One of the most popular investment options worldwide is Turkish real estate, and for good reasons. The country is expanding quickly, there are many ways to make money, and the real estate market is steady. Real estate deals in Turkey pose a risk, just like any other investment. Consequently, great care needs to be taken when approaching it.
Here are 12 points to keep in mind when purchasing property in Turkey.
1. Prepare your homework
It’s crucial to be as knowledgeable as you can while trying to purchase real estate in Turkey. Here are some pointers to assist you steer clear of a regrettable Turkish real estate transaction:
2. Don’t hurry the procedure.
Before making a purchase, take your time and conduct thorough research. A lot can happen in just a few months.
3. Watch out for fraud.
Be wary of any real estate transactions that look too-good-to-be-true because there are many dishonest people operating on the Turkish real estate market. Additionally, be wary of dubious brokers who can try to persuade you to buy without doing a comprehensive investigation into the property.
4. Do a comprehensive investigation of the property.
Before signing anything, it’s crucial to perform your own research and inquire about the property and the neighborhood. Before making an offer, make sure you have all the required documentation in your possession. You should also be ready to haggle over the price.
5. Avoid divulging too much personal information or financial details.
There have been numerous reports of dishonest real estate brokers who know too much about their clients’ personal lives and financial situations defrauding foreigners out of their money. Ask for proof of the property’s ownership if you have any doubts about a deal, and if required, seek assistance from the regional consulate or embassy.
6. Obtain preapproval.
In general, it is advisable to use Turkey real estate brokers because Turkish banks are notoriously difficult to obtain loans from unless you have high-level connections or a substantial amount of money stored up. They can assist with getting you pre-approved and offer you quotes depending on what is practical for your needs and budget.
7. Understand your choices.
Before making any judgments, it’s crucial to complete your homework because there are a bewildering variety of property kinds and prices in Turkey. Even if you don’t have a lot of money to spend, you might be surprised by how many options there are to buying a home in Istanbul or Ankara.
8. Speak with the locals.
One of the greatest ways to learn about a city’s real estate market is to speak with locals, whether they be friends, family, or professionals from the area. Find out what they believe will work best for your needs and budget by asking them about the most desirable communities and houses currently on the market.
9. Be reasonable with your expectations.
Don’t overestimate your odds of discovering the ideal property, which might be tempting if you’re unfamiliar with the neighborhood market. Instead, be sure to have reasonable expectations and be willing to make some concessions in order to get your ideal property.
10. Be tolerant.
Finding the ideal property and negotiating a contract that benefits both you and the seller can take some time because the Turkish real estate market is notoriously slow-moving. Patience is essential when purchasing a home in Turkey, so don’t become impatient if things take a bit longer than anticipated.
11. Watch out for red flags
Red flags could exist if you’re thinking about buying a home in Turkey, so you should be aware of them. Here are four warning signs:
The house is being offered “as is.” This may appear to be a harmless warning notice, but homes that are being sold “as is” sometimes require major repairs or improvements. If the seller is unable or unable to provide any details regarding the condition of the property, this may indicate that there are unresolved issues. This may indicate that you will have to handle it on your own.
The asking price from the seller is astronomically high. Turkish real estate markets can be extremely competitive, so if the seller is asking for an especially high price — particularly if it’s more than three times the average price for comparable properties in the area — it might be an indication that they aren’t actually interested in selling you the property. Instead, they might just be trying to get the most money out of you before moving on to the next victim.
An unusually long time has passed since the property was listed on the market. There may be significant issues with the property if it has been on the market for more time than is typical. This is especially true if there are any indicators that the seller is no longer interested in selling. It would be worthwhile to look elsewhere if you can’t get a reasonable estimate of the repairs or modifications that will be required to make the property habitable.
Around the property, there are odd or strange personalities. It may be worthwhile to notify the authorities if you see somebody skulking around the property or saying odd things, especially if you have concerns about the circumstances. Always be on the lookout for any frauds or scammers and take precautions to protect yourself.
12. Prepare yourself to bargain
It’s crucial to be ready to bargain when buying a home in Turkey. The numbers you may be given are frequently not the ultimate price in Turkish real estate because the market is different from other markets.
Never enter a negotiation without a strategy in place. Be clear about what you want and what the seller is prepared to accept. Additionally, have knowledge of nearby comparable properties so you can accurately estimate what you’re looking for.
Use your negotiation skills to secure a better deal if you feel frightened or cornered. Inform the seller that you need more time to think about it and are not yet ready to make a decision. While it’s crucial to maintain composure during negotiations, don’t be afraid to speak up for what you want.
It’s crucial to be aware of the risks associated with buying real estate in Turkey. Here are four suggestions to steer clear of regrettable Turkish real estate transactions: Do your research, obtain pre-approval, be aware of your possibilities, and be ready to bargain. Turkish real estate is known for moving slowly, so exercise patience and don’t disclose too much financial or personal information.