10 things you should know before buying property in Turkey
Buying real estate in Turkey is a very serious decision, before which you need to think everything over. In this article, we will consider 10 tips for buying real estate in the mentioned country. Thanks to them, you will be able to eliminate all the risks and get what you want.
Reasons to buy
The real estate market in Turkey has changed a lot over the last few years and has been actively progressing. At the moment, construction organizations in this country are at their peak and taking on the most daring projects, wanting to build something unusual and delightful. Among the huge assortment of real estate, there are a variety of offers to suit all needs and budgets. However, foreign investors are often worried about acquiring property in another country, and justifiably so.
Identify the main requirements
Before buying a property, it is very important to prioritize your priorities, because whether you want to buy a home for regular living or for some time, you need to understand exactly what you need. Just contemplate, what do you need the property for? Define clear boundaries.
Select region and district
Don't underestimate the importance of neighborhood and region, as much of your daily routine depends on it. It is very important to have all the necessary amenities such as supermarkets, schools, and clinics near your apartment or house. It is worth realizing that a good location of a property increases its price.
Evaluate the prospects of buying real estate
Your profits depend on a proper assessment of the prospects of the property. You should analyze the rental income, further development of the area, and capital gains. The best city in Turkey for real estate investment is rightly considered Istanbul. It offers favorable offers in all parameters and is also a rapidly growing city.
Possibilities of obtaining residency
If you buy real estate in Turkey worth $400,000 or more, you are automatically granted a residence permit. If you emigrate, you will need a residence permit in almost all areas.
Spending on real estate
In addition to the one-off investment of buying a property, there are additional costs. This list includes stamp duty and VAT, utility bills, property and third party liability insurance, and maintenance taxes.
Features of working with a real estate agent
There are many scammers in all countries and Turkey is no exception. To avoid such problems it is recommended to contact an agent who helps at all stages of the search and purchase of real estate. This service is especially important for foreign investors who do not know the ins and outs of the real estate market in Turkey.
Attendance at previews
Don't jump to conclusions and buy the first apartment you like right away. Go to previews and consider different offers. It is desirable to devote a little time to this process so that in the end you get the real estate of your dreams and do not regret the right choice. Also during the apartment inspections, you should take notes and photos. Compare them with the photos in the offer and conclude the honesty of the seller.
Features of online and offline shopping
Previously, physically going to the property and inspecting it was the only option, but times are changing. Today, buying real estate online is very popular. This practice has become possible due to online inspections and negotiations via video conferencing. Buying a house or apartment online is safe and convenient.
Purchase of real estate with residency only
In Turkey, there are some restrictions for foreign buyers of real estate, which can cause a lot of problems. Therefore, you should refuse to buy an apartment or house without residency. To obtain it, you need to buy real estate in the amount of 300-350 thousand euros.
Reservation of real estate
Reserving a property is recommended as soon as you find your dream home. This way, you'll be sure to secure a promising place and won't have to worry about someone else buying it.
In summary, buying an apartment or house in Turkey can present several problems for foreign investors. However, most of the difficulties can be avoided if you follow the recommendations mentioned above.
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