property purchase
Benedine,
It is impossible to make a comment on the value you are getting (or not) with so few details. On the face of it a reasonably spacious apt in District 13 for Eur90K may not be a bad price but you should consider whether or not the apt needs to be renovated, what floor it is on, street facing etc to really determine the price you should have paid.
I would not be happy that you were "promised" Eur500 per month rental income. It is impossible to guarantee rental income in Budapest at present, it can be quite hit and miss. An agency that tell you otherwise are leading you astray. However you should remain focused on your prime reason for investing there - capital appreciation.
I actually haven't come across the guy you used in Budapest. Does he have Irish connections or where did you find him? Perhaps he came recommended to you by someone who has dealt with him before??
Do you know if the lawyer you met has European Law Society credentials or have you had your contract viewed by a third party solicitor?
I would not be rushed into forwarding the funds if you are not entirely happy. Either way this is a big investment. If you are rushing to meet a contract deadline the chances are that a late penalty fine may kick in, but that shouldn't be too onerous and is probably worth it for peace of mind. I wonder have you made a downpayment by way of holding deposit?
My advice is to check out the agent you used further. He will have been the link to your solicitor etc so it is so important that you know that you can trust him.
Hope this helps. Purchasing in Eastern Europe can and should be pretty straightforward - I have of course a vested interest in that I run my own Irish agency, but I do believe it is the job of the agent you use to give you the peace of mind which you clearly don't have.
If I can be of any further use you can e mail me to my personal e mail at
[email protected].
Good luck!
Val