Hi everyone,
I'm looking to buy an apartment in the VIII district - in Joszefvaros. I have found a place I absolutely love - but there is one hitch. While the apartment itself is exactly what I want, the building it is in is in a really bad state of repair.
The building looks to be from about 1890-1900, and there are huge areas where plaster has fully crumbled away and the underlying bricks and mortar are decaying. It is especially bad around the street-facing windows of 'my' place - and also around the roof.
My question is around how these kinds of repairs eventually get dealt with. The estate agent explained that the building just selected a new managing agent as the previous one was useless and did nothing - but of course if I buy, I am worried about getting a huge bill as the new management finally try and get a handle on the state of decay and neglect.
My understanding is that the building has built up some savings from the common costs paid over the years, and the building still has many Hungarians (rather than just being an airbnb dormitory) in it, which means footing a huge bill all at once would be hard for them as well.
What can I expect to happen and how much might this cost? How also can I ensure that my home doesn't get damaged if the repairs don't happen soon and things like water damage starts to occur due to all the structural decay?
Does anyone have any knowledge or advice in this area? I am sorry if this has been asked before but I couldn't find anything.
Thanks in advance,
Jennifer