Renting a property abroad is one of the most popular moves to make. A good step for those who can’t afford to buy the real estate outright, it will give you somewhere to stay whenever you’re in the area. However, with renting abroad, there are certain things that you must consider before signing on the dotted line. 

 

Firstly, you must be aware of the local market and any financial/legal implications that come with renting in that area. Of course, it’s a little less strict as you won’t be technically owning the property, but you should still be aware of all the legalities of renting in that location regardless. 

 

But that’s not the only thing that you should consider. To help make your final decision as to whether a rental property abroad is right for you, here are some other things that you should keep in mind:

 

Pay Attention to What Type of Rental Property It Is

Rental properties come in all shapes and sizes. So before you start hunting for properties in your dream area, you’ll have to consider the types of rental properties which are available and the ways in which they differ. 

Public Housing

For example, you need to check that it’s not public housing – so when you see an advert for hdb for rent, you need to know that as a foreigner you won’t be able to rent it out. Of course, if you move there full-time then this will be easier to do. But if you plan on still living at your current home for the majority of the time, the possibility of being able to acquire one of these types of properties is very minimal. 

A Serviced Apartment

Another type of rental property is a serviced apartment. Considered to be at the higher end of the market, it will not only include all of the basic amenities that come with a rented apartment, but also some added extras. These can be anything from covering the cost upkeep (i.e. having a cleaning or maid service included) to maintenance such as fixing any issues that go wrong in the apartment. 

 

This type of apartment is very popular with those looking for rental properties as it allows for the home to be looked after (a bonus when you’re not in town) while being able to live in a more spacious and luxurious space when you want to. There is, however, large costs associated with serviced apartments that you’ll need to consider before opting for this choice.

A Room Rental 

 

There is also the option of renting out a room rather than a full house or apartment. Ideal for those who want a cheaper place to stay when on vacation, the ease of only having one room to care about makes it a more stress-free choice. 

 

With a room rental, you’ll still have all the amenities you need – the only downfall is, of course, that you’ll have less space to play with. Which is why it only tends to appeal to those traveling alone or in a couple. 

What The Area is Like

Before renting out a property, you need to know what the area is like. Even if you have vacationed there a few times before, it’s worth booking an extended stay to see what it’s like in the longer term. Even if you’re only planning to be in the property every few months, this will give you a better idea as to how safe the area is and the type of people that own/rent properties nearby.

 

Before renting you should also seek the advice of a local realtor, as they can guide you as to the best places to rent in the city/town. 

Can You Sublet?

When you aren’t there throughout the year, it’s a good idea to sublet your apartment or house out. But before doing so, you’ll need to check as to whether this is allowed. 

By subletting it out, you’ll have to pay a portion of the income you earn back to the landlord. And although this extra income is undeniably helpful throughout the years, the amount you might have to pay to the landlord in return might not be worth it. 

How Much Tax?

When renting out a property, you’ll have to look into how much tax you’ll have to pay each month on it. Although this will be less than if you owned a property outright, it could still be a significant cost that will affect your finances. This should be factored into the additional costs you will have to pay (e.g maintenance and insurance) at the start of the process. 

What’s The Exchange Rate?

The exchange rate, unfortunately, can change overnight, so throughout your renting journey you need to ensure that you’re aware of exactly what it is. Regularly calculating how much you owe through a converter, you’ll be able to get the best rate possible and accurately pay your rent each month. 

The exchange rate will, of course, depend on the country that you’ve chosen to rent in. Some real estate markets are more favorable than others when it comes to the price of rent, so it’s worth comparing and contrasting the prices of different types of homes and locations before taking the leap.

Final Thoughts

So, there you go! Those are some of the top things that you should consider before renting a property abroad. Of course, they aren’t all of the things that you should keep in mind. So it’s important that you research thoroughly and are prepared in advance before making your final decision. Failing to do so could result in you renting a property, without being aware of all the implications that comes with it. 

At the end of the day renting isn’t for everyone and you might opt for other accommodation alternatives when you’re abroad. But whatever you decide to do, you’ll still have unforgettable vacations with your family that you’ll never forget.