Property management - Budapest
#1
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Joined: Mar 2011
Posts: 75
Property management - Budapest
Several years ago I bought an apartment in Budapest. It is a rental property and whilst demand seems ok the rental income is reducing which I have put down to the slowing economy in Hungary. It seems to be difficult to make any money out of the rental of the apartment
I never seem to recover all the commen costs, the managing agent seems to want me to pay for any repairs instead of the tenant, people leave without having paid rent and the agent wants to hang on to the deposit.
Does anyone have experience of property rental in Budapest? And can anyone recommend a reliable managing agent for rentals and repairs?
I never seem to recover all the commen costs, the managing agent seems to want me to pay for any repairs instead of the tenant, people leave without having paid rent and the agent wants to hang on to the deposit.
Does anyone have experience of property rental in Budapest? And can anyone recommend a reliable managing agent for rentals and repairs?
#2
Re: Property management - Budapest
Hi Hayles and welcome to the Hungarian section.
Unfortunately, I don't know of any agents in Budapest but there are a couple of forum users from Budapest who might be able to help advice you.
Unfortunately, I don't know of any agents in Budapest but there are a couple of forum users from Budapest who might be able to help advice you.
#3
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Joined: Mar 2011
Posts: 75
Re: Property management - Budapest
Thanks for your reply, I have read many of your posts with interest. Unfortunately I have had no other responses to my post. Maybe someone will read it soon and be able to give me some help.
Regards
Hayles
#4
Re: Property management - Budapest
I do have a friend in Budapest who used to work there as an estate agent, not sure if she dealt with rentals but if you want to PM me details of your agents commission, contractual details with regards to repairs etc, I can ask for her opinion on it.
She now works for one of the directors at Budapest airport so any opinion she offers will be unbiased
#5
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Joined: Apr 2012
Posts: 176
Re: Property management - Budapest
Hi
I have just joined this forum - on an entirely different issue - but I may be able to help. I have a rental property in BP that is managed by a small company and it works fine. If you are still looking, get in touch with me.
Dave
I have just joined this forum - on an entirely different issue - but I may be able to help. I have a rental property in BP that is managed by a small company and it works fine. If you are still looking, get in touch with me.
Dave
#6
Re: Property management - Budapest
I think one of the problems is that there are quite a lot of badly built buildings in Hungary so they need frequent repairs. If you happen to have invested in such a building you could well struggle to make much income. I too have considered looking for a buy-to-let flat in Budapest but am well aware that it is a high risk investment, especially during a recession when tenants may be struggling to make ends meet.
#7
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Joined: Apr 2012
Posts: 176
Re: Property management - Budapest
We bought a place in Budapest a few years back but were fortunate with the location and have managed to secure tenants who make it viable. We have a small team of guys who take care of it for us who we have developed a good relationship with. We decided on an old building mainly because they are never likely to build anything like this again, whilst new builds are everywhere.
A (serious) question Fidobsa......how does retirement suit you as a 52 y/o man in Hungary? I am in a situation where I am looking to leave the UK and semi-retire and Hungary (Budapest) is a possibility. I am very familiar with the city but I'm not sure living there full-time would suit.
Dave
A (serious) question Fidobsa......how does retirement suit you as a 52 y/o man in Hungary? I am in a situation where I am looking to leave the UK and semi-retire and Hungary (Budapest) is a possibility. I am very familiar with the city but I'm not sure living there full-time would suit.
Dave
#8
Re: Property management - Budapest
A (serious) question Fidobsa......how does retirement suit you as a 52 y/o man in Hungary? I am in a situation where I am looking to leave the UK and semi-retire and Hungary (Budapest) is a possibility. I am very familiar with the city but I'm not sure living there full-time would suit.
Dave
As for retirement, I've not really got to that bit yet as I seem to have bought a collection of those badly built buildings I mentioned and it is a full time job getting them up to scratch!
#9
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Posts: 176
Re: Property management - Budapest
Ah, I see the problem about the properties. Tricky one I guess. I understand entirely about the language difficulties although in Budapest it is less of a problem. I have managed nothing more than a few words and I know that whatever I do, I will never pick up enough to converse in Magyar.
I can see that living in the countryside would be good although it's not for me. Whilst I appreciate everything you have described, after a few days I start to need the bright lights again. I have always found the people - by and large - to be decent and certainly more respectful others than almost everyone in the UK.
Dave
I can see that living in the countryside would be good although it's not for me. Whilst I appreciate everything you have described, after a few days I start to need the bright lights again. I have always found the people - by and large - to be decent and certainly more respectful others than almost everyone in the UK.
Dave
#10
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Joined: Mar 2011
Posts: 75
Re: Property management - Budapest
Hi Rammy
Thanks for your post. Have sent you a PM.
Thanks for your post. Have sent you a PM.