Not everyone is interested in buying a home, though. Initially, it is a good idea to consider renting to get a better feel for where you want to live in your new city. Ms. Stouffs has a few caveats for those exploring the rent or buy a home abroad question. “Renting property abroad can be very different from your experience with renting in the United States. In some countries such as France, Italy, Spain and Portugal, many rental properties have no kitchen cabinets, appliances or light fixtures. Landlords are required only to provide hot water, a kitchen sink, a toilet and a shower or a tub. You are responsible for installing what is not provided,” she said.
And, do not be surprised if payment terms are different. For example, in South Korea, depending on the rental agreement, it can be an expensive proposition. Deposits and rent payments typically follow one of two systems. The first is using key money, which means the renter has to pay the landlord an advance deposit of 50 percent or more of the property’s value. There are no monthly payments, but you must pay cash up front. At the end of the lease, the tenant gets a refund based on use, without interest. The second way is key money plus monthly payments. The renter has to pay the landlord anywhere from 10 to 20 times the amount of the monthly rent per year as key money up front, plus monthly payments. The key money is refunded at the end of the lease, without interest.
These are just a few examples of the many country-by-country differences you are likely to encounter when researching the rent or buy a home abroad question. Make sure you find someone you can trust to help you negotiate the local ways of doing business. Ms. Stouffs recommends that you contact a Realtor® for advice. They can also refer you to qualified and trust-worthy local rental agencies.