Choosing your preferred accommodation type - Deepstash

Choosing your preferred accommodation type

  • Studio: They tend to be more affordable and more available, though the definition of a studio does vary depending on the location. It usually means living alone.
  • House: This is a popular choice for many making the move abroad. A shared house is attractive to second-year, masters and PhD students in particular, because a house offers a bit more independence from campus.
  • Apartment: Make sure you clarify how many bedrooms are in the apartment before booking anything, as a ‘one room apartment’ can mean a studio in some countries and a one-bedroom apartment in others. 

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MORE IDEAS FROM Renting abroad

Setting your rental budget

Properly managing your finances abroad will have a direct and positive impact on your experience. 

The majority of your funds will most likely go on rent. Nowadays, it isn’t uncommon for people to spend around 40% of their monthly income on rent and that’s why, when looking for a home, you need to have clear figures in mind.

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Look at the net monthly income you will have abroad and then calculate how much you will need to spend on: Food, insurance (e.g. Health, Travel), transport, entertainment/ leisure, other ongoing costs you’ll have (phone bills, subscriptions, payments back home, etc.)

Whatever’s left is – approximately – what you can allocate for monthly rent. It’s always wise to keep a financial cushion of one or two hundred, either to save for the future or for one of life’s unforeseen events.

Once you’ve settled on your absolute rental maximum, you can apply this figure to all filtered accommodation searches.

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Before arriving, you can expect to pay:

  • Deposit. Typically, this equal to a month’s rent, but this can vary per advertiser and from country to country. Provided you uphold your end of the contract and there is no damage to the property, you should get the deposit back at the end of your contract.
  • Administrative fees: Some advertisers may charge an extra one-off fee at the beginning, to cover certain rental activities, such as drafting the contract or paying registration fees.

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Maybe your utility bills are not included in the monthly rent. In that case, you will need to pay those on top of the monthly rent, and potentially to someone other than the landlord, e.g. an energy company.

If a bill is excluded from the monthly rent, then it will usually be calculated based on actual usage rather than a fixed amount.

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RELATED IDEA

Renting Out Your Property in The UK
  • Decide on how you wish your property to be managed. If you decide to let an agent handle your property, it's pretty common for them to take care of all the elements for about 10-15% of the rental income.
  • Make considerations on the taxes. Ensure that the HMRC is aware of your intentions and apply for the non-resident landlord scheme.
  • Find a suitable ex-pat landlord insurance that will cover you and your property including contents, damages, and any legal fees.
  • For mortgages, inform your provider.

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The world has changed substantially due to the pandemic. Tourism-dependent countries continue to suffer economic losses as people remain unwilling to travel.

Many organizations have found that remote work is successful and are now planning to allow their staff to continue operating outside of the office. To help fuel tourism, countries now offer what has become known as digital nomad visas.

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Automate Your Savings

The best way to attain financial success is not about having a budget or avoiding debt, or even choosing the right investments, but about having a system that makes automatic wealth creation possible for you while you sleep.
Investors make a lot of stupid financial decisions based on emotions and sentiments and putting money on ‘autopilot’ saves us from giving to temptation and laziness.

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