PROPERTY BUYING PROCESS IN TURKEY
- Inspection trip to Turkey
- Development Selection
- Assigning an independent solicitor
- Reserving a unit
- Signing Sales Contract drawn up by solicitor
- Paying the First Installment
- Having a Tax number (solicitor)
- Opening a bank account ( solicitor)
- Military Clearance (Solicitor)
- Snagging process (By agent)
- Paying the last installment
- Transfering Title Deed on your name (Solicitor)
YOU FINALLY HAVE YOUR PROPERTY....
PROPERTY BUYING TIPS IN TURKEY
- First of all, decide in which city you want to invest. It should be where the tourism is at high level , the local economy is stable and local demand is remarkable
- After your decision, invest in a property location to where the city is expanding and property investors are investing more.
- Do not afraid investing in time and always think further.
- Even if you pay more, buy an ideal property in a good location.
- Always consult a professional to commit the purchase within the property area you are interested in, it will enable you having instant on the ground support for easy letting and resale services when you need.
- Always do business with professionals who you believe in.
- Pick a project where is located in a centre of a good location you like.
- Make also your own valution of the potential value of property.
- As first option, go for off-plan properties and resell in minimum 5 years after completed. With the appreciation you obtain , join another off-plan deal for the next growth in capital. The second option shoud be under market value properties which are key-ready.
- Be sure that the property you would like to commit offers price per m2 as low as possible. It will obtain you a better profit at return on your investment while you want to resell.
- Compare your property with similar projects around and try to get the best price offer.
- Never ever sign any contract without a legal support given by an independent solicitor. Let the solicitor draw up the property purchase contract and follow up the rest of legal requirements sorted on your behalf. It will approximately cost 1200 Euro which is nothing to take any risk in a country you do not very well.
- Till you get the title deed of your property, ask for the invoices of every payment done by yourself to any second party.
- Once you own the property, try to hold it as long as possible.
- Use the consultancy service of local real estate agencies to let your property out. It will provide you the advantage of finding a qualified tenant.
- Do not avoid paying your capital gains taxes like rental income, not to get fined by the local government.
- Maintain your property in every three years if you have a tenant.
- During the resale process of your property, sell it via local real estate agencies and only give a price range to purchasers. It will give you the chance of having the best price offer rather than a fixed price.
We hope all these informations help you finding your investment property with an outstanding return.
Best Regards
Melih Acikbas
ISTANBUL CITY INVEST
