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Renting out a property in Budapest

Everything about renting out a property in Budapest - FAQ

What is the term for a long-term lease?

In most cases, we're talking about a one-year contract. There are some cases where the parties can arrange a half-year contract e.g. when the tenant's a foreign student and they are here for just one semester. With a one-year contract, the parties can decide to extend the lease or terminate it at the end and don't have to wait several years to get a new tenant/move to another flat.

What kinds of overhead costs occur with an apartment in Budapest?

There are utility and maintenance costs associated with a real estate. The utility costs include electricity, water consumption, gas consumption (for heating systems and stoves) and common cost. Common cost is only applicable if it's an apartment located in a condominium and calculated based on floor area. Usually, there's no common cost with owning a house but instead, there are several other services to pay e.g. garbage delivery fee, house insurance. Maintenance costs can occur unfortunately anytime when owning a property. These are necessary to carry out to keep or raise the value of the real estate. It can vary between necessary repairs of the heating system, electric appliances to decoration and aesthetic works such as painting or buying new furniture.

Utility Services are on the landlord’s or on the tenant’s name?

The rented property's utility consumption must be paid by the tenant in almost any case. Most owners keep their public utilities in their own name, tenants gives the owner the amount of the monthly bills and then the landlord pays the utilities. At the end of the lease, they calculate the last bill or wait for it to arrive from the provider. With this method, you can be sure that your payments are on time and you will not risk any outstanding debts.

Who will be charged for maintenance costs?

Maintenance costs include both preservation jobs and repairs. Preservation works mean maintenance of the heating system, electric appliances, doors and windows, and any other mechanics of the real estate. These are entirely borne by the lessor. Repairs are such as bulb replacement, fixing loose door and window handles, and minor repair of home appliances is borne by the tenant usually. Of course, there are different ways to agree on this, but it must be specified in the leasing contract.

How much is the law protecting the tenant, how much the landlord?

The law protects both parties sufficiently, but only if the contract is well-written. It is very important that the contract specifies the details of the agreement. The owner has the opportunity to request a declaration signed by a notary, which gives him a degree of protection as he can immediately enforce the contract without court proceedings.

Can you release a non-paying tenant?

If there is a notarial release statement from the tenant, then the case is easier because it can be executed immediately. We usually recommend this since it does not cost anything for the tenant (the owner pays), but helps to fix a situation quickly. If that is not the case, then, unfortunately, the claim can only be enforced through court proceedings.

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