When searching for a home, the list of needs and wants is typically the first thing to make. A need and a want can vary depending on the host location. There is a great deal of variance in what is “standard” in every country. Here is a good list of items to consider when speaking with your relocation consultant or building a benefit policy.
1. Lease Period
Some cities will have a 12-month minimum on long-term leases while others will have a 24 month minimum lease period.
2. Security Deposit
Security deposits vary from country-to-country and from city-to-city. In many locations a security deposit can be equal to one or two month’s rent. In others, it can be more. Sometimes the amount will vary within a city depending on a landlord’s requirements.
3. Rent Payments
While almost always paid in advance, common rental payments will be by month or by quarter. In some locations such as Korea, the entire lease term can be required upfront.
Finding out what, if any utilities are included in the rental price can impact the budget or housing allowance amount. Even when utility inclusion isn’t standard, sometimes certain items can be negotiated into the rental amount.
Figuring out what furnished, unfurnished or partially furnished mean in a new location can be an important step. “Furnishings” in some locations can include thinks like stoves and refrigerators.
Who pays for property maintenance is as important when renting a free-standing house as it is an apartment in some locations. Read leases carefully to know what the tenant will be responsible for. Be sure to save any receipts for required, regular maintenance to prove the requirement was fulfilled.