To avoid falling victim to fraud, exploitation, or misbehavior on your part, we have prepared this article titled " Five real estate tips for foreigners planning to buy property in Turkey." For a rich source of information, make sure to read this article.
We provide real estate assistance to foreigners considering purchasing property in Turkey in order to help them find the ideal apartment in a secure and desirable manner, and we now extend that assistance to you by outlining the key milestones you must reach along the way of buying a property. And remember, it is necessary to pass through these points in order to achieve the right goal.
The most crucial tool a client may have today when purchasing real estate in Turkey is the right compass, which directs him to choose an apartment that fits both his demands and his budget while also ensuring that the process is free of difficulties, mistakes, and traps. You must consider everything we will talk about in this article today in order to avoid any challenges like that.
Damasturk Real Estate Company will outline the most significant real estate tips for foreigners looking to purchase a property in Turkey, covering various factors that must be carefully addressed, beginning with the selection of the real estate consultant and finishing with attention to the quality of the apartment and its lack of problems such as mortgages and the like. Let us discover these tips.
In Turkey, like in any other country, you will need a partner who will accompany you while you explore and get to know the country from the inside. However, the step of purchasing real estate assets in any country requires a professional real estate adviser to pave the path for you. Thus, if you insist on depending on your expertise or insight, you will almost certainly make a mistake.
So, what exactly is the role of a real estate consultant in Turkey? Damasturk Real Estate, your real estate advisor, has prepared various key points for you. We have offered and will continue to offer the following benefits to all of our clients: So, what exactly do we do, dear investor?
Choose Damasturk Real Estate with confidence when purchasing a property in Turkey, considering our extensive experience in Turkish cities, particularly Istanbul, Antalya, and Bursa. Do not hesitate to get in touch with us.
Turkey offers a wide range of options and real estate opportunities, beginning with the cities, as every city offers a unique set of benefits. When an investor purchases an apartment for sale in Istanbul, he gets a residence in a posh community with a stunning view in a tourist and historical city. The areas inside Turkish cities also provide a range of advantages, some of which are better suited for settling down and raising a family and others of which are more tourist-oriented.
Knowing your real estate investing objectives greatly influences the type of property you may purchase. The objectives can range from real estate residence to Turkish citizenship, financial gain and investment, housing, and settling down, which, for example, puts you in front of possibilities for apartments near service locations like schools and health facilities, as well as apartment sizes that match the number of family members.
In general, there are a few crucial considerations to take into account when looking to purchase an apartment in Turkey:
It is important to keep in mind that residential real estate, some of which are good for living and stability, and others which are more suited for investment, like when the owner wants to rent them out or sell them after a time, differ as there are preferences and requirements which must be available in residential apartments in order for them to be suitable for settling down, as well as other preferences for investment apartments in order for them to be acceptable for investment.
Factors to consider
Turkey is a big country with 81 provinces. Each city in these provinces has its own municipalities, and each municipality has its own region. And luckily, each region has something unique that sets it apart from the others, such as a total view of the sea, being surrounded by greenery and woods, or even being on a lake.
Additionally, each area has its own unique content, some of which is tourism for leisure and vacations and some of which is business for the goal of investing and generating investment returns, so this section is primarily in the core. The goal of the purchase has to be compatible with the region and place. And in this case, what do you need?
Damasturk Real Estate puts every location in your hands, complete with its demographic environment, the sort of land it is, its distinct advantages and disadvantages, the population there, the kinds of activities it enjoys, and the specifics of the details that do not easily come to mind. You only need to be able to match the appropriate place with your goal if you want to buy an apartment in Turkey and make a success of that.
Schools and other places of interest should be close by—restaurants and retail areas you can take your kids to—or, in exchange a financial investment that yields investment returns in the proper location, etc. You now know the main points in brief; get in touch with us to get your desired results.
This advice is quite sensitive, knowing that a good proportion of individuals have experienced regret after purchasing a property in Turkey, and the reason for that is the subsequent discovery of a huge discrepancy between the price of the property they purchased in comparison to the prices of properties in that region. Many buyers have reported being duped by this while thinking they were getting the best deals, and that has shocked them deeply.
Those who felt duped had a variety of grounds for their regret, but the main one was that they had not hired a real estate consultant or that they had picked the wrong one. This is what we stressed at the beginning of this article, so it is critical to use the appropriate consultant and real estate evaluation to match the apartment's worth and pricing with the market price.
How do you accomplish this? First, compare and analyze the desired property with the relevant real estate in the area. This is done by doing real research rather than using information obtained from potentially deceptive web sources. Instead, real estate appraisal companies may do so; nevertheless, even these companies must be respectable and well-known, not just any company.
Before purchasing any property in Turkey, a real estate appraisal report is now a crucial requirement and procedure. The Turkish government passed a number of laws earlier in 2018 to safeguard investors' rights, particularly those of foreigners, and prevent real estate fraud.
One of these regulations mandates that before buying any property, a real estate appraisal report must be obtained. The report contains precise information as well as explanations of all aspects of the property, including its true cost. The real estate appraisal report is issued by a specialized individual who works for an official entity that is authorized to provide real estate assessment reports.
One of the most crucial things to fully comprehend is that you need to make sure the property is free of any troubles like foreclosure or other potential issues. There are several ways to do this, yet many buyers lack the expertise to do so and might not be certain that everything is accurate.
