Step by Step Guide on Buying a Property in Turkey
What to consider when buying a property for sale in Turkey?
A Step by Step Guide
Turkey occupies an important scene regarding the real estate business sector. The locomotive industry holds unique importance for the country and it boasts a property sale worth of 200M $ per day with a whopping 1.5M properties sold in 2021 alone. Behind this monumental success lies the spectacular features of Turkey. The country attracts millions of people thanks to its spectacular history, perfect climate and desirable cities. So, it is only natural wanting to move to Turkey for a longer-term or permanent living. Many people naturally find living in Turkey appealing and in order to do so decide on buying a real estate in Turkey as it is one of the easier ways of acquiring the necessary residential permits to enable a new life in Turkey.
However, a radical decision such as moving to a new country and buying a property there can be intimidating if you are left in the dark. That is why we find it essentially necessary to provide a set of instructions on what to look for and which steps to follow when buying a property in Turkey.
Decide on a Location
Even a simple research will help you filter an ocean of possibilities into solid, manageable options. That is why the initial step in buying a property in Turkey is probably the most difficult and important one: Deciding on a location. If you do your own research and make a solid decision toward a location this will provide a firm foundation for your decision and will prevent you loose focus. Additionally, a wealth of options are made available to the clients in the recent years and as the market has a fast pace the availability may be an issue. That is why it is important to decide on a location and also maintain alternatives in case of a letdown.
Deciding on a location requires many factors to consider and may as well be a highly personal choice. However, there are some key aspects such as accessibility of the location to an airport, major roads, the urban infrastructure and social institutions. It is also highly important to know whether a property is built before or after a major earthquake incident in Turkey. Additionally, it is noteworthy to as how will the urban expansion of that location play a part on the value of the property in the future as well.
Decide on a Property
The next big decision should be choosing the type of property you want to invest in. This step has a multitude of options and it will quite possibly be narrowed down by your budget, needs and other factors. However, when the number of different types of properties such as apartments, villas, suites, and traditional houses, new developments are considered this step can get intricate. Maintaining alternatives among the uncountable property for sale in Turkey should not be difficult but should be necessary.
Work With Real Estate Agents and Lawyers
When considering buying real estate in Turkey it is highly recommended that you check the comments, the testimonials of other clients and compare the different real estate agents. As this will be an important investment with serious amounts of money involved, a credible real estate agent plays an extremely important role to prevent fraud and loss of capital. It is also highly important that the real estate agent understands your needs and what you are looking and act as a local guide navigating you through your investment in their home country. It is also highly recommended people receive the services of a private lawyer before depositing or paying a property's full cost. With a lawyer, you can check important details about a property such as if there are any mortgages, debts on the property and whether the property is built on disputed land or not.
Acquiring a real estate is not an easy task and it requires large sums of money to execute such a purchase. That is why we also recommend visiting Turkey to anyone planning on buying a real estate in Turkey, to the best of their abilities. The process is not trustless and there can be plenty of occasions it can go wrong. Visiting Turkey will give you a chance to meet with the people you are doing business with -and probably contacted online- to meet in flesh and blood.
Inspect the Property
With direct travel, you will be able to inspect the properties with your own eyes. This will provide extensive further information about the property you are looking for. Traveling directly to the location for inspection is the next best thing you can do before buying the property, without needing to trust any real estate sales representative no matter how professional or honest they are. Plus, meeting face to face with your real estate agent is a proof of commitment as well as you have traveled that to the home country already and with this token of sincerity you can develop better negotiation for your terms.
Reserve the Property to Freeze Its’ Price
When you are positively sure of a property and ready to purchase, it is recommended that you pay a small percentage of the total amount up-front or pay a reserve price to freeze its’ price. This additional step will be helpful for maintaining the balance of your budget protecting it against price fluctuations. Additionally, it is not only money that is being invested in this process. It is time and effort as well.
Appoint a Representative With a Power of Attorney to Execute the Purchase for You
It is highly probable that a local with a power of attorney will process the needed documents more efficiently than you as it will require insight and knowledge of institutions, appointment rules etc. Appointing a representative will not only save time but it is the safer option for the process to go through. This will prevent any friction that can get in the way during bureaucratic steps.
Final Check & the Title Deed
After the finalizing signatures sealed the deals, it should take the purchase up to 4 weeks to be completed. During this process, your representative with the power of attorney will fulfill all the necessary final checks on the real estate for sale in Turkey and will guarantee that the property is now registered to your name. As the final step, you will receive the Title Deed (TAPU) when the buyer & seller successfully complete their obligations defined by the contract. Congratulations!