Selling a flat in Budapest

kp1,

Would it be possible for you to go to Budapest,combine this with a weekend break..its a beautiful city to visit, arrange to meet the lawyer say on a friday or monday, also the original developer or his budapest based agent,it will allow you to pick out any finishes such as tiling kitchen etc.. In other words you could get a lot done in a couple of days. Including asking to see other developments by your developer.

At worst you get a breakaway and find out at same time that you want not to proceed and cut your losses, at best you have a fantastic break away and are delighted with your initiaL decision and get lots of other questions out of way. If your other half does not want to go bring a friend or relative..

I think you are now so worried about everything that nothing will make you truly happy about your decision to buy unless you go over and suss things out directly.

For what its worth, I had an Irish based agent who was completely unhelpful and whatever question |I had always got answered by the developers after the irish agents washed their hands of all responsibility(as soon as I paid the rather exorbitant estate agents fee)!
 
Madangan
that sounds like a good idea. I will perhaps make arrangements shortly to do that, before I abandon the project completely. Thanks.

As an update to you all, the solicitor has advised that I am contracted to buy, so if I abandon, then I lose the deposit, worst case.

If I find someone who is keen to take on the rest of the purchase, then the contract can be transferred legally.

However, the sales agent I spoke to is charging 3-4% of the selling price, even though I have only paid a deposit. That does not sound right to me.

Plus, there will be a legal fee to transfer the contract, plus 1% of the property purchase price, to go to the developer to get out of the contract. It may not be worthwhile at all.

If anyone knows if any of this is incorrect, please let me know.

Finally, does anyone have any views about taking out a mortgage with a bank in Budapest, as opposed to taking a further loan on your mortgage on your house in the uk to pay the purchase price of the flat?
thank you.
 
kp1,

Assuming you have only paid 10% so far - walk away now !. Accept your loss, don't throw even more money at this. If the developer/agent threatens legal action, just tell them you will make an IVA.

Learn your lesson from this.
 
thanks, BigRog. Thats sound advice.

I am getting there (walking away) and beginning to accept and learn my lesson.

IVA - do you mind outlining what that is, should I get pursued by the developer/agent?
I intend to inform the lawyer that I wish to cancel the contract..so that its all upfront asap.

thanks.
 
Please would you be kind enough to send me details odf the good agent you would reccommend, Many thanks jill




 
thank you amgd. I have spoken to the lady you referred and she passed me onto their rental company . Do you know anything about them? Are they reputable also?
 
Sorry Jilly, can't help you there. I only discovered this lady during the tortuous process of selling my apartment

Best of luck
 
Hi amgd28,
I have got the same problem could you please send me the email of this lady too.

I have got a property in Budapest that I would like to sell sometime this year. I am going on holiday to Vienna on June but I will be going to for couple of days to budapest too.

Ref:
Budapest VI, 55 sqm, Bajnok u, facing the street

It is at the end of Bajnok u. close to Andrassy u., Last year i spend £4,000 just instaling a new central heater system ( boiler and radiators). I have to changed all the gas pipes as requested by the local government. I have had this Flat since beginning 2004 and now i think that it is time to sell it. I can not wait for ever until the property prices start to go up again in Budapest.

Many thanks
Salva
 
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kp1,

I too have bought in Kings Gardens and are due to complete my purchases v soon.

If you or anyone has units to sellin Kinga Gardens please email me on ndm@live.co.uk. I have friends who are interested.


Regards,
 
I think you are absolutely bonkers for wanting to sell out of this development, I think Karolyi Gardens (Kings Gardens) apartments are amazing investments. 5 yr goldmine.
 
SALVA33 said:
Ref:
Budapest VI, 55 sqm, Bajnok u, facing the street
Click to expand...

The real question is price. More specifically in €/sq.m. what did you pay in Dis.6 4 years ago? and what is it worth now.

From my own rough checks its currently about 450k HUF/sq.m for a well-positioned street-facing place (thats about €1,900), but you can still buy mid-low quality new builds for €1,500-€1,600.
 
As this is a classic apartment, value would depend on many different variables - condition of apartment, building, block, amount of light, aspect, noise, etc. 450,000 HUF/sqm for a street-facing property in this part of VI would be extremely rare if not impossible and Bajnok utca is not a particularly pleasant street.

Another important consideration (for sellers wishing to convert their selling price to EUR) at the moment is that the HUF is at a 3 year high against the EUR (243 HUF = 1 EUR) and could strengthen further:
http://www.portfolio.hu/en/cikkek.tdp?cCheck=1&k=3&i=14873

Also for British residents wishing to sell at the minute, it's interesting that the HUF-GBP rate is now at what appears to be an all-time high for the forint, 303 HUF = 1 GBP.
 
budapest said:
As this is a classic apartment
Click to expand...

Hi Budapest, yes, I should have stipulated that I was pricing for a newly built apartment, not a classic. According in ingatlan, the average for Dis.6 is about 365k HUF sq.m (I assume this is a mix of new and classic.).



My amateur opinion Salva, is that you're place is worth about the same or perhaps 10% more now than it was 4 years ago, assuming you didn't pay too much per sq.m in '04.
 
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Hi Budapest and Paddyd,

Sorry for my late replay but i was very busy at work...

The apartment is well positioned in Bajnok utca, but at the end of the street just before Aradi u and Kodaly korond. The flat is in the 2 floor in a classic building (the building is renovated), the apartment face the street and there is a lot of light in the both of the rooms.

I bought the property for 11M ( it was 12M but I paid on cash and I got the price down by one million) the family of my Hungarian ex-girlfriend did help me with the purchase and for this reason the price was reduce. I also expend £ 4000 in fixing few things ( central heating, boiler, gas pipes …) The property was bought from a private owner not for a Real Estate company.

Property description:
Budapest VI, 55 sqm, Bajnok u
The property has a storage room under the building, but i have never bother to do anything to it, it is full or staff left by the old owners)

There is two big room, each one has the own access door and also the rooms are connected by a big double door. There a bathroom and a toilet. There is space in the corridor to put a big wardrobe. The flat is very light. The kitchen window face the courtyard. There is also a room inside the kitchen with a space for a fridge (the is a dispenser built up with shells)
Anyway i hope all this will make sense to you, I believe the flats in Budapest are quite similar so you will be able to understand what I mean.

Which all this information can anyone tell me the approximate value of the property.


Many thanks



Salva
 
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Hi amgd 28,
Hi too would like to sell my apt. in Budapest. Your agent sounds like the person i would need . How can i get her details from you?
 
Hi amgd 28,
realize this was 3 years ago, do you still have the contact details of this lady that sold your apartment? How can i get her details from you? Cheers
 
hi hi

i am new
I have an apartment on the market for the past year and a half,
My apartment is in good district, HONVED UTC 3 in Budapest. It is close to American embassy. Can you help me were is the best to offer to sell it?
Any help would be appreciated.

thx
 

i sold an appartment in budapest in early 2009 , i employed a well known estate agent called duna house , they charged me 4% commision which by hungarian ( extortionate ) standards isnt too bad

http://www.dh.hu/en
 
Does anyone know if the apartment complex to which the original poster referred has been completed? Was this as disastrous as announced in some of the postings?
 
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