Investing in real estate is an important decision to make, especially in rent property in Istanbul. Rent properties can be tricky to get and require more attention when buying. There are plenty of properties in Istanbul and you can easily choose the best suitable place for either renting or buying. However, you need to be more careful when investing especially if you are settled in abroad.
Here are the best ways to choose property for rent in Istanbul…
Titles
Realtor search for the rent property in Istanbul
Realtors or real estate agents are mandatory to have when investing in foreign real estate markets. Online is the only place where you can find a realtor because you live in abroad. But don’t just go off making a deal with the first website you see. Make sure that they have been in the business for a longer time, they have good customer reviews, they have more property to offer etc. You can also ask about their buying process and if they offer a visiting appointment or not.
Make a list of interested properties by comparing prices
Once you have selected the rent property in Istanbul you seem to get under the budget, start asking for the offer. Don’t just limit to one agency, you can talk to as many realtors as you can in order to get the better price on a place. Price comparison can come in handy for when you want to buy quality property under your budget. If that doesn’t work, you can also try negotiation.
Fix a visiting tour with the realtor
Once the property is selected, you need to see the place for yourself. No matter how many pictures or videos you have seen, it will not be enough to determine the current state of a property. There could be some internal damages or some other flaws in the place. And to identify it all, you will need to hire a professional home inspector. They can check every corner of the property for you to give their professional assessment.
Select a popular location
Upon selecting a demanding place, a suitable location can also come in handy. There are many locations which hold more value than the other. Buying a property here won’t be cheap but it will be massively profitable in future. These kind of lands rises in value, simultaneously the properties here hikes up with market value. So once bought, you can rise the price up when reselling.
Villas are more profitable
Villas here are more easier and cheap to get. Especially, if you are a citizen of or have invested in European countries, you will find the places here are very cost-efficient. Plus, villas are also known to rise in value. So, once you have bought a villa you can make profit with the growing market value of that time. And if you are planning on moving here, villas are very easy to make alterations or decoration. You will have plenty of space to moderate it as you like.
Make sure that the property has all the clearance certificates
A rent property in Istanbul can be subject to many governmental entitlement. And each of these can create problem when investing in real estate, especially if you are a foreigner. Even though, the simplification of investing law is present in Turkey, your property should have NOC and outstanding dues clearance.
Ask the seller, if the property is due of any taxes and if not ask for the NOC upfront. Outstanding dues is a little more critical than NOC. If the place is near any military zones, properties or strategic facilities, you will need a permit to buy the property. Otherwise, you can face legal hardship in future.
Reserve the property
In order to make assurance of your investment you will have to reserve the property beforehand. The reservation process is mandatory, to take the it off the market. You will need to pay 30% of the property price upon reservation. Once paid, the money won’t be returnable. The owner won’t be liable to pay legally but you can always pursue them personally. Hence, you need to be sure before making a decision.
Sign the deeds to buy the property
Now that you have reserved the rent property in Istanbul, it’s time for you to go through the buying process. The deeds will have these information enlisted in it…
- The information of the property and surrounding area.
- Complete details of the seller and buyer.
- The full description of purchase price.
- Schedule of the purchase.
- The details of the realtor and of a lawyer if used.
- The buyer will have to have two passport photographs and their passport to finish paperwork.
Hire a lawyer for the legal inspection
Prior to signing the deeds you need to make sure that the paperwork are safe and detailed. Which you cannot do without a lawyer. A personal lawyer can look through the deeds to detect any flaws or loopholes and make sure you will safe from any legal hazard.
Things you will need to look out for
- When you are investing on your future home at a foreign country, you need to make sure that the neighbourhood is safe and accommodates to your needs. Ask local people about the reputation of the area, if any criminal activities happened here or how fast police responds here etc. Also look for public commodities such as transportation, malls, restaurants etc.
- Don’t purchase a property only by talking over the phone. There are many agencies which tries to sell the property by promising future tour. But once you fall under that trap, you can get trapped with a damaged property.
Why should you choose Istanbul?
Business opportunities- The real estate market of Turkey is drastically growing and with that the infrastructure is getting advanced. Plus, there are many international projects happening here creating more job roles. Hence, if you plan on moving abroad, Turkey has got many advantages for you.
Turkish passport- A Turkish passport holds profound value and comes with many benefits. For one, you won’t have to have a visa any more because Turkish citizen can travel to 117 countries visa-free. Plus, some countries also grant border entry.
Cheap prices- One of the best thing about Turkey is, everything here very cost-efficient. From properties, service bills, taxes to goods, groceries, you will pay less for almost everything. Easily live an easy going life within budget.
Modern healthcare industry- The healthcare industry of Turkey is well-known worldwide. From newly built hospitals, new techniques, surgical procedures and treatments everything is present here. That means, you won’t have to worry about having a health insurance in Istanbul.
Pleasant weather- When you are bored of living under the same weather condition, than Turkey will be a blessed place for you. The soothing nature of Turkish weather is very likable and which is what attract most of the travellers here. The best thing is that you can enjoy the light breeze of Mediterranean climate all through the year. And if it got too heated, the houses will protect you, as these are build to resist hot weather. Buying a rent property in Istanbul will be the best decision you make.
