Today we want to present you with the top 10 tips for buying a property in Turkey. Just in case you have you been pondering over the idea, here are a few things you should think about and come to know before taking the next step.
The recent years have seen huge developments in Turkey’s real estate projects and opportunities to the point where its success in certain cities is being noticed worldwide. Construction companies in Turkey have been thriving, aiming to build the most luxurious properties in some of the most beautiful locations Turkey has to offer. Considering the wide range of options available at every budget, Turkey Property Beys can understand the confusion of choice it creates, especially for those looking into it from abroad. Buying a property abroad can seem overwhelming, and many will want to tread with caution, hence, why we are here to help.
So, to narrow it down and minimise the first stumbles of bewilderment, here are the top 10 tips for buying a property in Turkey.
1. Figure Out Your Needs & Wants Then Prioritise Them
Whether you are considering purchasing a property to live in permanently or as a holiday home, you will need to know what type of property you are looking for. Think about why you want to buy the property. Is it to live in for yourself, or for an investment opportunity.
Whether it is a simple residential apartment, a luxurious compound apartment, sea-front villa, city view penthouse, or a beachfront family holiday home, knowing what you want to invest in should be the first thing to think about and decide. Knowing this will then help you decide where you want to buy and what type of property to look for. The second stage of this question will have you asking yourself what part of Turkey do you see yourself living in; is it a rural, quiet area surrounded by greenery? Or is it a busy, bustling city life your after with highrise views and plenty of places to see and things to do? If you are hoping to invest for rental income, you have to look into areas that are in demand with higher rental or where you hope to find your targeted audience. Here at Turkey Property Beys, we can help guide you to the right property suited to your choice of preferences. We understand that when you are not yet living in the area or country, you will not be well versed in the cities and regions of the country and therefore will have no knowledge of its statistics, its advantages and disadvantages. You will need some advice, guidance and reassurance. We are here for you and willing to be your feet on the ground.
2. What Area In Turkey Will Best Suit You & Your Family?
Location plays a vital role in deciding what property you will buy, the surrounding environment together with needed amenities such as public transportation, medical clinics, good schools & shopping facilities will all be considered and contribute to the value of the home. Every home buyer will have their own prime needs of significant areas and facilities they will look to be close to.
The social & religious aspect of the region will also play a part in your decision. Some families will prefer to be in a prominently practising Muslim community with plenty of Masaajid and Madrassas in addition to a modest & respectful family environment. And this can be found in some conservative areas of Turkey. Then you have people that prefer the more secular areas of Turkey and are more attracted to the touristy, open and relaxing environment of the beach, ex-pat social gatherings & nightlife. One of the advantages of Turkey is that there is plenty of choice of locations for whatever your preferences are, and people are living peacefully together regardless of their religion and personal preferences.
To summerise, Turkey offers a safe and peaceful environment for people from all walks of life, regardless of religion, nationality, ethnicity and background. Turkey is diverse in culture and is very welcoming to all. However, it is very important for ex-pats to know what they want and prioritize their needs to find the area that best suits them. You have to think of your social needs as well as yours and your families physical, educational & health needs.
Here at Turkey Property Beys, we can help with your research in these fields and suggest the most suitable properties for your requirements and budget. It is important to note that, there is always going to be a give or take situation, where you will need to prioritize your list of wants in order to either stick to your budget or something else that you may value more.
3. If You Are Looking For Investment Opportunities Think About The Rental Return
The return on investment together with the growth of your initial capital are 2 very important factors that motivate any investor in 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 a number of ways to invest in property for profit:
a) Buy for reselling in the future when the property is predicted to have more value (some ongoing projects in the area might add value on completion, and most compounds are automatically worth more once complete)
b) Buy a run down property at a bargain price, renovate it to good standards, quality and design to add value and then resell for profit.
c) Buy a property for the intention of renting it out and gaining a continuous income.
All of the above are a popular choice of good return and all will have different needs and requirements. So making sure you know which one your buying for will help greatly towards maximizing your profit.
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 for a profit. We often advise some of our clients that are thinking of investing in a large city such as Istanbul, to consider commercial spaces such as offices that can be leased out to multinational companies established in the city for high returns.
Prime areas in Istanbul are lucrative investments as opposed to some overpriced properties in the outskirts that are often heavily marketed. However, these properties in prime areas of Istanbul can also be pricey. So, we like to suggest to clients with limited budgets to maybe look at different areas to invest in that can be equally profitable. We, at Turkey Property Beys, can facilitate as many viewings of prospect properties as you like until you are confident with your choice. In addition, we also like to negotiate and bargain on our client’s behalf to ensure the best deal possible.
4. Buying A Property In Turkey Qualifies You For Residency
Did you know that foreigners who buy a property in Turkey to live in can apply for a residence permit?
