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Should I rent or buy property in Budapest?

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Should I rent or buy property in Budapest?

When applying for a Hungarian residence permit, you are required to have an address in Hungary so the authorities can contact you. But should you rent or buy property in Budapest? When deciding if you want to rent an apartment or a house or buy one, there are several questions to consider. Do you plan to spend a lot of time there? Would you also use it as your office? Would you prefer to be able to use it for a vacation rental when you are not using it yourself?

Renting a small apartment

If you are not planning to spend a lot of time in Hungary, especially in the initial period while your residency application is evaluated, it might make more sense to rent a smaller place. This will help keep your costs in check, since you will need to pay less for rent and utilities, and it also offers more flexibility than buying: you can usually cancel rental contracts within a month’s notice, unless you are renting for a fixed term. You can chose whether to rent a furnished or unfurnished apartment, and, since you are not spending much time there, you can also keep to a smaller size.

Buying a bigger property

If you are planning to spend a considerable amount of time living in Hungary, or if you are bringing your family to live with you, you might look into buying a property in Budpaest. This gives you more freedom and more stability: you can renovate or furnish the apartment any way you want, and you do not have to worry about the landlord terminating your contract.

Property as investment

Buying an apartment can also function as an investment: since Budapest is very popular with tourists, you can use your apartment for a vacation rental when you are not living in it yourself. And, since property prices have are steadily rising in Budapest, there’s a good chance you’ll make a profit should you decide to sell your apartment after a few years. Helpers offers a variety of packages for renting, buying and property management, so you’ll be sure to find the one that suits your needs. Ask Dorka for more information, or call our office on +36-1-317-8570.

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