We are all guilty of this, going for our summer holiday to Turkey, to a resort with a glorious coastline where we enjoy long hot summer days on the beach and thinking “I could get used to this lifestyle.” We take a peek in Estate Agents windows at the prices and wonder if it’s possible to make this dream a reality. This especially happens in Turkey purely because the property prices in Turkey are so affordable, more so compared to comparable property in Europe.
I think one of the main advantages of buying in Turkey is you don’t always have to consider finance or getting a mortgage. I am one of those people who did buy a property in Turkey, mainly for an investment, the idea was to rent our property out and I and my family would use it only occasionally. That did not go quite to plan as we fell in love with our home away from home and it never was rented out – not once!
We were lucky we had savings and were able to pay cash for our 2 bedrooms and 2 bathrooms apartment. Our idea of renting it out was simply to pay for our flights when we wanted to use it and the upkeep of the place. It became a haven for us and every opportunity we had to use it we would, usually at least 4 times a year if not more. Before we bought it we would holiday abroad once a year which would cost several thousand pounds and take a couple of long weekends in the UK (depending on the weather).
Some investors buy to only rent out and the rental potential is excellent in Turkey with millions of visitors coming through their airport gates and descending on the beautiful resorts that span across Turkey’s southern coastline.
If you are considering buying a property for sale in Turkey, to use as a holiday home and renting it out when not using it yourself, you need to ask yourself a few questions:
1. Do you need finance or a mortgage to buy it?
2. Can you cover the repayments yourself if you don’t have any rental bookings?
3. Can you afford insurance and any yearly maintenance fees without any rental payments coming in?
You must take all these factors in to consideration; it’s not worth overstretching yourself if you think you will have financial difficulties. There will be other times to buy, so don’t be disheartened.
The cost of living in Turkey is so much more affordable than in the UK for example. Council tax, electric and water bills are a fraction of the cost in the UK. Another bonus is if you have savings in a Turkish bank the interest is usually around 10% – if you have more than £100,000 in your account you will receive more interest. You can opt to tie that money up for 3 years getting even more interest (could be up to 15%) and the bank still pays your interest monthly on a designated date if you wish. This option could come in to play after retirement and you sell your UK property giving you a considerable nest egg to bank.
The benefits of buying a holiday home in a beautiful location that you adore, is that one day you may consider retiring there and why not? You deserve a long and happy retirement in the sunshine; many do and never look back. Of course they go back to their home and visit family and friends and in turn their family and friends visit them too.
Apartments can be bought in Turkey from under £40,000 on delightful complexes with communal pools, gym facilities, bars and cafes and a whole gamut of other amenities. Semi detached villas start from under £65,000 and detached villas from under £70,000 again set on beautiful complexes with communal pools and other facilities. If you want more privacy opt for a detached villa in its own walled gardens with a private pool from under £100,000 this is how affordable Turkish property can be.
Should you buy a property in Turkey? Well we did and now live here on a permanent basis and have done for almost 10 years. Yes, we have moved 35 minutes away from our original location and in to a villa in a small fishing village which is perfect for us. The answer is yes we love this lifestyle and I’m sure you would too, try it sometime!