Greetings from a newby to this site.
I bought a 1 bed apartment on Greenfields and am approaching the point of looking for a furniture pack and rental company.
I bought from the tv chaps but feel their furniture packs and invitation to join their club just to get a snagging list is an expensive option.
I have misgivings about FDW and wonder if investment Romania might be better for me as another thread suggests they do not ask for funds until completion.
I appreciate that organising and fitting the furnishing oneself is a cheaper option, but I would suggest that many people myself included would not have the confidence or skills necessary to accomplish this task in a foreign country with limited time away from work and would consider the extra expense worth the reduction in hassle.
I would be grateful for any tips and advice on offer as I try to filter out the property companies hype.
I know that the consensus is that Romania is a healthy investment, but with the weakening of Sterling against the Euro I don't want to end up with a millstone round my neck as I view this as a short term investment simply to help pay a shortfall on my uk mortgage.
Please advise if it is unrealistic to expect a rental income to cover the mortgage payment per month.
I also paid a fee to a mortgage adviser in the Bucharest office to set up a Romanian bank a/c on my behalf and look at suitable mortgages.
My apologies for the rambling nature of this post but I am trying to arm myself with as much info as I can.
In truth if it hadn't been for SWMBO's desire to be a property tycoon, I would never have even considered property investment!

Hi

I too am in the process of buying a one bedded apartment in Greenfields. I went out to see it last week-end as we were beginning to hear that the site was no where near ready for completion on 1st May, and also the rentals expected were not coming anywhere near to what had been predicted two years ago. We went out to see the site for ourselves and also talk with some agents out there.

Prior to going, I had booked a furniture package with FDW - there price came in as what seemed more realistic. However, I did cancel the package for other reasons just before I went out and I am glad that I did so. In our opinion the site is no where near ready for completion on 1st May - and we accept as someone pointed out to us, that our version of 'complete' is very different from the romanian version. But what we saw last week-end, and I had the opportunity to physically go into the apartment I am buying, is a site where works are still going on, the roads around are still building rubble (right up to our front door) and inside is just not ready. I have been told by our agent who promoted this site, that we'd be surprisesd at how quickly all of this can be put right, but we are not of the opinion it will be in a state ready or suitable for anyone to either live in as their own home, or even to offer to a tenant for potential rental.

We met with the lawyers and expressed our concern and sought answers to a list of things. We also intructed that no further documents are signed on our behalf pending answers to those points. I am glad that I cancelled the furniture package for the moment as in our view, it would simply be sitting on a building site collecting dust.

In terms of furniture packages, I am more comfortable leaving this to someone else to complete for me. The Ikea in Banesea is more epensive than you would think and then you have the delivery charge and fitting etc. I was happy with what I could see FDW would give and there are other threads on this site which seem to recommend them from previous use. I also went to see some furniture packages in situ with Investment Romania and have to say they looked really good too so I think you have some good choices.

Regarding rental income, we are prepared for the mortgage not being covered or even coming close to it really. The income that is likely to come in will not break even at all at the moment. Given that the mortgage will revert to the variable rate at the end of the promotional year one, then this will exacerbate the situation for us even more. We are now recalculating the entire purchase and running costs to make sure we are aware of everything that we need to know.

I hope this helps you but I'd be glad to hear from you again and how you are finding the process.

Thanks

Oh dear this does not inspire me with confidence. The FDW chap that rang me was suggesting a completion much later in the year.
I will be in Bucharest in a couple of weeks, from what you say is there anything specific I should be bringing to the attention of the lawyers and would I be right in assuming I could not stop the deal and retrieve my deposit.
Working on this assumption if I try to sell the apartment should I sell as furnished or unfurnished and let the buyer furnish to their own taste?
If it came to it, how would I go about selling the apartment?

Hi

My comments are given in the spirit of someone who is purchasing themselves and not as an expert so please receive them in this manner - there are a couple of good agents in Romania who are happy to talk to people re potential letting, selling and furniture packages so your queries around those points are better directed to these.

Regarding the legal issues - there is a thread on this web site that David Howe has posted recently which I think brings some of the legal issues to the surface. It was posted on 9th April and is called 'Greenfields Bucharest' and is clear and helpful.

My understanding of the contract is that the deposit is non-refundable so if anyone does decide to withdraw and not to complete, then they would loose their 30%. But again, you may need to check this for yourself.

Thanks

Does anyone know exactly where this company FDL is registered and where its warehousing facilities and showroom is as i am very interested in purchasing some furniture !

Try Speaking with Silvia at Property Management Romania dot com. You will find she is very helpful with a proven track record in Romania and do not necessatate all money up front. 0040 728 014 680


David Howe

Investment Romania - Property Romania, Invest Romania, Investment Romania

Hi. From what I can gather they are based in Spain. I'm not aware of any warehousing facilities though. Their packages are really competitive and from other threads on this site, there seem to be people who have used them more than once. Perhaps they are able to offer more detail for you. Hope this helps

I have Just spoken with Silvia and she has had the opportunity to actually go to see the Sydney development. She had found the apartments are not as big as people were of the opinion that they were and approximately 50 meters is taken up by the car port and patio and that air con and kitchens are not necessatated. She now states that she would be willing to do basic rental furniture packages for 7,750 euro and can have it in place within 2 weeks of ordering on payment of a 30% deposit with residue within 10 days of furnishing.


David Howe


Investment Romania - Property Romania, Invest Romania, Investment Romania

Furniture packs should not cost more than 6,000 EUR for medium quality furniture.
Question is: do you need to buy it anyway? If a place has no rental potential why the **** put money in furniture? Or maybe it tickles your pride you buy furniture packs from such "big names"?

6000 euro for a 3 bedroom house will be very sparse, are you taking into consideration that this is 3 bedroom with delivery arrangement nd other snagging? Whilst it may be possibe I think it is very tight.