CE Estate Management Budapest

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bondiblues

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just wondering whether anyone has had any dealings with this company, I'm with them over a year, no sign of the appartment being let, though it is empty, its a classic on vorosmary at the podmanizcy end, so maybe not a great area either
 
Hi bondiblues,

I remember from earlier posts that you had an unfurnished apartment on Vorosmarty utca. If this property is still unfurnished, then I'm really not that surprised that it still hasn't been let. Very few tenants want to rent unfurnished properties in less desirable areas such as the Podmaniczky end of Vorosmarty u. In this case, I think it's probably the apartment rather than the management company that's proving to be the problem.
 

exactly, thanks for the reply and God bless your memory, I was just trying to make sure they really exist as they dont have a website or anything and this would be odd here but maybe not over there, I was only in Budapest for a day. I was just wondering as they charge me when the appartment is vacant and they charged a fair bit for changing the names on the elec bills etc, and i thought i might find an agency who doesn't charge when the appartment is vacant, it's difficult for me to get over there so i'm not sure about going to the time/effort/expense of furnishing as it still mightn't be let and even if it is probably would be a pretty low sum as not a great area
 
You're right, it's a bit of a risk to spend more on furnishing but in the current market, almost nobody wants unfurnished apartments in this area. If it were me, I'd furnish the apartment and rent for a realistic amount. This company, like many others, uses ingatlan.com as their main website and advertises their properties here. The only Vorosmarty utca apartment I could find was 112sqm with older-style furniture. Is this the one? Their apartments all seem quite expensive, with very lacklustre furniture.
 
are you paying a flat rate for the service or is it commission based per rental?

Flat rate = they couldnt give a monkeys whether its rented or not as you have already paid them.

Commission = better rent it or no yoyo's for the leccy bill
 
no thats not the one, it's 83sq/m unfurnished, there's some amount of appartments to let on that website! i didn't see mine but theres so many i dont know how you'd find it anyway! they charge 5000huf a month plus 2500 for financial services, so in total 7500 monthly, not too bad i suppose, could you give any rough guess on the value of such an appartment? its in a classic building, facing the courtyard, 4th floor, there is parking in the courtyard but a long waiting list to get a space, it is renovated but not too western standards, the layout is odd, kitchen and 2 v.large bed rooms but no sittting room, there is a lift. prob wasn't the best ever investment but you learn from mistakes i suppose, i bought it blind, basicly fell for the pitch of a good sales woman! wouldn't mind selling if i could but i'd say would be tough to move it on
 
This company has only 13 apartments for rent on ingatlan.com. Looks like your's isn't there at the minute. I'd raise this issue with them asap. I don't know anyone who would rent any of their properties though. The furnishing doesn't seem to be to a high standard and the apartments are quite expensive.

You were over-charged for this property at the time you bought it, probably by at least €20,000 but difficult to say without seeing it. Even if you could find a buyer, selling it now would involve taking a significant loss.

A lot depends on your own circumstances but it would seem that the best course of action now is to:
1. Sort out the management company issue. Why is it not being advertised for you? Are you generally happy with their service? If not, then perhaps it's time to move on.
2. Renovate and furnish the apartment and get it rented, even if it's for a lower amount. Which number on Vorosmarty utca? (Assuming the building is in reasonable condition, it should be possible to rent, but the apartment needs to be desirable). At the minute, it's a liability not an investment. You're paying the common charge, bills and management company charges every month with no income. Make an extra effort to furnish it well and don't just buy the cheapest items from IKEA. Take a look at properties in the area on ingatlan.com and make it look better than the competition. Don't accept a standard package from your management company with no personal involvement.
3. Find out from your management company what the plans for your house might be.

Most importantly, you need to take a hands-on approach to the investment or this situation will drag on. This will more than likely involve either coming to Budapest and sorting things out in person or hiring the services of a management company who you can trust to work on your behalf.
 
thanks again, i e-mailed them about it last night and though i didn't get a response i notice that this evening it is on there website, its 69-71 vorosmarty utca, the company i bought it off put me on to this management company, and while fair enough it might be easy to see why its not being let, well there isn't much chance if it wasn't being advertised! so how does one find a management company you can trust? i might try to get out there in august, i've wedding and honeymoon during the summer,
 
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having a look on the apartment in ingatlan.com there is no wonder it is not rented, too small and "off location" to be used as an office, please note that they also advertise the heating as "HERA" - old gas operated heating system and not cirko (radiators) which seem to be the case.
they are asking 260 euro / month, I don't know the building but if it is in fair condition you can get 400 euro / month when it is furnished.
I don't think that any agent will agree to take on your apartment without a flat rate since renting it will be almost impossible...
 


cheers, what would you think the cost would be to furnish to that level?
 
Around €5,000 would furnish the apartment as a 1 bed, assuming you were going to use one of the rooms as a living room. You'd also need to spend another €2,000 on a kitchen.

If it were me though, I'd re-arrange the layout, particularly as the property looks like it might need some renovation as it is. Can't really see from the pictures, but you should be able to make a second bedroom quite easily. I'm sure you're frustrated by this apartment but there are ways of fixing this problem and turning it into an investment.

Another important consideration is what condition is the building in? Currently, this part of Vorosmarty utca is quite run-down but a new 4-star hotel is being constructed nearby and some development is taking place. Future government district can't do any harm either.
 
5,000 - 6,000 euro for the furniture is a reasonable figure, you need to take into consideration that re arranging the layout will cost 12-15K euro , you need to be certain that you want to invest this amount of money in the apartment.
 
If it's just a partition wall, new door, etc. in the large living room, then it may not involve too much expense. Difficult to know without seeing the plans/window configuration/radiator location though.
 
budapest/lee-m,

I must say, I do a lot more reading than posting..but i just wanted to comment on one thing. I am interested in figuring out how to furnish an 83sqm apartment for 5,000 euro? I assume your answer will revolve around IKEA, but is 5,000 euro really feasible for a full fit, meaning all the extras the tenant will require at some point (toaster, microwave, vacuum, iron, iron board, dishes, glasses, etc........)?
 
€5,000 is certainly enough to furnish this property as a one bedroom apartment to a high standard, including high-quality leather sofa, full fit-out and designer extras. You just need to shop around. Buying everything in IKEA or KIKA is usually not a good idea. Several management companies charge 20% for furnishing a property, which is too high. Usually, negotiation is possible.
 
Budapest,

Could you summarize what one would get for 5,000 euros?
 
Full furnishing in kitchen, living room and bedroom and items such as ironing board, microwave, vacuum, dishes, glasses, etc, but not including kitchen units themselves. Several management companies don't give receipts and effectively hide the real cost of furnishing.
 
Budapest is right the 5K euro will include all electrical appliances, furniture, light fixtures, curtains, bedsheets, towels and kitchen stuff. practically when a tenant moves into this apartment he only needs to bring with him toilet paper..
 
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