Purchasing real estate in Turkey is a huge lifestyle decision. No buyer does it on the spur of the moment. The property purchase procedure in Turkey is an easy process for first-time investors.
The procedure for investment
Property in Turkey is very different to that of your own county, so in addition to choosing your perfect home, you will need to learn about the Turkish real estate market and legislation. A reputable estate agent will offer you good advice when you decide to buy real estate in Turkey. They will provide guidance, walk all of their customers through the process, and manage the legalities and nitty-gritty aspects where possible. At the same time, they will recognize that you want to be in charge of your purchase. Therefore this series of articles provides you with all the information you require.
Your questions answered
Good estate agents will continue to offer you services and advice even after you’ve made your purchase, so you can enjoy your new home in the sun for years to come.
According to our first piece of advice, the most significant part of any potential purchase is you need to research what you want to buy. The more research to investing in Turkey you do, the more informed and in charge you will feel, which will lead to happiness and peace of mind that you have chosen the ideal property for you. Scour the internet and look at where you want to buy, what you want to buy and who you want to buy with.
Search the internet
We recommend that you prepare notes, scribble down ideas, record your thoughts, and make a list of questions to ask the estate agent of your choice. This journal will contain all of the details of your property purchase, so you can refer to it in the future if you decide to sell your home.
Open a new folder on your desktop or bookmark tab to save web pages of prospective properties and the following articles that will describe the procedure in detail, in addition to using the notebook. Also, within your email admin panel, create a new folder to gather all correspondence about your home acquisition in one spot.
What to do next
Organizing finances, Turkish mortgages, and currency exchange are all things that an estate agent can help you with.
Think about your budget before you begin searching for real estate. Some buyers look for their perfect home first, then think of how they are going to pay for it. Therefore, this normally results in the buyer overstretching their finances or disappointment when they discover that the lovely villa with an infinity pool and sea views is simply out of their reach.
How will you pay for your new Turkish home?
To start with, draw up a list of all possible sources of paying for your Turkish property. Also, please note whether the funds are readily available or when you expect to get them. Most foreigners who purchase property in Turkey do so using one or more of three sources: savings, inheritance, or re-mortgaging their UK home. As property sales in Turkey are often quick, the whole process might take anywhere from 6 weeks to 3 months. Having the money readily available is vital. Your estate agent can recommend a solicitor who will oversee the buying process for you.
Mortgages in Turkey for foreigners
Turkish banks first offered foreigners mortgages in 2007. Obviously, terms and conditions differ from bank to bank. Normally, 50 to 65% of the purchase price is covered by the bank via a mortgage. This leaves the buyer to find the remaining money. Decide how to pay for a home and you are half way there.
As soon as you can visit your desired location. Once you have picked where you want to be finding a new home is easy. This is the beginning of your Turkish property dream.