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5 Points to Consider When Buying Property in Turkey

5 Points to Consider When Buying Property
Nova Property

In this brief 5 point list, you can find important points to consider before you buy a property in Turkey.

Make your five year life plan

In order to be able to make the right decision, you must first of all make a five year life plan. That is because in less than five years – and especially if you have bought from new property projects – it may not have made the profit you wanted if you want to sell it. Therefore, it may be necessary to plan as if you are not going to sell in less than five years.

Carry out a price analysis

Secondly, prefer properties for which a price analysis has been carried out. Work together with professionals for this. Adjust your offer according to the price analysis and forward the offer to the owner through a real estate consultant who will be able to negotiate on your behalf. Thus, a more objective and correct negotiation process will be created, without emotions getting involved.

Property purchase checklist

Research the legal position

The third important point is for you to acquire knowledge concerning the legal position of the property. You should ask the consultant working with you to acquire this information from the relevant authorities. Your consultant will tell you if there are any risks and will also show you what types of precautions you need to take in the face of these risks.

Do not avoid paying a deposit

Fourthly, do not avoid paying a deposit because deposits are an instrument which protects the buyer. It prevents the seller from changing his or her mind. You need to sign an agreement whereby the seller will need to pay you a penalty equal to the amount of your deposit, in the event that he or she withdraws from the sale. Therefore, do not avoid signing a preliminary sales agreement and paying a deposit. Your deposit can also be held at an intermediary such as a trustee, and if you wish you can also give it to the owner. Of course, when the deposit is held by corporate companies or intermediate organizations, this is more secure for the buyer. If the amount of the deposit is high, then both parties will be bound by figures which they cannot back down from, and the sales transaction will be completed without issue. This will secure the transaction.

Obtain detailed information on loans

Finally, if you are going to use credit, obtain detailed information from your consultant on loans. What you need to pay attention to here is not only the difference between the interest rates of the banks, but the total cost of the loan to you. It will be more realistic to make comparisons between the banks based on this. That is because some banks keep their interest rates low but increase the cost of making the loan available. For instance, if you are borrowing 100.000 TL for 10 years, make your comparison based on how much you will have paid at the end of the 10 years. 

You can find more detailed information about buying a property in Turkey in the links below:

Points to consider when buying a property in Turkey

Things to watch out when buying a property in Turkey 1

Things to watch out when buying a property in Turkey 2

Turkish property buying guide in 50 questions

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