The Most Important 3 Steps in Buying Real Estate in Turkey
Maintaining a logical and focused point of view is very important when purchasing real estate. While taking a decision that mobilizes important sums of money and savings it becomes even more vital to avoid mistakes. Real estate purchase is in its’ core a decision-making process, and taking the right decisions empowers the investor toward a more pleasant outcome. That is why we have highlighted the major steps of buying real estate in Turkey.
PLAN A BUDGET WHEN BUYING REAL ESTATE IN TURKEY
Before taking any step towards a real estate purchase, one must first find answers to the single most critical question: What real estate in Turkey I can afford? Purchasing a real estate is a long process that takes a lot of time and effort to be concluded. Any financial setback can lead to the total cancellation of the real estate purchasing process exposing the buyer to financial difficulty. That is why the single most important first step of acquiring a real estate for sale in Turkey must be determining your budget.
What is the importance of a real estate investing budget?
If you simply can and willing to pay the total amount of a property with cash, you will be able to keep away from long term financial planning. However, if you are unable to pay the full amount you will have to decide on a payment plan and most likely on a mortgage credit to finance your real estate purchase. The new housing projects built in Turkey usually takes 1-2 years to complete and you can apply for a mortgage plan of maximum 10 years in Turkey (15 years with exceptions). This simply means that any buyer who has enough money and financial stability today, must plan years into the future. That is why setting your budget must be the first and the most critical step in buying a real estate in Turkey.
If you are going to purhase a real estate in Turkey with an installment plan, you will most certainly be asked to pay a down-payment. This amount will require an important sum to be paid in cash. On the other hand, if you are going to purchase a property in full amount, you will need to pay the total sum in cash. Either way, you will need to channel a serious portion of your savings directly into your investment in a short amount of time. This is when your monthly figures, savings and credit scores plays an important role in acquiring a real estate in Turkey and need to be considered as the carrying blocks of your investment.
FIND THE RIGHT REAL ESTATE AGENT IN TURKEY
Why working with a real estate agent important?
The right real estate agent plays a vital role for the investors. Considering the serious amounts of money, factors and complex procedures involved; finding the right and trustworthy real estate agent is paramount for real estate investment. The right agent can help the investors find the exact property they are searching for thanks to the detailed portfolio they have. Also, the real estate agents can provide the investors with early investment opportunities for properties that did not hit the market yet. If the right real estate agent is chosen, the early access to these initial sales for properties in the project phase, pre-launch phases etc. can give an investor a first mover advantage.
Most of the time, the real estate investors begin their research online. However, what starts online must not end online. It is very important for the investors to reach out, call and arrange a real world meeting with the real estate agents as it will provide more satisfying results as the investors will have the chance to witness the working environment, a live tour of the property and testimonials of previous investors.
Should you use a real estate agent when buying property?
A real estate agent also acts as a local partner for a foreign investor coming from abroad or a different city. This feature provides convenience when complex bureaucratic procedures gets in your way. The real estate professionals will be more capable of providing a streamlined service to tackle paperwork. This is also important to avoid from fraud, as you will not be represented by a local private individual but by an official company which will avoid to their best ability to shatter their well-deserved reputation.
Working with the right real estate agent can also benefit you with much faster investment returns from your investment. The agents who sell property usually provide rental & re-sale services for the properties they sold. This means you can buy real estate in Turkey for investment from your agent and start earning rental income while you are paying for it only by authorizing the same agent as the leaser.
FIND THE RIGHT REAL ESTATE IN TURKEY
How to find the perfect property in Turkey?
After all the effort went into assessing your financial situation and partners, the most personal and pleasant part of buying a real estate in Turkey has arrived: Finding the right real estate for sale in Turkey. Creating a must-have list for the property you are looking for will be a helpful initial step which can be done around a table. If you are planning on moving in with your family for example, discussing the must-have features with them will also help to clearify the features of your future real estate.
When you have a clear picture of your criterias, you can share this information with your real estate agent and begin searching for suitable real estate for sale. It is best not to compromise on the location and the layout of the property you are looking for. Because these are the two most important features of a property that will have a direct influence on your living experience and it is almost an impossible task to improve them. Easy to fix details such as interior colors, furniture shouldn’t let you down from a deal either.
It is also important to look into the future when you are making this investment and choosing the best neighborhood with the biggest potential. It is important to remember that a not-so-great house in a great neighborhood is a much better investment than a great home in a not-so-great neighborhood. Because the growth of the neighborhood will fuel the value of the property you are looking for, it will be much wiser to decide on a house in a better location.
The real estate values in that area must also be taken into consideration and used as price feedback for your deal. You can evaluate the future trend of the market by collecting information about the concluded deals, listing prices and this will give you a rather useful forecast for your investment’s value in the years to come.