Expat Guide — All You Need To Know About Buying or Renting Property Abroad
When relocating internationally, finding property that that suits your needs is important. Researching the property market in the country you will be residing in is the first step to finding a new place to call home, regardless of whether you choose to rent or buy an apartment.
If you are looking to buy or rent property abroad, here is all you need to know before doing so.
Types of Properties
There are various types of properties you can choose from, depending on where you are going to reside in. Common accommodation options include:
- Serviced Apartments
These apartments are fully furnished, and available for both short- and long-term stays. Serviced apartments provide various amenities, including housekeeping. This option is popular for family-friendly expats, due to its low cost, big space and various amenities.
- Rented accommodation
Renting a property is popular for expats who are staying in the country short-term. There is generally a wide range of rented property available for expats to choose from. Renting a property allows you to be flexible with your living condition.
- Purchased property
If you plan to stay abroad for a long period, you can consider purchasing a property. When considering purchasing a property, you will need to take into account the regulations and implications needed as an expat.
There are a few terminologies you should be aware of before apartment hunting. As different countries use different terminologies to describe similar accommodation, you should be familiar with the terminologies used in the particular country you will reside in.
For example, in the UK, there are various types of flats including studio flats, 2-level flats and converted flats. While flats provide accommodation to many people within a single building, a converted flat is an old house split into two units.
Documents Needed When Buying or Renting a Property
As different countries have different regulations, some countries may require more documents from you.
Documents you typically may need include:
- Identity Certificate
- Proof of income
- Proof of employment
In certain situations, you may also need to submit a deposit upon signing the agreement.
What to Look Out For
When renting or purchasing accommodation, here are some tips to look out for:
When looking for an accommodation, it is best to choose a location that is convenient and within budget. Consider living in the suburbs if you are on a budget, as accommodation in the city generally cost more.
If you will need to commute to school or work, consider the location of train stations and bus stops too.
Fortunately, many property websites include their properties on maps that allow you to locate local transport stops and stations. This can help you predict the amount of travel time you will need from home to your desired location.
Some property websites you can check out include:
- PropertyGuru for property in Singapore
- RightMove for property in the UK
- Zillow for property in the USA
- Domain for property in Australia
Foreign ownership laws
If you are considering purchasing property abroad, you will also need to look out for any foreign ownership laws. This is as different countries may impose different restrictions on non-citizens who want to purchase property in the country.
When renting an accommodation as an expat, you should take note of any diplomacy clauses that can protect you if you are not able to stay in the said country.
Hiring a professional attorney can also help you with any potential obstacles you may meet while purchasing property. Look out for attorneys that provide legal support to expats in property as they will be able to help you understand more about these clauses.
While international relocation may be difficult and stressful at times, Moovaz can help make it a breeze. As an international relocation platform, we promise a smooth relocating journey, through our intuitive and fuss-free planning process.
Need help planning your journey? Let Moovaz help by creating and managing your move for you. All you need to do is to fill in a form on our website and let us handle the rest. Get started with Moovaz today!