10 Things You Should Know Before Buying a Property in Turkey
Are you thinking of buying a property abroad? Turkey may be what you are looking for!
In the last few years, massive developments have taken place in certain cities in Turkey, so Turkish Real Estate's value has reached a place where it is being noticed worldwide. Construction companies in Turkey have been thriving, aiming to build some of the most luxurious properties in some of the most beautiful locations. We at Turkey Expert understand that buying a property abroad might seem overwhelming, and hence, we are here to help. Here are ten things you should know before buying a property in Turkey.
1 Specify your Requirements
Whether you are considering purchasing a property in your home or abroad, knowing what type of property you are looking for, and why you want to buy to live in or to invest is essential. Whether a simple residential apartment, a luxurious apartment, a sea-front villa, a city-view penthouse, or a beachfront family home, knowing what you want to invest in should be the first thing on your checklist. Also, knowing where you want to buy is an excellent question; the answer to this lies in what part of Turkey you see yourself living in; is it a quaint place surrounded by greenery or a house with a fantastic view of the city. Our professionals at Turkey Expert with years of experience will lead you to the right property of your choice.
2 Which Turkish province will Suit you and your Family?
Location plays a vital role in deciding what property you will buy. Idle surroundings, ample amenities, and a property close to significant areas is the prime need of every home buyer. We understand that you may not be well-versed in cities and regions of the country, so we do our research thoroughly to pass on our knowledge so that you can make the right. Prime districts in Istanbul are lucrative investments as opposed to overpriced properties in the outskirts that have been heavily marketed. Still, these properties in prime districts of Istanbul are expensive as well. Hence, Turkey Expert advises investors to look at areas in a different city that are equally viable, like Antalya. We will ensure that you look at as many properties as you like to understand your choice and opinion so that we can suggest the best for you.
3 Rental Returns and Capital Growth
The return on investment and the growth of initial capital are critical factors that motivate investors to make their decision. Istanbul is a great city to invest in, keeping in mind that it is one of Turkey's most viable regions for real estate. Therefore, choosing the right property becomes very important. There are many projects in Istanbul that promise a guaranteed return, and if that's the case, investors can then think of reselling their properties and getting a higher return than what they invested. Turkey Expert advises investors interested in commercial spaces to invest in office spaces they can lease out to multinational companies established in the city to get high returns.
4 Getting a Residence Permit
Did you know that foreigners who buy a house in Turkey can apply for a residence permit? Yes, the Turkish government shows a great effort to motivate and support foreign real estate buyers in Turkey. For example, in 2013, the government declared that an investor could apply for a residence permit, which can be renewable as long as the property is still under the buyer's name. However, you wouldn't need a residence permit if you don't plan to live in Turkey and only visit on holidays.
5 Choosing the Right Agent
Since you are not in the country, selecting the right Real Estate agent is challenging. With a vast clientele, Turkey Expert believes that every client's need is unique. Therefore, our real estate specialists cater to the best, giving you the best service possible. Buying a property in a foreign country is a change of lifestyle, and it has to be well thought out, and choosing an agency that understands your needs is of utmost importance. Call us and fix an appointment with our professionals, who will talk to you at length to learn your preferences.
We at Turkey Expert work hard to make sure all goes smoothly with your purchase. This will involve obtaining the necessary documents and approvals, as well as ensuring that the property is properly registered in the buyer's name.
6 Property Purchasing Expenses
There are many stages to buying a property in Turkey, which can take several weeks to process. The entire process can take anything from 12 to 16 weeks, and one must be aware of all the fees and expenses that must be borne; buyers typically pay 7%-10.5% of the property's price as fees. A significant chunk of the money goes to the government as property tax. Then there is stamp duty and legal fees along with other expenses like the real estate agent's commission that you will pay to the agent. Buying property in Turkey can be much cheaper than spending in other European countries, making Turkey a great place to invest.
7 Giving yourself Options
It is essential to provide yourself with several options when it comes to property purchasing. Therefore, having the right real estate agent can exemplify your buying experience by many folds; we at Turkey Expert strive to give you a better experience and show you an array of properties you would want to consider. Lucrative properties are located in Istanbul, Izmir, Kusadasi, Antalya, and Alanya, the country's financial and cultural hubs.
8 You can negotiate
If you think you have to settle for one price, don't worry, you don't have to! Our experts at Turkey Expert are great negotiators, and we strive to get you the best deals possible. While negotiating, several factors must be kept in mind; sometimes, property developers tend to include a specific package that includes furniture and other utilities for one price. Other developers will also give buyers a better deal by offering flexible payment methods for the ease of the buyer.
9 Go on Inspection Tours
The best way to get to know the property you want to buy is to conduct a thorough inspection. Scrutinizing the property, the area it is located in, the local environment, and the lifestyle of that area are essential things to know when buying a property in Turkey. After choosing specific projects you want to see, you should request an inspection tour and visit the city to look. This inspection will also help us understand your preferences.
10 Reserve the Property
After you have settled on your dream home, the best thing to do is reserve the property. We at Turkey Expert will make a reservation contract for you once you have confirmed because we understand that The Turkish real estate market is vibrant, and a good offer won't stay around too long. Once the reservation is made, you can proceed to the purchase process. The amount given for the booking is deducted from the final price agreed upon; however, if you choose not to proceed with the purchasing process, this reservation fee may be non-refundable depending on the conditions of the specific seller.
Professionals at Turkey Expert have the know-how of various properties that can suit your needs and go the extra mile to understand the right choice for you.
Published on 2020-06-24
Updated on 2022-12-16