Budapest, the city with population of over 2 million, is a conveniently located hub, popular tourist destination, and a place with its distinctive charm and character.
Another thing that makes Budapest remarkable and worth considering as your new home or an investment opportunity is affordable cost of living and more than reasonable prices for real estate property in historic districts with grand Austro-Hungarian architecture.
The process of searching and buying the apartment or home in Budapest can be quite fast and smooth once you are clear on your requirements and preferences. Even if you don’t speak Hungarian, there are always real estate agents who speak English, and help you with the search and advice. Their fee is usually paid by the seller of the apartment.
Once you’ve found the property meeting you requirements, you make a written bid to the seller that must be answered within a week. When the apartment owner accepts your offer you move to the next stage—purchase procedure which is carried out by an attorney.
Attorney will check the property’s status in the Land Registry Office, and if the property is not burdened you can pay a deposit and sign the contract. The attorney’s fee which is on average 1-2% of the property price is usually paid at this stage.
You will be registered as the owner of property in Land Registry Office in about two month after paying the full price. After paying the full price the new owners register the gas, water and electricity meters to their names in respective offices performing this procedure for free (as of 2014).
Another expense to be taken into account is 4% tax (stamp duty; as of 2014) to be paid usually within half a year after you sign the contract.
Once the above formalities are dealt with you can start planning renovations of your property in Budapest to suit your individual tastes and requirements, to make it more cost efficient and easier to maintain.
To get the idea of property market in Budapest, you can check out Ingatlan.com, the biggest property database in Hungary (with sections in Engish).