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budapest property advice needed

msdoyle
Posts: 3 Newbie
Hello,
This is my first time posting, I am really apprehensive, however I am hoping for some advice on the Budapest property market. I bought an apartment with a friend four years ago, but unfortunately he is about to go bankrupt and I am struggling to keep the investment going on my own. The managing agent gets paid whether the property is let or not, this seems to be a common model in Budapest and I am failing to find an alternative. Does anyone have any good experiences of the rental or even better the selling market over there as I am really worried about how I can cover the costs on my own. Any advice would be very much appreciated, especially in relation to honest agents, forums etc.
This is my first time posting, I am really apprehensive, however I am hoping for some advice on the Budapest property market. I bought an apartment with a friend four years ago, but unfortunately he is about to go bankrupt and I am struggling to keep the investment going on my own. The managing agent gets paid whether the property is let or not, this seems to be a common model in Budapest and I am failing to find an alternative. Does anyone have any good experiences of the rental or even better the selling market over there as I am really worried about how I can cover the costs on my own. Any advice would be very much appreciated, especially in relation to honest agents, forums etc.
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Comments
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Hi all,
just to let you know - msdoyle is my mum and I encouraged her to post here as I have always had good advice and loads of help from MSE'rs.
Any help or support would be greatly appreciated as this is a total nightmare scenario for my parents.
Cheers
divorcingjackSelf-building fund :eek:: £4259
Savings target: 1 rainy year 10000/10000 :j
WINS 2011: Briggs & Reilly Suitcase, Nail Polish, Book, AEGON international tennis tickets x2, 4* trip to London including Michelin Star dinner :j0 -
hi,
i bought an apartmemt in budapest off plan in november 2007, it was completed at the end of July/Beginning of August and was fully furnished by the 1st September. The agent i used managed to rent the property out from the 4th September for 12 months so i have only had good experiences so far. We also managed to furnish to a high spec for less than half the price of the developer and far more competitively than any other company for far higher quality.
Our agent does not charge while the property is empty either, although on the downside (if you can call it that), we probably do let it out for less than other companies claim to be able to get. However, if you do the maths, then we are better of having the property occupied at a lower amount rather than paying an agent 10% of a higher amount for the property being empty!
I can send you some details if you want to e-mail me or PM me? I know nothing about selling unfortunately, but to be honest.....do you really want to at this stage?0 -
Are you doing long term rents or holiday lets? I know someone who rents their Budapest apt on a short term basis to holidaymakers and does well out of it. Might be worth exploring if you haven't already tried it. It does mean that you need to employ an agency to manage the changeovers. My contact advertises on various websites, not just relying on the agency he's listed with.
Apologies if you're currently doing short term lets and it's not working out. If you're selling, my advice would be to go with an agent that's on Rightmove Overseas.0 -
Hi,
Thanks for your replies.
Jelliebeen, I really appreciate your pm, all the advice was very useful, it has given me ideas on a different way of letting out the apartment. I had not considered short terms lets until now.
Any other advice or opinions would be very welcome.0 -
What made you buy a property in Budapest? Where you planning to live there, or were you were you hoping prices would rise, pricing out the locals from their own market?poppy100
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What was the price you paid, what's it worth now?
Would it be possible to sell it and break even or at a small loss now and put it behind you?0
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