Investing in a slice of Turkey by buying property is as easy as ABC if you stay focused on a few factors that are namely; location, money, type of property and agent.
Location is Everything
While you may have already decided upon the area that you want to buy property in, it is worth looking at the neighborhood as well. For example, if you plan to live in your new home in Turkey, all year round, buying on a holiday complex that shuts down in the winter will have some drawbacks.
Likewise, if you want a buy-to-let investment, a remote location, away from the beach will lessen (reduce) your chances of getting holiday renters. Look at what the area offers regarding facilities, beaches, roads, shopping, entertainment and anything else that fits into your lifestyle like bars, restaurants, sports clubs etc.
Type of Property and Size
The main advantage of resale homes is that you can see what you are going to get and have a good idea of repairs needed such as damp, cracks, peeling paint, or water pressure. However, new and off plan properties also lure many people, because of their modern architecture and up-to-date features. Off plan properties also generally sell at a lower price than market value.
Size also matters when you are balancing the pros and cons of your future home. A single person or elderly couple may well look to a one or two-bed apartment rather than a villa, which is going to incur a lot of wasted space. Best advise is to buy a home enough big for your own use. Bigger homes needs more cleaning and more maintenance costs.
The pros of a small apartment mean you can quickly lock it up or rent it out. Costs and maintenance are easier to handle, and, in general, enable owners to get out more, knowing their properties do not require much maintenance. Many families choose duplex apartments which cover two levels. Their prime benefit is that it offers more personal space without incurring additional fees, as seen in a standalone villa.
Ask yourself, realistically, how many rooms are you likely to use? The answer is usually the kitchen, lounge, and bedrooms, so anything more becomes storage space. Whether detached or semi, villas offer great opportunities for staying longer and let you settle into the expat lifestyle. Most villas come with pools, so factor in daily maintenance needs and monthly costs.
Also, know the purpose of your intended purchase. Is your property going to be a holiday haven, a long-term second home, an expat haven or an income generator?
Have a Financial Plan and Manage It Well
Buying a house in Turkey is a big decision because with this endeavor comes the responsibility of managing your money. Some sellers are open to offers on the price, but as well as the cost of the property, there are additional fees such as lawyers, translators, and taxes.
There are also the changes in currency because all paperwork related to the purchase will be in Turkish lira. Stick to your budget and don’t be tempted with bigger homes that you really can’t afford.
As well as the property you are buying, you need to know what the running costs are. When you inquire about any of the properties listed on our books, we give further information on additional expenses, how to convert your currency at favorable rates as well as expected yearly running costs.
Finding the Right Real Estate Agent
Don’t feel rushed into making snap decisions when choosing your estate agent. They will handle one of the most important purchases of your life and so must be reliable, attentive to your needs, licensed and acutely aware of property laws in Turkey.