Before buying an apartment we have to make sure we have all information we need regarding e. g. the condition of the apartment and the house and the prospective costs.
Condition of the Building
The condition of the building tells a lot about its tenants. We can get informed about the property’s financial condition and the reconstruction plans from the joint representative. It is also recommended to ask for the energy certificate of the building.
When buying an apartment, one of the most important steps of the process is signing the contract. The contract has to include all specifics of the apartment, and we also have to obtain the title deed. In the case of a mortgage the transaction can only be made with the permission of the bank.
According to the new bank regulations effective since January 1, 2015, in the case of a forint mortgage the buyer has to have a 20-percent own capital, and in the case of a euro mortgage a 50-percent own capital is needed. The monthly down payment can’t exceed 50 or 60 percent of the applicant’s salary.
When buying an apartment, besides the price we have to be prepared for further costs, e. g. loan fees, the attorney’s fee and the property acquisition duty. The amount of the latter is 4 percent of the apartment’s price. Those under 35 who are purchasing their first own apartment can get a 50-percent discount. We also have to take into account the future renovation costs. A 50-60 square-meter apartment’s full renovation costs about HUF 2 million, and fully furnishing our new home is about HUF 1-1.5 million.