"FINDING A TENANT" Rent apartments in Budapest.

If an investor presents BUDAPEST PROPERTY SOLUTIONS with a Budapest apartment for rent, it will be inspected and an opinion given on the amount of the rent that will be achieved having regard to location, size, number of bedrooms, quality of layout, standard of kitchen, bathrooms and furnishing (if furnished), whether the apartment has a terrace, a garage parking space, other special features and general rental market conditions.

 
The apartment for rent will be advertised extensively on the internet on the BUDAPEST PROPERTY SOLUTIONS website and on the sites of chosen real estate partners.

 
BUDAPEST PROPERTY SOLUTIONS arranges viewings for prospective lessees and ensures a thorough letting procedure so as to be satisfied that apartment rent and utility charges will be promptly paid in accordance with the terms of the lease and that the apartment will be well maintained and looked after.


The form of lease contract required by BUDAPEST PROPERTY SOLUTIONS in every case is in Hungarian and the language of the lessor and the lessee (and if necessary, in 3 languages), is clear in terms of the rights and entitlements of the parties and is fairly balanced between lessor and lessee. Leases are signed in the relevant languages in triplicate with one each for the lessor and the lessee and one being retained by BUDAPEST PROPERTY SOLUTIONS. An inventory of furniture and contents will be attached to the lease.


Utilities will be dealt with as agreed between lessor and lessee and will be changed into the lessees name where agreed. Meter readings will be taken on commencement and termination.


BUDAPEST PROPERTY SOLUTIONS will ensure collection of the security deposit and the agreed pre payment of the apartment rent either in cash and by bank transfer and will not allow handover to the lessee until all amounts properly payable have actually been paid. In appropriate cases, the lessor will be registered with the Hungarian Tax authorities so as to get a tax number and a book of official invoices for service on the lessee.


In cases where an official invoice has to be sent to the lessee, it will be delivered or posted on time so that there will be no delay in the payment of the rent.


BUDAPEST PROPERTY SOLUTIONS will promptly follow up late payment of budapest apartment rental fee in accordance with the terms of the lease and will if necessary, instruct a lawyer to demand immediate payment and take other steps as may be necessary.


Rent, less fees and agreed deductions under the BUDAPEST PROPERTY SOLUTIONS management contract, will be transferred as instructed to the lessors bank account with a statement of income and expenditure, usually on a monthly basis.


BUDAPEST PROPERTY SOLUTIONS has a maintenance division that is on hand to deal with all aspects of general property maintenance including lock replacement, window and glass repairs, plumbing, electrical work and roof repairs. Depending on the nature of the work and the terms of the lease, the lessor or the lessee will be for the cost and in the case of the lessor being responsible, the lessor will receive a detailed invoice with the monthly statement. The lessor will be consulted before any major maintenance work is undertaken and will be given an estimate of cost. BUDAPEST PROPERTY SOLUTIONS has a 24 – hour emergency service to ensure that faults are fixed quickly with minimum disturbance to lessor and lessee.


On termination of the lease, BUDAPEST PROPERTY SOLUTIONS will inspect the apartment and calculate the amount to be deducted from the security deposit on account of any damage caused by the lessee and any unpaid utility accounts. Any repair work that may be required will be carried out by BUDAPEST PROPERTY SOLUTIONS as quickly as possible so that the property will be back on the market for re-renting without delay.


BUDAPEST PROPERTY SOLUTIONS  ACTING AS MANAGING AGENT 

Almost all of the older apartment houses in Budapest are managed in an informal way by a house caretaker with little formal legal documentation or regulation. 


The construction of new residential apartment blocks in the downtown areas commenced in 1999 and managing agency, as a service, is in its infancy. Unlike the stock of old property, these blocks have proper legal status and regulation and BUDAPEST PROPERTY SOLUTIONS  has been  acting as managing agent on a number of them and has the necessary qualification and has gained the necessary relevant expertise. 


BUDAPEST PROPERTY SOLUTIONS  is usually instructed to act as managing agent well in advance of the completion of the construction of the new block and on being instructed, will prepare an estimate of the annual cost of running the block and calculate the service charges accordingly. After the experience gained at the end of the first year, the actual running costs are known and service charges are increased or decreased. On an ongoing basis, the services of BUDAPEST PROPERTY SOLUTIONS  are as follows.

-- Issuing invoices to the individual owners for the amount of the annual service charge.

-- Following up on late payments and taking remedies of a legal nature if required to do so.

-- Arranging for the appropriate policies of insurance and ensuring that they are validly in existence and that there is no break in cover.

-- Handling all insurance claims.

-- Appointing and regulating cleaning and grounds maintenance personnel for the common areas.

-- Paying regular visits to the block to ensure satisfactory maintenance of the common areas and no improper storage or use of hallways and passageways.

-- Appointing qualified contractors when needed for electrical, plumbing and general repairs.

-- checking bills from contractors and issuing payment s when amounts are agreed.

-- Preparation of monthly accounts showing income, arrears of service charge and expenditure.

-- Appointment of auditors for annual accounts.

-- Attendance of meetings with house committee representatives.

-- Sending out notices , arranging and attending the Annual General Meeting.

-- Dealing with breaches of house rules by residents, noise disturbances, rubbish not being deposited to appropriate bin storage areas, car parking issues etc.

 
The primary objective of BUDAPEST PROPERTY SOLUTIONS acting as managing agent is to ensure the orderly and efficient management of the house having regard to the requirements of owners and occupiers.