Good morning everyone,
After renting for a few years, at the back of last year we bought a house in Hungary. I had come into a bit of money from either a win at Monte Carlo or my mother dying, I forget which, and decided that rather than spend it all on gin I would put some into bricks and mortar.
We already own one house (together with my wife's sister, who lives there and has a minority share) but that has been passed through the family (we bought out the other family members as they had inherited small minority shares that they'd rather take the cash than keep the shares, at fair market value).
So this is the first time we have actually *bought* a house from someone selling one, if you see what I mean. We had a lot of fun clearing off all their debts and so on, but eventually it is just the missus and I on the deed, nice small mortgage as kinda a tickover so my name as a non-Hungarian shows up on the official Hungarian files etc In Case Of Brexit, and that's that. We have money set aside to pay the 4% stamp duty when billed for it, in escrow at the lawyer's.
This morning two people from NAV (Nemzeti Ado Vultures) came to assess the property. The missus, who is Not Here At The Moment(TM), is now worrying they will assess the value of the property as more than what we paid for it.
I have several arguments against that, from the fact that things cost what they cost (something is worth what someone will pay for it, in a free exchange) to the fact that it is worth more now both because we have made some major improvements (mainly new kitchen and kitchenette/utility, which had to be completely stripped out and redone) and probably a kinda more-attractive-to-buyers argment for them not having to do the legwork to clear off all the liens and so on. I had encouraged Monika to take lots of "Before"pictures which we have also sent to relatives, dated etc so there is no doubt the property was in quite a state when we bought it (I am not quite as green as I am cabbage-looking sometimes.)
But since we only bought it about six months ago at fair market price I doubt the tax people can really argue with that price. She called the lawyer and he basically says what I say. (The taxperson was a taxwoman actually not a taxman, but that doesn't make for such a punny title.)
Does anyone else have experience of NAV assessing/valuing their property, for good or bad? I'd be interested to hear how you got on.