It’s a big deal wherever you decide to buy a new home, yes it is most certainly a big decision to make and understandable if you decide to buy a holiday home abroad it can seem a little daunting. The chances are you already own a home in your own country and possibly your investment abroad will add to your property portfolio.
It’s not only another property you own it will also become a home from home if it’s a holiday home it is somewhere you can escape to and relax and get away from it all. Or it could be a lucrative investment if you’re buying to rent it out or a permanent home in a warm climate if you decide to live full time there.
Buying a property in Turkey is a straightforward process and to guide you it is important to use the services of a good international property agent who have already carried out its own due diligence on the builders and developers they sell property for. Using a reputable agent such as ourselves you will benefit from our assistance, experience and expert knowledge of the Turkish property market and be with you every step of the way.
Firstly choose your location; generally most buyers will already have visited the area they want to buy a holiday home or permanent residence in. Investors will likely choose the most popular spots where tourists visit most often to capture excellent rental returns. Look at the surrounding areas and make sure it offers what you are looking for, for example, proximity to the beach, cafes, bars and restaurants, supermarkets and banks.
What sort of property do you want to buy? Key ready or off plan, a resale or land to build yourself? Are you looking for an apartment, duplex or a villa? How many bedrooms and bathrooms do you need? Is outside living important to you? If so, then look at the size of balconies and terraces and make sure you have the space you need.
Are you a cash buyer or will you need finance? Turkish mortgages are available however currently you will need to put a deposit down of around 30% of the total value of the property. Mortgages are available for a Turkish property in the UK if you have equity in your house. All of the options can be discussed at the time of viewing.
It is always advisable to use a Lawyer when buying a foreign property and it should give you peace of mind. Also, use a good foreign exchange company to obtain the best possible exchange rates.
You will need a Turkish Tax number so you can buy a property and open a bank account in Turkey. This is an easy process at the local Turkish tax office and can be done in around five minutes.
The Tapu office is where you will sign for your Turkish property, the Tapu is your title deeds. If you can be there to sign in person that is fine or if you need to return home you can give Power of Attorney (POA) to the Lawyer acting on behalf of you for your sale. The utility bills for electric and water can be transferred to your name also.
By using a reputable agent to assist and guide you will be invaluable especially as it is a foreign country. However, once you own your Turkish home you can enjoy it whenever you wish, look forward to healthy rental returns or live full or part-time in the sunshine. All that’s left to say is happy house hunting!
