About half of you moving abroad will rent a home to live in, at least for a period of time. Rental rules, regulations and procedures vary widely around the world and cannot be covered in a single article, so we begin our in-depth coverage of renting abroad with a focus on one of the most popular destinations for expats: London.
To guide you through the intricacies of renting in London, we contacted Elena Dimova, managing director of Century 21 Sophia Elena, one of London’s top real estate offices.
Dimova told us that most American expats moving to London tend to rent, at least initially, to get a feel for what neighborhood and home may be right for them.
“If you come for, say three or four years, renting makes all the sense in the world,” Dimova said. “Many expats are here for just a limited time and then move on. It gives you the flexibility to move as your needs change.”
Because of London’s quality of life and its advantageous location for multinational companies, the rental market is fast-moving. Dimova recommends that you not try to rent a home before you make your move.
“It is a lot easier to rent a place when you are here because most properties tend to come on the market when current tenants give notice, about two months before they leave,” Dimova explained. “It is a little more nerve-wracking if you wait until you come, but it is the best way to find as many properties within your parameters and get the best deal. A landlord will always choose the person who can move in tomorrow.”
Dimova strongly suggests that once you find a property you like, rent it. “Do not think about it for a day or two,” she said, “because if it is a good property and well-priced it will be gone by the time you make up your mind.”
Help in finding a rental home can come from either real estate firms like Century 21 or specialized relocation services. Typically, real estate firms do not charge for their services since the landlord pays them a fee when the rental contract is signed. Relocation services, however, do charge fees for their services.
We asked if there are any differences between renting an apartment, a condominium or a home. “It is very similar in terms of the way agreements are drawn,” she said. “When you go to higher-end properties, though, the agreements are drawn up in a slightly different way and the regulations that govern them are slightly different. But in terms of process, it is all the same.”
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