Are you thinking about purchasing a property overseas? What you are looking for might be Turkey! Major developments have taken place in some cities in Turkey in the last few years, so the value of Turkish real estate has reached a place where it is being recognized worldwide. Building companies have been booming in Turkey, seeking to create some of the most luxurious properties in some of the most beautiful cities.
If you’re thinking about purchasing property in Turkey, there are a variety of considerations you need to remember to make sure you prevent any possible risks in the property-purchase process. Many people have been ignorant of the hazards involved with this process, so you can take these tips.
10 Useful tips for those who would like to purchase real estate in Turkey
All who wants to buy property in Turkey should not lose sight of certain points in order to ensure that without his attention, he does not make mistakes.
For anyone who wants to buy property in Turkey, here are ten (10) helpful tips!
- Make a contract with a reputable and competent real estate company
An ineffective real estate company is one of the most important risks that a foreign investor wishing to buy apartments for sale in Turkey could face.
First of all the most important thing is to make sure you know the organization and the people for whom you operate.
Many people come to Turkey to find someone with a friend who is planning to sell an apartment at a very affordable price.
A real estate agent’s most significant function would be to help their customers avoid possible pitfalls.
The investor must then visit the company’s headquarters and if it is competent, get to know its staff and facilities closely and the manner of its dealings.
But finding a reputable real estate company that you can trust is the first thing you need to do.
The real estate website quality is the first measure of the level of competence of the organization. For you, that’s a good start.
You should review the company even before any potential orders to see if anyone has any unfavorable feedback.
You should contact them to make sense of the buying process if you locate a reputable real estate company.
Professional real estate firms must also be courteous and directly answer all questions.
The majority of qualified real estate agents, particularly those in tourist cities, should be have at least one team member who can fluently speak English.
- Request Tours for Inspection
You can submit an application email to the company after choosing some properties you are interested in.
Knowing the area and deciding whether it’s the right place for you is crucial.
To visit all real estate projects selected by the investor, the real estate company is responsible for arranging a real estate tour.
A real estate company sales specialist accompanies the investor who wants to purchase real estate in Turkey and explains the benefits of the projects.
At this point, if the company offers you cheap accommodation and a day or two property viewing tour, you can plan your ride.
- Save Your Money
Spending extra money that he should have avoided is one of the common errors and risks that a foreign investor falls into.
Some people think they can save money by not dealing with a real estate firm, and it can end up costing them a lot more.
As a buyer, for example, you do not have any realistic means of understanding the exact market value of the land. It is not governed in the same way as it is in the United Kingdom and Turkey, for example.
In addition to the dangers of exposure to fraud by certain brokers, this can take the investor a long journey in the direction of study and investigation, which takes a great deal of burden and can also make them back away from the concept of ownership.
From here, we conclude that with lower costs and effort, the real estate agent or company plays an important role in a stable and efficient ownership process.
- Get a Lawyer Support
There are several things that can go wrong if you don’t deal with a reliable estate agent. Another thing that you should do is seek an impartial lawyer’s advice.
You must consult with a lawyer specializing in Turkish law in order not to fall through some legal loophole.
- Clarify Payment
If a foreign investor uses a reputable lawyer when purchasing real estate in Turkey, it can ensure that all knowledge about the seller, i.e. the owner of the land, is thoroughly checked.
In addition to this before depositing any money, the investor must ask about anything, particularly about returns in the case of a residential complex, as prices are relatively high and if the property is simple residential, about maintenance fees.
- Buying Off-Plan Property
Another potentially big pitfall is purchasing off-plan assets abroad.
Because of the saving mechanism of large sums of money and the low price of the property on the plan relative to the property under construction and with the ready property, the propensity of foreigners to purchase off-plan properties has become modest.
What is unknown to anyone, however, is that such projects are extremely likely not to be completed due to their almost total dependency on investor payments that they have purchased, which will prevent the completion of the project.
- Make Sure Whole Buying Property Process
Via his counsel, all the terms of the purchase and sale contract must be checked by the foreign investor with the obligation to write his provision in detail, in particular with regard to payment and payments, if available.
It must also be explicit from the contract as to the penalty levied if either party fails to comply with the conditions of the property purchase process in Turkey: delivery, payment, deposit, etc.
- Obtain permission from the military authorities
Before foreigners buy property in Turkey, it is important to obtain permission from the military authorities of the country.
It is a crucial point which must be obtained by the foreign investor before the final possession of the land. Since applying to Ankara’s headquarters in the past, it took about 3 months to a year to get it. Recently, however, there has been a shift in the method and it is now done locally.
- Inquire about potential profit return
For foreigners who want to recover capital in a few years and also attain high-profit returns, this advice is essential, so they must inquire about the potential investment returns from buying the property.
Profit returns typically depend on the nature of the property, the region, services, facilities, and other features.
- Pay attention to the rules of inheritance
We are urging clients to consult an attorney on the inheritance laws in place in Turkey.
They will vary fully according to the inheritance rules of the home country for the next purchase of apartments for sale in Turkey.
We conclude, on the basis of the previous advice, that Turkey’s process of investing in real estate or buying apartments for sale in Turkey is not without risk. You can escape all real estate-related risks by smart steps. At the same time, its skilled team of experts takes care of the remainder of the measures with all the expertise required to ensure the most efficient real estate investment for international investors, according to the requirements demanded by each individual investor.
