Choosing the agency
As exclusive contracting is not common practice in Hungary, many agencies share up to 90% of the properties on their books with other agencies. Based on our previous experience, we know that working with multiple agencies often results in visiting a particular property more than once, which means time and money wasted. In view of this fact, it is advisable to remain with a single quality agency, such as At Home, for the entire home search process.
Choosing the area
Before choosing your neighbourhood, it is highly recommended that you consider your family's future requirements. Important factors such as office location, proximity to schools, local amenities, as well as unpredictable elements – such as weather - may determine your choice of location. Do not hesitate to ask for advice on these issues from your At Home agent.
Visiting the property
When visiting a property, we suggest that you stay neutral and avoid sharing personal information and opinions with the owner as this may reduce your chances of negotiation. It is generally recommended you leave this aspect of the transaction to your agent.
When searching for a property, you may already have a specific rental fee in mind, but please remember that in most cases there are additional fees such as the common costs and utility expenses. These are to be paid by the tenant if not otherwise agreed. Utility expenses include water, electricity and gas consumption, and may significantly increase your real estate budget. Common costs usually include the costs of services related to the building such as cleaning, gardening, amenities provided, and upkeeping of the building. As such they can vary - depending on the apartment building of choice.
If you intend to rent a property in Hungary, but have never done so before, then the terms and procedures in use can be both unfamiliar and confusing. The rental market now makes intensive use of both the Internet and email as a marketing tool. The web is a good way to get started and to get a feel for prices, but the specialist advice and the local knowledge provided by a reputable Letting Agent makes the process smoother.
The asking rent in Budapest is usually quoted per calendar month. The asking rent does not normally include utilities. When viewing a property, it is important to remember that some things may be negotiable, so if you like the property but want something changed, then make a note, as these changes could form part of the negotiations.
Securing a Property
Once you have selected your property you will need to make an offer to the letting agent. Most property prices are negotiable to a degree. Longer-term rental contracts can result in lower rents. If you have a ′wish list′ of improvements at the property, you should make these a part of the offer. Once you have found a property that you want to make an offer on, you will need to decide:
- How much you are willing to pay and how often
- The length of the contract you want and the planned move-in date
- Who the Tenant will be
- What options you might want to either extend or break the contract earlier than planned
- If you have a list of changes to be made to the property
If your company will be listed as the tenant with you as the occupant, you should check your company policy on legal review of the draft contract.They may request that you use a particular firm of solicitors or in-house relocation team.
The draft contract is normally issued by the Landlord's Agent. Different types of contract are used depending on whether it will be a company let or a private tenancy. You should review the contract to make sure that the terms reflect what you have agreed. It is advisable to have your contract checked by a solicitor or someone who has an understanding of the legal terminology.
In Budapest most landlords request a security deposit equivalent to two or three months' rent. The security deposit and first rent payment will be required in cleared funds prior to the commencement of the Tenancy.
Commencing the Tenancy
The final formality is the check-in. This is held at the property, and a formal document called the Inventory and Schedule of Condition is agreed.
Should you already know the price you wish to pay, keep in mind that in most cases there are additional fees in addition to the rental fee, such as the common costs and utility expenses. These are to be paid by the tenant - if not agreed on otherwise. Utility expenses include usual things as water electricity and gas consumption, and may greatly contribute to price. Common cost include costs of services related to the building and may vary, depending on the apartment building of choice. In case of a detached (or semi-detached) house it is important to agree on the gardener's fee and the costs of the maintenance of the swimming-pool.