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Buying in Hungary
leeo123
Posts: 5 Forumite
I am interested in buying a property in Hungary. I am unsure of whether to buy myself or setup a company, as it will be partly rented out. I have no experience of business or setting up one. Any advice welcome. It will be funded partly with credit (approximately 60-70%).
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Comments
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Budapest is my favourite place in the world! One thing you need to think about is that Hungary tends to be on side with Russia. You have to think about the future of owning anything there if Hungary decides to really get into bed with Russia.leeo123 said:I am interested in buying a property in Hungary. I am unsure of whether to buy myself or setup a company, as it will be partly rented out. I have no experience of business or setting up one. Any advice welcome. It will be funded partly with credit (approximately 60-70%).
My partner and I had conversations about buying a place in Budapest but you are dealing with a possible Russian ally that could possibly return to communism one day although we really hope not.
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Your short post rings so many alarm bells! I assume you don't have a family member in Hungary that is a specialist property lawyer in Hungary, or a friend who is already running a rental business there, otherwise you would have mentioned this.leeo123 said:I am interested in buying a property in Hungary. I am unsure of whether to buy myself or setup a company, as it will be partly rented out. I have no experience of business or setting up one. Any advice welcome. It will be funded partly with credit (approximately 60-70%).
You don't have the knowledge, skills or the money to do this, so my advice is don't do it!
The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.0 -
Think seriously about this, you are talking about borrowing 70% of the cost, to own a property in another country, where presumably you don't know the language, customs or law and planning to run a rental business? Who will manage the rental (which is complicated enough here in the UK)? And with the instability that could very easily happen? I'd wait for a decade or so. Or choose somewhere else.0
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Thanks for the comments, but I do have connections in Hungary. I've been there about 20 times. With a growing family we don't want to stay with family so much and therefore this would really help. Appreciate the issues with buying abroad however and especially the Russian aspect. It is something that concerns me.1
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