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27 September 2012

Renting Flats in UK for NRI- Cheaper Option to Buying

While you stay in UK it is easiest to live on rent as the property rates are very high. Being an NRI on working or employment purposes renting a flat has less hassles and is easy on your pocket.
Home loans though available  UK NRIs falls to larger EMI (Equated Monthly Installments)amounts as the total home loan amount is very large. Also there is no point in committing yourself if you are just for work purposes in the UK and may later on think about settling down here. Living and purchasing property in UK is very costly affair and your purse strings have to be pulled too tight. As dollar rate is more in comparison with the Indian Rupee a home in the UK costs a fortune! If you are on a very good salary and highly qualified and do fulfill the criteria for selection and approval of home loans then you may consider many options for buying a home in the UK on loan. Otherwise ,especially in the beginning years of your stay in UK it is best to find a cozy place on rent. rents in the UK depend and vary on the locality and size of the flat available along with the area in which you wish to stay. Some upper end areas have much more higher end than in some budget home areas.
Renting flats in UK is an easy and cheap option and if you narrow down your search on the locality you may find a good place suitable for your needs. If finding the right apartment in UK is a problem with your working hours you can first brush up on the internet and select available options before committing yourself to any agent or housing society.
Colleagues and staff where you work may be able to guide you better in options for flats on rent, availability  of flats for rent, rental charges per month and also deposit amount in the UK. Though it is better to hire a reputed agent or mortgage broker in the UK as NRI rules and regulations would differ for NRIs but it is true they also charge a fee for the same. But another important aspect to consider would be finding availability of flats for NRIs as this would become tiresome if you find out personally enquiring in places known to you and your friends. Time and travelling becomes a hassle and may further increase expenses which leaves you with the option of a guided tour of flats and visiting selected few under guidance of a good reputed broker.

2 comments:

  1. I have always been a fan of renting out a home rather than buying one. Maybe it's because I always move around the city. Right now, I'm staying in one of these palatine apartments for rent. I'm not sure how long I'll be staying here but I'm sure I'll be moving again real soon because of my work.

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  2. micheal, renting apartments is cheaper than committing to buying one when you are always on the move.

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