We are here to tell you every do’s and don’ts of investing in real estate Istanbul. Even though, the whole process is fairly easier in Turkey than other European countries, still some precautions should be there. When buying property, initially you will have to make sure of the worthiness of your purchase and then ensure the profit.
The properties here are cheap and newly build, due to the still growing process of the market. So, you can easily find your ideal place to invest in. Regardless, gathering some market knowledge is mandatory prior to the investment. So, here are some of the things to keep in mind before buying real estate in Istanbul…
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Researching for good realtor for real estate Istanbul
The initial step should be hiring a good real estate agent. They can do half the work for you. From listing up some great properties to making a great deal on your behalf, your work will get easier. In order to get the best in the business, you need to look at their offer list as well as the properties they have to offer. Plus, upon talking to them, try to ask as much question as you can. An authentic agent will have answers for every queries.
List properties by price comparison
There are one of many realtors in Turkey and each of them offer their best deal on a property. You can easily compare prices of these agencies and then choose among the cheapest. You don’t have to buy from the first agency that you are talking to. Play your field in order to have the best price on real estate Istanbul.
Choose property to inspect personally
You will be provided many photos and even videos of a chosen property but that doesn’t determined the current condition of the place. So, make sure to appointing a visiting date with your realtor. Only by face-to-face inspection you can know, if the deal is profitable or not. The walls and pipe lines can be damaged and without a professional house inspector you cannot know about it. They can make sure that the building is stable and in good condition. Plus, you can save more money by bargaining if they could find some flaws in it.
Choose a high demanding location
If you are looking to gain profit, getting a good place is not the only deal you can make. A good location can drive more profit in future for when you decide to resale. There are many areas in Istanbul, which are in high-demand and rises in value from time to time. Simultaneously, you can hike up the value of real estate Istanbul with the growth of area value. These properties will not be easier neither cheap to get, but with little investment, you can ensure profit.
You can also invest in a villa
Villas are not only grand but these also can generate profit. Villas rises in value but they don’t come cheap also. Hence, if you manage to invest a little more, you will not go short on the list of buyers. Plus, villas are easy for alterations. Due to the extra space, you can build new room, redecorate and modify your property without any problems.
Plan a budget beforehand
Planning a budget is a must have step before investing on anything. Because after buying the property, you will have to collect invest in some other things as well. For example, you will have to plan for the cost of renovation, alteration, furnishing, decoration and property tax. These cost can come in heavy if you haven’t took care of the budget upon buying the place. That is why, a realtor can help you in these matter more than you can think.
These are all the basic step that can ensure the value of your investment. But somethings can easily go out of hand if you don’t avoid these don'ts of buying real estate.
Don’t buy a property over a call
If you have not been careful, you can easily choose a fraudulent realtor company. And that will have some tell-tales also. Such as, the realtor will try to sell the place over the phone call. In fact, he or she will ensure you to make all the arrangements after your purchase but not before. The chances of loosing your money over a cheap-conditioned property is high in these situations. So, make good call on your account.
Don’t forget to learn about the neighbourhood
The neighbourhood is going to be an important part of your life if you decide to move in Istanbul. So, be sure to check out the neighbourhood by yourself. This will help you learn how many public commodities there are, such as malls, parks, school, cafes etc. It is also vital to know if the neighbourhood is safe enough. Sometimes, when you are getting too good of a deal on real estate Istanbul the surroundings might be problematic. Thus, checking up if the area have faced any criminal activities is quite important.
Check out for any legal hazards
Properties gets bound to governmental entitlement with some process. For one, the owner of the property might have not paid off the property tax before selling it to you. In that case, even after signing the deeds you will not hold the ownership of the place. That is why, asking for NOC certificate upon sealing the deal is important.
The real estate Istanbul can also get a little tricky to buy due to the outstanding dues. Some lands of Turkey is under the influence of the military department. And in order to own such lands, you will have to have the clearance certificate from authorities. Ask for just certificate to you seller, otherwise you can face legal hardship in future and the government can seize the property.
Always get your own lawyer
A realtor can help you in many ways when investing in a property. And helping understanding the deeds is amongst these. But don’t forget that they also work for the seller, so they will not fully focus on your interest. Getting your own lawyer can help profoundly under these circumstances. You can avoid getting legal hassles in future because your lawyer can inspect the paperwork of any loopholes and mistakes.
Why you should move here?
Well, there are multiple reasons why. Which is probably why, foreigners are so keen to either invest here or to move here.
- Istanbul or Turkey is especially known for their soothing weather conditions. Plus, their buildings are build in a way to prevent heat in summer time.
- The exchange rate also makes it comfortable to live here. Everything here is cheap and almost half the price you used to live in.
- The cost of a real estate Istanbul is unbelievably cheap. You can buy a villa in the same price of a New York one-bedroom apartment.
- The advantages of having a Turkish passport is many. Such as, you will be able to travel in 117 countries visa-free.
- The food here is amazing and nothing you have tasted before.
- People here are very friendly and accepting toward different beliefs and religions.
- The healthcare industry here is top-notch and most advanced in the world.
- The growing real estate market is making new job opportunities here, so a bright future is awaiting for you.
