Cost of Living in Hungary
The cost of living in Hungary may vary. For instance rents in Esztergom for one bedroom flat are £100 per month, while in Budapest you’ll pay nearly £200 for the same kind of apartment.
There are no restrictions on buying a house in Hungary. You need to do this by a purchase agreement countersigned by a lawyer. You also need approval from the Administrative Office (AOB). The permit takes around two or three months to arrive. To circumvent this, you may be advised to set up a limited company, where no permit is needed. This is easy and only takes a couple of days – and you can write off the expenses. It costs around £400 with an accountant fee of around £200 per year.
Buying a House in Hungary in 8 simple steps:
- Choose a property – negotiate with the agent as they often quote a higher price than necessary. You are advised to employ – and pay for – a lawyer who represents buyer and seller. Title searches are usually included in the lawyer’s services, but check this.
- A structural survey is also recommended. Reach agreement with the seller, then the lawyer can secure local government approval of the purchase (unless you are setting up a company). Property valuations and title search are then started.
- When the title has been declared clear from encumbrances, the purchase agreement is drafted by the lawyer. The purchase agreement has to be countersigned by the lawyer to enable the transfer of the property.
- Seller, buyer, lawyer and estate agent then meet to sign the purchase agreement. You hand over a deposit (10%) of the agreed price. You then pay the fees for the lawyer and agent. The purchase agreement has to be submitted to the land registry office within 30 days of signing.
- Between 60 and 90 days later you will receive the purchase – permission from the administrative office, you must tell the seller immediately. Closure usually occurs within a week.
- The closing statement has to be signed by yourself and the seller. This declares that the purchase price has been paid in full and transfer of possession has occurred. Then you can move in.
- The final registration of ownership rights takes about six months.
Prices range from £4,900,000 for a five-bed penthouse apartment in Budapest to a 5-bed detached house in Pest for £69,000.
- It usually costs more than you expect, so check your finances carefully. Currency rates will affect you.
Working in Hungary
The European Free Movement of Workers agreement means you can live and work in Hungary without a visa or work permit. Your ability to find work depends upon your language skills. English is a bonus, but it helps to be fairly fluent in Hungarian. If you are moving for employment, the administrative details may be handled by the employer. You might want to think about getting a written contract if possible. A verbal contract gives rather little protection.
There are plenty of jobs teaching English, and many other websites available for your search.