Visiting Hungary 7th November onward.

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BudaRich

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I am visiting Budapest to organise completion of Karolyi Gardens apartment and subsequent furnishing of it.

I would appreciate all and any advice you can all give since I am considering using the furniture package supplied by the company I purchased through http://www.towerbudapest.com/ although I am planning to be able to furnish it myself if I feel the furniture package is unreasonably expensive [broken link removed] or just plain ugly. Life would be much simpler if I were to leave it in their hands and I am very tempted to do so since they would do everything for me, but I do need to learn this stuff at some point.

Also,

I have not arranged any place to stay - just booked the flights for various reasons.

I am Unsure how long it will take me firstly complete on the apartment - what day I will be able to complete (all i know is hand over is in November - no further info from developer).

Ideally I will arrive on the 7ths and completed by 10th / 11th, buy a bed on the 11th and stay at the apartment for the duration. I know probably a highly unrealistic goal...... since will water / electrics be on?

The property agency want to charge me 250 Euro to do the handover ... what exactly is involved in the hand over? Is it worth 250 Euro.

Also .... if anyone would like to meet for an evening during November let me know! I would like to get to know some good folks over there.

Anyone got an apartment I could stay in for a few weeks if I should need it that long?

Is anyone else completing on an apartment during this time, furnishing it? Feel like joining forces? I would certainly feel more confident doing it myself if I had some experienced knowledgable people to consult.
 
Seems like a sensible approach that you have taken by posting you query here. I have to go through a similar procedure early next year so I shall watch with interest to see how you on.

Buckets
 
I'd imagine that if you're completing the purchase, further snagging will be required. Don't take possession of the property until all of this has been done to your satisfaction. Check everything in detail. Has the glass been scratched? Are there any bumps in the floor? Is the tiling finished properly? Spend half an hour checking every single thing in the property, before signing anything.

250 euro for 'handover' is a bit ridiculous, but may be part of your contract. Do you have any alternatives? What does this cost cover exactly?

It's always more expensive to have a management company furnish your apartment. If you have time to do it and have good taste and some design expertise, then you'll do better by furnishing yourself. If you don't have some design skill, then get the management company to do it!

There are limited options for furnishing rental apartments in Budapest. KIKA (near Arpad Hid metro stop on blue line) offers a combination of reasonably-priced unfashionable furniture or expensive designer furniture. The design shops, of which there are many, charge more than is worth spending on furniture for a rental apartment. However, it's vital that the apartment stands out from the crowd, so it may be a good idea to accessorise your apartment with smaller items from e.g. Material Center (www.materialcenter.hu, near Arpad Hid metro stop in blue line) or some of the smaller design shops, e.g. in the Kiraly utca area, closest to Deak Ter (all metro lines). You'll find that IKEA still offers the best design and quality for the best value, but only go for their most expensive products. They have the resources to keep their designs up to date and 'borrow' a lot of their ideas from higher-end companies like Ligne Roset, etc. Order a leather sofa in advance, as it can take 6 weeks and work out as many of the decisions as you can before travelling by visiting UK showrooms. 95% of the stock will be the same as in Budapest. IKEA (Ors Vezer Tere metro stop on red line) also assemble, but you'll need to book them in advance, probably 2-3 days after you get the furniture delivered. (Not sure if it's too late or not, but if you have the option, don't go with the developer's kitchen as they tend to be the most basic they can find).

Make sure to make the property as well-designed and presented as you can and don't skimp on final touches, just to save a few hundred pounds. It'll be worth the effort. Unlike the UK and Ireland, this includes duvets, duvet covers, sheets, TV and DVD Player, etc. If you can, bring lighting from the UK as there are only a few good options in Bp. All of the electronics (washer-dryer, TV, DVD, microwave, kettle, toaster, fridge, etc.) can be purchased in Media Markt in the West End Shopping Center (Nyugati metro stop on blue line). Best of luck!
 
Hand over =

• Snagging in accordance with the original building specifications.
• Obtaining a Tax ID number to register you as a foreign property owner.
• Transfering the utility meters from developer's name to the owner's name
• Arrange contracts with the utility suppliers: electricity, water, gas, TV, phone, Internet
• Collecting all paperwork in regards to the apartment, needed for the management process
• Taking photos after the technical inspection
• After checking the snagging list, handing over the keys

Once-off Fee - 50.000 HUF + VAT (200 € + VAT)
Note: Prices are calculated at 250 HUF / 1 €.

----------------------------------------------

The Tower Property Group is Budapest's leading Property Management & Lettings Co.
Following 5 years of successful growth we are now recognized as the biggest and most respected management company in Budapest, Hungary. Based out of our head office in Central Budapest with a current staff of 45, we are successfully managing over 400 Buy-to-Let property investments valued over 40 million euro.
The key to our success and more importantly that of our investor clients is our understanding of what is required to turn a great property into a great property investment.
We offer landlords a full turnkey service in 4 easy steps:
Step 1: Preparing the Property for rental
Step 2: Renting the Property
Step 3: Managing the Property & Financial Reporting
Step 4: Accountancy & Tax Returns

Step 2: Renting the Property
The Tower Rentals team is very successful in managing Long-term and short-term lettings. Our tenants include Students, Business Executives, Expat relocations and Corporate tenants. Tower is the largest independent letting agency in Hungary. We successfully rent over 30 apartments every month.
Lettings
We act as liaison and negotiator between landlord and tenant, prepare and administer the contract agreements in accordance with Hungarian law. We also prepare a full inventory on your property and check all meter readings. The letting services we specialise in are:
• Advertising available Apartments
• Interviewing potential tenants
• Perform viewings for suitable tenants
• Negotiating leases in accordance with the owner's requests
• Executing leases and rental agreements on behalf of the Owner
We invest in many different methods to find tenants for your property, using:
• website marketing
• newspaper advertising
• poster advertising in universities and in many other public locations
View our current list of rental properties on our dedicated Property Rentals website!

Step 3: Managing the Property and Financial Reporting
Once the apartment is rented, the work is not yet finished, it has just started! Our team of experienced Property Managers will save you time and money so you can enjoy the benefits of your property investment. Each manager is fully qualified to manage tenants, collect rents, perform property inspections and provide financial statements for accounting purposes.
Property Management
• Collecting monthly Rents
• Checking utility meters
• Collecting utility fees from the tenants
• Checking the apartment
• Liaising between landlord & tenant
• Organising Maintenance & Cleaning Services
• Attendance at building representatives meetings
Financial Reporting
Once your property is rented and fully managed it is very important for a foreign investor to have updated, transparent and easy-to-access information about the financial performance of their investment. Tower will provide the following financial reporting service each month:
• Monthly reports on your income & outgoings by email and post
• Confirmation of rental payments to your Hungarian bank account
• Arrange payment of the utility services
• Issue receipts for the transactions in accordance with Hungarian accounting regulations

Step 4: Accountancy & Tax Returns
Tower's in-house Accountants are here to help you save money when it comes to taxation. We provide a wide range of accountancy services in accordance with Hungarian accounting regulations.
Tax Returns
Our team of chartered accountants are here to:
• Prepare your annual tax returns
• Arrange the administration of your accounts on a monthly basis
• Private Individual and Company accounts
Not only will your accounting service save you unnecessary tax payments, but they also make sure that no penalties occurs due to delayed tax returns, missing documents, mistakes regarding security deposit - just to name a few common issues experienced by many foreign landlords.
 
They are probably the most expensive company to use ... but they claim a very high % let rate, something like 90%, and they charge a monthly fee even if the apartment isnt rented.

I guess its the worry free way of doing it. Their furnishings look OK too.
 
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