Therefore, prior to even making the deposit payment in exchange for the apartment's purchase, it is essential to be aware of all legal aspects of the apartment. Anyway, the issues that burden a significant portion of Turkish real estate, the most notable of which were mortgages, accrued taxes, or unpaid payments, have actually impacted many individuals. And unfortunately, it is true that some individuals have purchased apartments in this situation!
Damasturk Real Estate Always do deep research on the history of the property before engaging in any discussions or agreements with real estate owners. We can guarantee the legitimacy of the property for the intended objective through relationships with the governmental entities involved with these issues. Therefore, choosing us ensures your safety when completing the process of purchasing a property in Turkey.
The most crucial advice in the process of buying a property in Turkey is the method of money transfer. There are two aspects to this: the first is whether the purchase is made directly from the construction company, and the second is whether the purchase is made directly from the property owner. In both situations, it is important to pay attention to the transfer method to prevent falling victim to real estate fraud.
The process of purchasing a property in Turkey goes through this station, which is, to a great extent, the most sensitive of all the stations. You are recommended to have a companion who is an experienced adviser or lawyer, and all transfers should be handled through banks rather than in person or with cash to prevent theft and other hazards. Let us first show you how to transfer money directly to the construction company.
To begin, you are absolutely secure if you deal with construction businesses that have government guarantees, such as Emlak Konut, Toki, and others. You only need to make a bank transfer or deposit money directly from your own account. However, if you have a specific property that has already been agreed upon and the deposit should be paid on that basis, then the only information that has to be given in the "clarification box" when depositing or transferring along with your name is the property number and the name of the project.
If you are transferring to a private construction company, you must first decide on a specific property in advance with the project management team, pay the deposit, and then decide formally—not orally—on the timeframe for delivering the title deed. This is a source of concern for many people who purchased properties from construction companies and were shocked to receive the title deed after a year or two.
In this situation, you must reach a settlement with them through a contract requiring the submission of the title deed at a specific time and not just rely on verbal assurances. Because construction companies commonly protect themselves, and for that reason, we recommend the buyers who want to buy an apartment in Turkey take the initiative and carefully read the whole contract to ascertain the earliest possible date for the transfer of ownership before transferring cash.
A bank transfer can also be used to transfer money, either from outside or inside Turkey. In this case, the buyer's name and the property number are used in the explanation box, and the money is then sent to the construction company. However, make every effort to transfer and obtain the title deed as quickly as you can; do not rely on promises or other factors.
If you are dealing directly with the property owner, you will require an experienced specialist in the real estate sector because many unfortunate buyers have been conned at this highly sensitive station. To begin, you must ensure that all legal documents pertaining to the property are in the name of the person to whom the transfer will be made, and you must not accept the transfer to anyone other than the owner of the property.
After making a modest deposit payment, you must inform the property owner that you are prepared to transfer the rest of the money throughout the title deed transfer process! Under any circumstances, you should not agree to the money transfer a day, an hour, or even a few minutes in advance. Before completing the direct bank transfer, make sure you and the property's owner are at the title deed office working on the ownership transfer.
No matter what, do go unprepared; you need to have everything ready, like increasing the bank's transfer limit, or you may fix the transfer at the bank and provide confirmation while transferring the title document. Alternatively, if the owner agrees in advance, you can have the bank issue a check for the full value of the property and present it to him. In these circumstances, a check is typically the best method of money transmission.
Another transfer mechanism is known as TAPU TAKAS BANK. The guarantee between you and the property owner is this practice. Where money is paid to the title deed office in advance, for example, a day ahead of time, and the property owner, in this case, would be assigned along with his bank account and when the title deed certifies that the transfer of ownership has occurred in your name, the money is transferred straight to the property owner. However, because this method necessitates certain processes, many real estate owners occasionally refuse to use it.
Damasturk Real Estate remains with you every step of the way in each of these scenarios, and we always ensure that the means of money transfer are risk-free, secure, and without any room for suspicion on either party's part. Choose your real estate consultant wisely, and find out how he can ensure a secure transfer. Get in touch with us right away so we can provide you with all the information you want in this regard.
According to appearances, investing in real estate in Turkey is a bold and hopeful move toward a rich future. The concept of settling down and living in Turkey through real estate ownership is a successful and stable pillar for spouses and families seeking a better future for their children in a stable and safe country with an economy that is always developing and offers a lot.
So, dear reader, we have emphasized the major recommendations you should keep in mind when you purchase real estate in Turkey. Do not hesitate to get in touch with us if you have any inquiries so that we can assist you in identifying the solutions that best meet your requirements.
Our article today, titled " Five real estate tips for foreigners planning to buy property in Turkey," stressed the most crucial points to pay attention to. And the way to do so is by selecting a real estate consultant, selecting the ideal location for the property, and confirming the property's actual worth with an emphasis on the absence of any mortgages or other encumbrances. Thus, let us take care of the chore of making sure that everything is alright; get in touch with us straight from this page by clicking here.
Damasturk Real Estate specializes in delivering legal, real estate, and engineering consultancy services in Istanbul. We represent more than 300 points and projects across Turkey, particularly in the cities of Istanbul, Antalya, and Bursa. The particular services we provide to our clients begin with a welcome at the airport and finish with the delivery of the key to the property owner, in addition to expert after-sales services. Contact us right away to find out more.
Edited by Damasturk Real Estate©
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