Developer to add extra storey to apt in Budapest

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cousin_borat

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I got a letter today from a Hungarian development company (Terez-Tetoter Invest Kft.) through my Management company.

They want to add a new Storey to the appartment. I had all but given up on this happening so it was a surprise to hear.

Anyway, what does the developer usually do in this situation?
To my knowledge installing an elevator, doing up the common areas are a given. Is there anything else that should be expected of the developer, ie on the front of the building, etc, etc.

The Apt is situated on Veres Palne in District 5 about 1/2 way between the Vorismarty and the far end of Veres Palne.

Very interested to hear from anyone who has heard of these builders or has knowledge of the whole +1 storey scene.

Finally, What is the reaction of residents in this situation. Assuming that investors would all be 100% in favour, my understanding that if even one person objects then the thing is down the pan.

Thanks
 
There are offers or potential offers on most decent buildings in District V, (particularly if the design of the building is attractive), from various loft companies. Most of them fail before contracts are drawn up due to residents not being amenable (older residents tend to hate the noise/dust during the process), poor reputation of the company, financing issues, etc.

Which number on Veres Palne? In 2006, there was an excellent conversion on the corner of Szerb utca, which dramatically changed the appearance of this intersection.

What typically happens is that the developer is given permission to build new apartments on an additional level or two and they will renovate the entire building - facade, interior courtyard, staircase and (usually) install a modern lift. In District V, most loft conversions are luxury, so loft companies tend to make an extra effort with the building, so that it attracts buyers of its new properties (typically 600,000-1,000,000 HUF/sqm). Practically speaking, it's a good idea to make sure that the electricity, gas pipes, plumbing, etc. has been renovated in the building before this would take place. Most house managers will have considered this.

I've been involved as an owner in several of these projects and have been lucky so far, but I have also heard of some more difficult projects, where financing falls through, residents cause a project to stop or where the developer changes the goalposts of the project.

Yes, residents effectively need to be 100% behind the project.

Is this a mere proposal by a developer company or is the house serious about drawing up contracts?
 
Not exactly. Usually it's a major benefit for a house to successfully complete a loft-conversion project. Generally speaking, the entire house is renovated and apartments can theoretically increase in value by around 20% on completion. This link is an example of a loft conversion gone wrong - something which cousin_borat should also be aware of, but which is the exception rather than the rule.
 
Thanks for the replies lads. It's Palne Street 5. It's above a key cutters place on vp and round the corner from that Fat Mo's bar.

The company in question is a member of the Branko group, whoever they are.

According to the letter they have carried out a survey and propose the following

1.Modernization of the forefront to the street
2.Modernization of forefront to the yard and hanging corridor
3.Modernization of gate entrance and access way
4.Modernization of staircases
5.Modernization of the mechanical basic pipes and wires in the cellar (water, sewage, gas), construction of fire water network
6.Replacement of electric main line, modernization of common lighting
7.Building of ornamental pavement in the garden
8.Replacement of ascendant gas pipe
9.Cladding of chimneys, according to the specifications of FŐKÉTŰSZ Ltd.


They quote jobs they done on Andrassy 31-33, Nagymezo 14, Paulay street 48

Guess wait and see what the other residents say

They are also claiming to have an account with HUF 65 to cover obligations
 
Their building references are good. Andrassy 31-33 looks fantastic.

From those details, it sounds like a standard offer. However, there is no mention of a lift. Does the building already have one? If so, it more than likely needs renovation and should be considered here. Make sure to keep in touch with the house manager (via your management company I assume) as the house will probably meet to discuss it quite soon.
 
Sorry, the building does not have a lift at the moment. They mention installing a "quiet" elevator somewhere else in the document. As ever, thanks for your response! I be over in Budapest now and again for work but stay in the Queens Hotel development so hopefully will be able to attent a meeting, even if it is all in Hungarian! I've no idea who the house manager is, will get onto that tomorrow.
 
Hi, cousin_borat,

the thread is old a bit, I found it via google, searching for "Terez-Tetoter Invest Kft."
Maybe you still use the site...
I am curious if the plan of renovating your house did succeed or not!
We got from "Terez-Tetoter Invest Kft." the same promises, but nothing has happened to our house, albeit they got our loft-area and they own it now.

Thank for your reply in advance
 
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