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A growing number of foreigners look to Turkish real estate each year as a way to enter the global real estate market. The market has a competitive edge over other nations and offers a good way to make a profitable investment thanks to a more straightforward purchasing process, reasonable pricing per square meter, and a large portfolio of resale, new, and off-plan apartments and villas in various locations around the country.
The process of buying a home in Turkey is very different from that in your own country, even though you may be familiar with it. As a result, in addition to choosing the ideal home, you must familiarize yourself with Turkish real estate laws and the market.
We have put together some advice for purchasing real estate in Turkey. They will undoubtedly be helpful to you, especially if this is your first time purchasing real estate in Turkey.
1. requires having specific objectives
Give it a name. The location and type of property you intend to buy will also depend on the answers you give to the following questions: Will you live in this real estate? Will you rent it out? Will it be a clear investment? Or maybe you need a vacation home for you and your family? Please keep in mind that estimating your budget is also an important step in the purchasing a property process.
2. Keep an open mind
You set your goals, which is good. Still, leave some room for potential future opportunities. Keep your eyes open for fresh possibilities that might not entirely fit your plan. Unexpected occasions can occasionally end up being a desired residence and dream location.
3. Make use of an agent, attorney, or translator, if necessary
You might feel anxious about purchasing a new home abroad. in particular if you are uncomfortable speaking in a foreign language and are unfamiliar with local law. Even though working with a reputable real estate agent is not required in Turkey, we strongly advise it. If the online purchase process hasn’t made you feel more at ease and you are unable to visit Turkey in person, you can always hire a lawyer to handle all the necessary paperwork so that the purchase can be processed in your name with power of attorney. Please be aware that the real estate company can act as your representative when obtaining the title deed.
4. Request online viewing
In recent years, real estate purchases have become simpler thanks to communication technology. Real estate investing can be done simply by using a method we can refer to as online buying. Using visual communication tools like Whatsapp Video Call, you can see the apartment, villa, land, or commercial property in detail.
5. Create the reservation
Use the booking option if you have your heart set on purchasing real estate but need an extra day or two to think about it. Making a reservation ensures that no one else will purchase the home before you, and it also allows you to freeze the price, which is advantageous because, in general, prices rise steadily as a result of the development’s construction process.
6. You can make some additions
Tell your agent if there are any changes you would like made, and see if the construction company or the property owner can make them. For example, perhaps you would like to add an extra bathroom or storage space, or maybe you don’t like the color of the kitchen cabinets. Off-plan properties make it much simpler to take advantage of this type of opportunity.
7. Utilize incentive programs to save money
When purchasing a home in Turkey, you should be aware of not only the many additional benefits of owning real estate but also the advantageous payment options and special promotions available for some off-plan real estate offers. Possessing real estate in Turkey offers foreign nationals a number of benefits, one of which is the possibility of obtaining Turkish citizenship by meeting a few specific requirements.
Pitfalls to Avoid When Purchasing Turkish Real Estate.
• Accepting the rumors at face value: You should never believe anything you read online, hear on social media, or hear from friends. If necessary, you should seek assistance from licensed real estate development companies.
• Short-term planning: When selecting real estate, future actions should be taken into account. The real estate industry is lucrative, but only for patient investors. What do you anticipate doing with this property in a few years? Will you completely relocate there? Will you rent it out?
• Falling into the high-benefits trap: While investors may use bank loans to finance their properties, doing so is risky in the short and long term because it ties the investor to the bank for a very long time and requires repayment of up to twice the loan amount, not to mention compliance during the repayment period.
• Ignoring your real estate agent’s requests: Most real estate consultants are eager to close a transaction as quickly as possible, but only a few of them will be willing to take the time to really listen to what you want in a home and, more importantly, what you intend to do with it. As the professional real estate agent will always keep you updated on any developments pertaining to the buying process, you need to stay honest with the agent as well and let him/her know about any steps you are willing to take. This will necessitate complete openness on your part regarding the qualities you’re looking for in a home in exchange for the money you’re spending.
• Handling everything on your own: If you’re having trouble locating the ideal apartment, it’s time to hire a reputable real estate consultant to help you out. You could be excused for thinking that closing a real estate deal requires no work at all in a market that is experiencing such rapid growth as Turkey’s. Here is where an experienced real estate agent can guide you through the procedure. You might be able to find any property you’re interested in investing in with a full service package that includes attorneys, consultation services, and can address any questions!
Additional guidance on the Turkish purchasing process
Avoid being pressured into making snap judgments when choosing an estate agent. We recognize that purchasing real estate in Turkey is a significant decision that requires careful planning.
Contact a knowledgeable real estate agent right away by phone, email, or the online chat feature on our website. Every message is responded to by us. Get started by contacting us!
