Real estate from the owner or from the developer?
If our reader would like to get a universal answer for this question, unfortunately, there will be none in this article. But we have tried to reveal the pros and cons so that you could make the best choice between the investment in a complex under construction and buying already completed housing.
Secondary property in Turkey is an apartment from an owner. It could even be an apartment in a building that is only a couple of years old, if it has been owned previously. The range is great, from a brand new, practically unused apartment, to an aging housing in an extremely poor condition.
ADVANTAGES OF SECONDARY PROPERTY Let's consider the pros of the apartments located in Turkish resort, Alanya.
+ Housing is already there, one can have a look at it in real life and draw conclusions. However, it is important to take into account a number of unpleasant moments (for example, mold), which could be hidden with masterful cosmetic renovation.
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+ If you look for an apartment in Alanya during the season, you can see for yourself the condition of the house infrastructure, if any, such as a pool, bathhouse, sauna, etc. It could be possible that the pool is not filled a year round because residents rarely live there and do not need one. Especially, if there are many Turkish citizens and few foreigners living in the house.
Infrastructure and social zones are everything that is for the public use of the residents: a pool, bathhouse, sauna, steam room, playground, parking lot, grill, gazebo, and other amenities. A separate fee is not taken for their use, but there is a payment, aidat, towards maintenance and service of the complex.
+ You can get to know neighbors and draw conclusions. You can also ask questions about the house to the house residents and tenants.
+ No need to wait, you can move in right after the deal is settled.
ATTENTION! Be careful when buying an apartment where lives a tenant. Promises to leave the apartment should not be in words only. There are many nuances about the eviction of tenants in Turkey, even if an apartment is sold.
+ Secondary property is often located in residential areas near the sea. Of course, there are new developments on the first line, but prices for apartments overlooking the sea and near the beach are the highest.
+ Green inhabited areas are a delight to one's eyes. Although vegetation is often planted around new developments, aging housing can boast of really rich gardens.
+ There are many furnished options for those who do not want to bother and move into the interior offered by the apartment seller. In resort Turkey, it is so popular that one can buy an apartment with fresh towels in the bathroom and new china set on the table. Apartments are often renovated and furnished prior to sale. It is convenient for the buyer.
+ Apartment in the Alanya aging stock could be found, as people say, ""with an old layout"". This means big squares, spacious balconies, and bathrooms, sometimes a separate kitchen (most of the time it is combined with the living room).
+ You can bargain! This is not the case, though, with developers. But when there is an increased demand, homeowners often maintain the price or increase it, having witnessed an interest in their property.
DISADVANTAGES OF SECONDARY PROPERTY in Alanya
- A price for an apartment will be higher than for options under construction with similar key parameters.
- ""Second-hand"" housing after previous homeowners does not bring as much joy as a new one. However, everything depends on the condition of the apartment and the residential complex.
- There could be outdated architecture, worn-out infrastructure.
- In old houses, there is often no generator, or it does not cope with the load. Power outages are common in Alanya, and an emergency power generator is an extremely important component of the infrastructure.
- Social spaces could be overused or do not function at all. An empty, dirty pool is not the best view.
- Mortgage is currently unavailable for foreigners, and there is no such thing as payment in installments. You will need the whole amount to buy secondary real estate in Alanya. There will be no concessions as the market is overheated by the demand, and apartments are sold at the speed of the light.
ADVANTAGES OF NEW PROPERTY - apartments from developers at construction or planning stage
+ The apartment price is growing according to the stages of construction. These increases are indicated in price lists and will eventually take place. An apartment can increase in price by 30% or even more after the building has been commissioned, and it can go higher over time while it is being settled down. The most profitable way of investing into real estate in Alanya is at the pen stage of the development. You can read about how to choose a reliable developer in our article ""Fear of unfinished constructions: why Alanya is safe in terms of investments"". Most of the time, profitability is the very reason for choosing new property.
+ New standards for seismic resistance, heat, sound, and waterproofing are strictly controlled by the government. Expectation and reality in terms of project infrastructure always match, as the developer will not have its project commissioned by the authorities if there is something missing that was written in the project plan.
+ IMPORTANT! Every developer offers an installment plan without interest till the end of the construction. As a rule, the down payment is around 30 to 40% from the total price. By the way, you can arrange an installment plan for the apartment without coming to Turkey in person by visiting our offices in Moscow, Alma-Ata, or Nursultan.
+ For those who pay from 50 to 100% right away, most developers offer discounts.
+ New powerful generators are installed for new developments, and, as we have mentioned before, it is a must-have in Alanya.
+ The residents of the complex will be of a similar social standing. There are often many foreigners, which is good for children as they may learn a foreign language playing with new friends in the yard.
+ A variety of recreational infrastructure is provided in all new developments. We recommend taking a closer look at a big-scale complexes with a concept of a city within a city with the biggest infrastructure. For more information, ask a manager.
+ New ""features"" are added to new projects everywhere: co-working, conference halls, transfer to the sea, a recreational area on the rooftop, etc.
+ All new developments are sold fully furnished with a kitchen cabinet, ready bathrooms, plumbing, and electrics.
+ Complexes are fenced and have security and CCTV. 'Smart home' systems and video intercoms can also be found.
+ New property has a higher potential for rent and profit than a secondary one.
+ You do not need to wait for long, constructions are carried out swiftly in Alanya, 1–2 years in total. All construction stages are under the government's strict supervision.
+ A project for further management for renting purposes can be found from 10% per annum in euro, under an agreement, without unnecessary worries, and absolutely legally.
DISADVANTAGES OF new PROPERTY
- The need to wait till the end of the construction. One cannot move in right away. Additional time is required for the complex to get settled down, it will take time to feel the comfort.
- New projects are usually located farther from the sea compared to secondary properties. However, there is a prospect of living in a modern, luxurious quarter if the area is developing and has just started to be actively built up. For example, Payllar, Demirtas, and Gazipasa.
Clients are often determined to buy only ready and 'safe' secondary property, but when they realize there are a lot of completed projects, and one can see for himself how a particular developer constructs, they then opt for primary market and invest into construction, paying comfortably in installments.
If you have any questions, please contact one of our managers. STAY PROPERTY is a licensed real estate agency and one of the biggest developers. We have projects in 10 districts of Alanya and Istanbul. We also have the biggest database of the secondary market and projects from the best developers.
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We are engaged in construction for more than 20 years. Submit your application to get a price list.