Buying in Budapest: Nervous and Excited!
My wife and I (Americans) are currently in the process of looking for a small flat to purchase in Budapest. We plan on living in it for part of the year and eventually turning it into a rental of some kind.
We have found several options within our (small) budget in District 8. We are aware that D8 has a reputation, and have accepted it's state of transition as a welcome tradeoff.
We are nervous about a few other things though. Rather than pull our hair out we figured were worth putting some questions/concerns out the expat community in the hopes that you may be able to offer insight.
Inspection. The building is about Protected content old, we don't know exactly what to be looking for, and or if there major potential issues that cant be assessed visually. We would like to have an independent inspector check things out. Wondering if anyone has an idea of how to go about this? We don't speak hungarian.
Utilities. How hard is it to set up utilities in our name?
"Common Costs". How are common costs typically determined and regulated? Should we be worried that they'll go up unexpectedly?
Building Rennovation. The building we're looking at is shabby, but many other buildings on the block have already been rennovated. The seller/agent tell us that there's money available in the common account of the building and that they plan on renonovating the facade/etc in the "next few years". Is this the only kind of assurance we should expect? Is there any contract/promises we should ask for before going ahead with the purchase?
They say the city owns several of the units within the building- should this be considered a red flag of any kind?
What else are we missing?
Any insight would be greatly appreciated!