Back in 2013, the government declared that anyone investing in a property in Turkey would be eligible to apply for a residence permit in the country for their ease and peace of mind. This was put in place for the investor’s convenience, of course, if you don’t plan on living in the property yourself and intend it to be a holiday home only, you wouldn’t need a residence permit, you would just visit for holidays whenever you wish on a tourist visa.
The resident permit is renewable for as long as you wish to live in your property and for as long as the property is still under your name. The point is, this is just one of many examples of the Turkish government showing great efforts to motivate and offer support to foreign real estate buyers in Turkey.
5. It’s Important To Choose The Right Agent
As beautiful as Turkey is and as kind and welcoming the people are, there’s no doubt there will still be good and bad everywhere and for sure there are many scammers here to be aware of.
Turkey Property Beys only deal with honest, experienced and licensed agencies and developers. We can make sure you have a smooth and trusted experience from the start of your property buying journey to it’s finish in addition to offering ongoing support.
We understand that as a foreigner that’s not in the country, selecting the right Real Estate agent can be challenging. We also firmly believe that every client’s needs are unique. So, choosing an agency that understands your needs and speaks the same language (literally ;-)) is of utmost importance.
There are many stages to buying a property in Turkey, and the process can take anything from several days to several weeks to go through depending on the documentation available and circumstances of the property & people involved. One should also be aware of all the fees and expenses to be paid and to whom, during the different stages. For example, buyers typically pay 7%-11% of the property price upfront. A significant amount of this money goes towards the government property tax. Then there’s varifying stamp charges and legal administration fees in addition to the real estate agent’s commission that is payable to the agent.
However, despite all these charges mentioned among others, buying a property in Turkey still works out to be much more affordable than in any other European country. Turkey is also well known for the easiest buying process too, making it the best place to invest.
7. Don’t Forget About Other Options
Many people seem to think that there are little options in Turkey, but the choice and variety is countless. It is essential to provide yourself with several options when it comes to buying a property, especially if it may be a future home. Don’t feel shy to ask for more time and view more options. A good real estate agent will not hold you back and will assist you as best as he can throughout your search. It’s his job to simplify your buying experience by many folds and help you with your search without any negativity.
That’s why we strive to give our clients a better experience. We like to show our clients a variety of property options to choose from that actually fit their needs and requirements.
8. Yes, You Can Negotiate The Price
Don’t feel embarrassed to negotiate the price down accordingly, its a common practise to do so. Don’t think that you have to just settle for the asked price without any room for bargaining.
For many, they just don’t have that negotiating mindset or maybe for some others, they might not feel confident enough with the language and culture difference. In these cases and for many more, don’t worry, you don’t have to! Here at Turkey Property Beys, we can safely say we are expert negotiators. We always try our utmost best to get our clients the best deals possible. Negotiating with local developers can include several different means other than bringing the price down, for instance, sometimes property developers tend to include a specific package that includes furniture and other utilities for one price. In other cases, developers may also give buyers a better deal by offering flexible payment methods.
9. Take Notes & Pictures During Property Viewings
While we always do our best to conduct a thorough inspection and virtual tour for the shortlisted properties for our overseas clients, we ALWAYS recommend you go and view the property personally as well.
We provide what we can from our services so that clients are able to shortlist their properties and fully maximise their productivity during their visit for viewings. However, we always recommend for the client to proper scout out the property themselves as well, revise & research the area it is located in personally, pay attention to the local environment and lifestyle of residents of the area. Even take notes, measurements, pictures and videos during the inspection so that nothing is missed or forgotten, you can pick things up from pictures and videos later on that you didn’t notice during the viewing.
It is essential to know these things prior to buying a property in Turkey as each area will vary. Also, if you have chosen a specific ongoing project that you want to see, don’t hold back in requesting an inspection tour of the apartments, the compound area and see & observe where the planned facilities will be located, how far it is from local amenities etc.
10. When You Find The Right Property, Reserve It!
After you have settled on your dream home, the best thing to do is reserve the property. A reservation contract can be written up for you once you have given a confirmation of your consent. While we are witnessing the Turkish real estate market successfully flourish, one immediately understands that great offers must be taken while they are available.
Once the reservation is made, the buying process smoothly follows and the amount given for reserving the property is deducted from the final price agreed upon. But be sure that you are firm and positive with your decision before reserving the property as this booking fee is non-refundable.
Turkey Property Beys like to offer a professional and attentive service and support system and will always be willing to go that extra mile to please their clients. We like to thoroughly understand your needs and cater for just that, helping you make the right choice for you.
We hope you have found this post on Top Tips for Buying Property in Turkey informative, please feel free to ask any questions below. 😉