Planning to buy a property in Istanbul? Don't make an investment without knowing what you are getting into!
Read this article to keep the most basic things in mind before investing in a property in Turkey.
You need to know if you will live in the property you buy or simply rent it out or use it as an investment. Knowing your objectives will influence the property you want to buy and which part of Istanbul will be right for you. Not every property will be a good investment but they will make perfect homes to live. So be sure to set your objectives before investing in a property.
Don't get lured by the misleading Istanbul Homes For Sale ads or beautiful photos of Mediterranean villas promising you year round sunshine. Instead, try to make a visit in person to know that the property looks exactly as advertised. If you really like a place, come with an open mind and check out at least a few other homes before making a final purchase.
If you find that the deal you are being offered is too good to be true, then it probably is. Even though the property in some parts of Istanbul is still inexpensive, it is possible that it lacks adequate paperwork such as planning permissions etc. This means that you will be unable to acquire the title deed upon purchase. Sometimes, owners that built illegal property want to get it off their hands by selling it at ridiculously low price. In that case, they often target uninformed foreigners who know little about the law. So, take your to fully assess the fine print of the deal before investing in it.
While the real estate in Istanbul is booming at a rapid pace, not all real estate agents you come across will be reliable. So if you are planning to buy a house in the country or the city, make sure you are working with a reputable agent who can be verified for their authenticity. They usually know the market like the back of their hands and have the right contacts to help you buy exactly what you need, legitimately.
An independent lawyer can be expensive but they will check and verify your prospective property to ensure that it fulfils all the legal requirements. They will also apply for a military clearance on your behalf and help you expedite the process. However, when hiring a lawyer, only work with trusted professionals or check out the consulate website to get a list of approved solicitors.
Once you have met all the above criteria, make sure you negotiate with the help of an established agent and get a better deal than what was being offered to you. Don't make a haste in buying a property, even if it is tempting!
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