Turkey is a popular buy-to-let location. Some people rent out their Turkish homes while they are away. Either to maintain someone on the premises at all times for security or to supplement their income and recuperate operating costs. Investing in Turkish real estate in 2021 is a great investment opportunity not to be missed.
In places like Kalkan, you may get the highest rental yields on the entire Turkish coastline. The modest, upscale beach resort’s rental yields are currently reaching 9% per year. You can easily hire third-party local firms or a husband and wife partnership in addition to using rental companies and their entire property management systems. They would check for damages, responding to renter requests, and scheduling things like cleans and welcome packs.
Which are the popular holiday resorts?
Famous holiday resort towns in Fethiye, like Olu Deniz, Bodrum and Ovacik, are also excellent buy-to-let destinations.
Your rental property’s marketing
Individual companies will promote and publicize your property for you, but they will typically charge you for this service. As a result, we urge that new owners take charge of their advertising. The following are some tips and ideas for how to go about it:
Via family and friends, word-of-mouth promotion.
List your property on websites like Owners Direct and Holiday Lettings, where you may directly market and manage your rental clients.
Create a website and a Facebook page for yourself. Check to see if there are any Facebook community groups where you can post a free ad for your property.
Place an ad in a local newspaper, either in the area where you purchased the property or in your hometown.
Bulletin boards can be found in supermarkets, bars, and community centres.
Put a “For Rent” sign on your rental property, along with a phone number that may be reached.
Having to pay taxes on rental income
The amount of tax paid by proprietors on rental income varies based on the revenue volume, although it typically starts at around 15%. Foreigners who wish to pay taxes will require a tax number. Tax deductions are allowed, and tax returns are generally due in March each year.
How much will it cost for the upkeep of my property?
Utility bills every month
Monthly electricity bills for a two-bedroom flat range from 80 to 200 lira per month. Air conditioning uses a lot of electricity, so expect higher bills.
Gas: In Turkey, gas is mainly used for the hob of your cooker. It is sold in big bottles, with a current price of around 120 lira, rather than being connected through pipes. A gas bottle will last 6 to 9 months.
Water: Traditional water meters are gradually being phased out in favour of pay-as-you-go meters. Costs range from about 1 Turkish lira per cubic meter to almost 2 Turkish lira per cubic meter. Water should cost around 30 lira per month for a large family.
Internet: For year-round living, the Internet will cost approximately 50 lira per month. You can rent dongles from organizations that send them to your door if you use your property as a vacation home.
Costs of owning property in Turkey on an annual basis
Council Tax: The amount you pay in council tax is determined by the number of individuals listed on your Tapu (title documents) and the value of your home. A typical 2-bedroom flat will cost around 150 lira per year, but higher in other areas.
Rubbish Charge: This is a one-time annual tax collected along with the council tax and amounts to roughly 80 lira per year.
DASK Insurance: By law, earthquake insurance is required. The price varies depending on which company calculates it based on the square footage of your apartment. A year’s rent for a 70-square-metre apartment is about 250 lira.
Service Fees: If you buy an apartment in a complex, you’ll have to pay a monthly maintenance charge. This fee covers expenses such as standard energy, water, swimming pool maintenance, and other amenities on site. They range from 300 to 2000 lira every year.