buy a house of your liking. Plus, if you move to a country with a lower cost of living, renting a property becomes even less expensive. However, there are certain aspects which you must consider when renting a property abroad.
1. Don’t pay without seeing the house
When renting a property abroad, don’t finalize the deal without inspecting the property. It may mean incurring extra costs for staying in a hotel for a few days until you find a suitable property. However, it is better than wasting money on making a deposit for a house you might not like.
Besides, suppose you decide renting a property by relying on the pictures on the website. In that case, there is always a chance that pictures may not match reality.
The money wasted on renting an unsuitable property seems more painful if you are moving away due to the high cost of living in your current place. For instance, West Palm Beach is included in the list of the world’s 2% most expensive cities. So when moving internationally from West Palm Beach, every penny counts towards helping you save for your new life. Therefore, you need to be prudent about spending your money.
2. Stay in vacation rentals for some time
If a hotel is out of your budget, consider staying in a vacation rental before looking for a house abroad. Besides affordability, vacation rentals offer a homelike environment and comfort, allowing you to acclimate to the new country’s environment.
As a newcomer to a new country, you can experience life firsthand, immerse yourself in the culture, and get to know the surrounding community. You can also walk around different neighborhoods and assess which area suits your preferences before signing a long-term rental agreement.
In addition, staying in a vacation rental during the initial phase can ease the transition, setting the stage for a peaceful and comfortable tenure in a rental property.
3. Read the rental lease agreement carefully
A rental lease is a legal document outlining the terms and conditions of your rental agreement with the property owner. It enlists the rent amount, payment schedule, security deposit, rules, and responsibilities of the landlord and tenant. Reading this agreement thoroughly lets you understand your rights and obligations and avoid potential disputes.
When reading the lease agreement, pay close attention to clauses related to responsibilities regarding maintenance, pet policies, and penalties in case of property damage. Also, consider the procedures related to lease termination and yearly increments in the property rent.
If the lease agreement is in a foreign language, ask for the services of a translator instead of mindlessly signing the documents.
If some sections of the lease agreement are ambiguous, don’t hesitate to discuss them with your future landlord and seek clarification.
3. Always negotiate for the best price
Renting a property for a long time gives you the power to bargain the best price with the owner. Many property owners willingly cooperate with renters seeking the property for a long time as it ensures a stable income for them. So, bargain for a discount on the monthly rent before clinching the deal.
To bargain successfully, have an idea of the market. Gather information about similar properties in the area to know the prevailing renting rates. This knowledge will empower you to bargain more confidently.
Additionally, see how long the property has been on the market. The landlord might be more willing to negotiate if the house has been there for a long time.
If the landlord is unwilling to lower the rent, offer something in return. For instance, you can accept handling some repairs yourself or paying for a few months’ rent in advance.
Negotiating with the landlord to meet your terms for your favorite property is a good exercise. Besides, it is worth trying your best to get a relief of a few hundred bucks, especially when you are in a new country. However, if the negotiations bear no fruits, be open to considering other properties. Sometimes walking away from a deal opens doors for more fruitful opportunities.
4. Arrange important documents
In some places, such as the US, landlords determine the financial stability of their potential tenants by running a credit check. They want to ensure that their prospective tenants can pay their monthly rent without any delays.
However, in a new country where you don’t have any credit history, the landlords may ask for other documents to gauge your financial health. They may require proof of income, as in the case of France, or a recommendation letter from a local such as in Panama. So, be sure to gather information about the country you are moving to so that you can arrange for the necessary documents before leaving home.
5. Consider the pet policy
Rental property owners may have certain conditions for keeping pets on their property. For instance, they may not allow more than a certain number of pets inside the property. Similarly, certain breeds of pets may be restricted due to local regulations and restrictions.
Some landowners also require their tenants to pay a pet deposit or a non-refundable pet fee to cover any potential damage caused by the pets.
6. Access to local amenities
When renting a property abroad, check access to local amenities as it plays a crucial role in improving the quality of your life in another country.
Supermarkets and grocery stores are among the essential local amenities. Having them close to your location provides easy access to daily necessities, ensuring you don’t have to travel far for them.
Proximity to healthcare facilities, emergency assistance, and educational facilities is also crucial, especially if you are moving with kids. This helps you ensure better health and academic future of your kids.
In addition, considering the availability of public transport is a must if you are about to live in an urban dwelling. Easy access to buses, subways, and train stations allows you to navigate the city more easily.
Moving to a new place abroad is an exciting yet challenging experience. The biggest challenge of all is renting the right property. Some factors which can help you rent the right property have been outlined in the article above. In view of these factors, you can make an informed decision and have an enjoyable experience when renting a house abroad.