Buying a property in Istanbul may not be as easy as buying a property in your hometown. People deal with a certain amount of anxiety before purchasing property overseas. Well, the major reason being a different nation. You are well acquainted with your own state's laws and systems, while in other states, you tend to have obvious concerns. With basic guidelines and recommendations, we can help you with an assured way to invest in real estate Istanbul.
Step by step guidelines to invest in real estate Istanbul:
Titles
Go for a thorough research
Real estate Istanbul is witnessing a steady growth. There are hundreds of properties being sold every day, and estate agents are emerging every day. To look for genuine and good property is essential. Conduct research on your desired location and areas that cater to your needs, budget, and lifestyle. Another important consideration has to be of good and genuine estate agents and lawyers to guide you through the procedure.
Looking for an authentic agent
When you are of foreign origin, the chance of forgery automatically increases. With such a high risk of fraud, the need to look for a genuine agent is crucial. Many agents sell the claimed property to more than one buyer. Your agent must have the compatibility to understand what you are looking for. Failing to do so can generate trouble in the process of purchasing the property. Look for trustworthy agents who will walk you through good and affordable properties in Istanbul. Make your job easier by choosing a genuine agent, rather than burdening yourself with more problems.
Be involved in every process
No matter how trustworthy your agent may be, be involved in all your property related matters. Overtly discuss your needs and preferences with your agents so that they know what you exactly need. Establish a good rapport with your agent and keep yourself updated with all the information related to your investment in real estate Istanbul.
Visit Turkey
Thinking of buying a property without exploring the place? Bad idea! If you are intending to buy a property overseas, never purchase without exploring the city or country. To invest in something good, you must check the surroundings; try getting to know the people, local restaurants, heritage, culture, etc. When you invest in something so big and expensive like a property, you just don't own the land, you own a lifestyle. You must have the feeling of living in your home. Try not to be gullible by buying whatever the seller says.
Explore the property you intend to buy
A professional inspection trip with a genuine agent and company will help you in choosing the right kind of property for your investment. It should take you at least 4-5 days to inspect your intended property thoroughly. Verifying the standard of the building is also very significant. Look around for good surrounding and connected areas before opting to invest.
Look for a variety of options
Istanbul being such a vast state, there are tons of properties and lands to choose from. A good agent will create a list of places to explore. You have the option of choosing from a variety of properties. A good agent will ensure that you make the right and satisfactory decision since investing in real estate Istanbul is a big deal.
Negotiate the price
Properties in Istanbul are most famous because of the affordability they offer. People worldwide invest in Turkey to buy properties because they offer reasonable properties compared to other European countries. When you are offered a price for a particular property, negotiate for the price. Good agents will assist you in this since they have contacts and connections with big developers and sellers. They negotiate the price on your behalf. Since purchasing a property includes legal cost, agent’s fee, lawyer’s fee, and other miscellaneous expenses, keep in mind these and negotiate well for the price of the land.
Reserve the property
Once you have made up your mind to buy a property in Istanbul, you have to reserve the property by paying at least 20% of the total amount to the seller. This amount remains non-refundable. This amount finalizes you as a buyer, ensuring the booking of your property. This guarantees non-selling of the same property to a second buyer.
Grant a power of attorney to a solicitor
The easiest and most convenient way of buying a property in Istanbul is by granting a power of attorney to a solicitor. This saves your time and effort. This process enables you to travel back and forth and not necessarily have to stay in Istanbul while the purchase process in on. Qualified and highly experienced solicitors will enable a swift and smooth way of the long, tedious procedure.
A final inspection of your property
After signing the deed, the process takes approximately 4 weeks to complete. During this time, the solicitor makes a final inspection of your property. They finally check whether the property is registered in your name or no.
Receive the final TAPU
TAPU is the final title deed given to a person who purchases a property in Istanbul. This proves your ownership over the property you purchased. It takes a minimum of four weeks to receive the final deed; however, the wait is worth it.
This completes an easy guide to purchasing a property in Istanbul. If you follow these simple steps, you will face a minimum scope of forgery. No agent, guide, or lawyer can deceive you if you look into the matter closely, being an active member in all the processes. Buying a property in Istanbul is not tough; it just takes a certain amount of time to complete the entire process. The attraction that Turkey entails has encouraged and captivated many buyers from across the globe to buy land in Istanbul.
The existing fear of people
If you buy a property overseas, you have an ongoing fear of possible forgery. There are a few risks and fear that people have.
- The fear of being deceived and losing all the money you invested.
- The difference in laws and legal systems of different nations. This consideration becomes crucial for some people before buying properties overseas.
- Fraud agents and lawyers who assist you in buying property overseas.
- One of the most common drawbacks remains language. In every country you go to, you will face the language barrier.
- The complete process of buying the property can be long and tedious. During the process, it is not possible to be physically present all the time. Due to this reason, a certain feeling of fear starts to develop in buyers.
- Lack of communication with people. If you are unable to communicate with people of the country, buying, a property can be difficult.
It is because of these fears that it is advised to consult a good agent and hire a trusted lawyer to complete your purchasing process. Before you invest in real estate Istanbul, make sure to thoroughly be involved in the process to avoid even minor negligence. Turkey being the beautiful country it is, has attracted many people to stay, explore, and invest in properties in Istanbul.
