Bodrum is one of the famous cities of Turkey and there are many well-conditioned second hand property in Bodrum as well. We know that buying pre-owned property can rise many doubts but with the right market knowledge you can make your purchase worthy. But if you are new at the real estate investment, you will need to gather more market knowledge before purchasing. Don’t worry, we have got you covered. With this detailed intel article you will become an expert of secure real estate investment.
Even though, there are many foreign countries where you can settle down but there is no other place like Turkey. The advantages of living here are many, which is probably why foreigners often invest and move here. Still not convinced, then take a look at these advantages shall we….
The first and foremost thing you should do, is to listing all the important location that has quality properties. Some of the locations are know to be posh and in demand, so even a pre-owned property will be like a first-hand purchase. These properties will also rise in value with the demand of the location, so you can earn profit when you resale it. But one thing is for sure, even though pre-owned, these won’t be cheap to purchase because of the area demand.
Now that you have chosen a location, talk to a realtor to know the offer of available second hand property in Bodrum there. Because Turkey is a rising market, you will come across many online websites. But some of these are not authorised, so you have to be smart whilst choosing the right agent. Genuine agents will not hide anything about their services or the buying process. They will also add a visitation tour when you hire them. So, look for these factors.
This is a prime step that you need to include upon purchasing a second-hand house. Sometimes, there are bound to have some issues internally or externally with the property. Ergo, you need to check it personally. Sometimes to hide moulds, water stains or hollow walls, owners will paint over the flaws. You will need to hire a professional home inspector for the job, as they can also check for the condition of pipe line, concealed wire line and other damages. If you found some problems with the property that was not enlisted by the owner, you can lessen the price by using these as leverage.
Even if you have got a great offer on a second hand property in Bodrum, you will still be left to attain more expenses afterwards. Planning a budget can help you be ready for the extra task at hand too. For example, a second-hand property will need renovation, decoration, furnishing and even alterations. These will not be easy to bare if not planned ahead.
A villa can also be a great choice for second-hand purchasing. Villas are grand and often kept in top-notch condition to keep the market value up. So, even if it’s pre-owned, you can get your hands on a high-demanding property by buying a villa. A villa also gives you the advantages of having huge spare space and room to make alterations in future. A villa rises in value overtime, so, you can resale it and earn some profit as well.
Second-hand properties are affordable than first-hand properties as it is. But you can lessen the price more. Sometimes, owners are in a hurry to sell a property that makes an ideal opportunity to fix a good bargain on it. Plus, if the place has flaws.
To be on a safer side, you can learn more about the pre-owned property especially if it’s on abroad. At the minimum learn the history of the property of last 20 years and for maximum knowledge, gather information of three generations of ownership if the property is that old. You can also hire a lawyer to create a search report to know the history of the house. Why? Because if any fraudulent activities happened on the property in the previous ownership, your name can also be bound to the aftermath of it. Meaning you may have to face legal hardship. Also, the original deeds given by the owner should state that the property can be sold and bought without a legal hassle.
Second-hand properties are subject to legal entitlements. Because people have been living here previously and the property have been in use, you need to make sure that the owner have paid off all the important service bills. A second hand property in Bodrum must have NOC and should be free of other outstanding dues. If the owner have not paid off the taxes, you won’t be the legal owner of the property.
Also, make sure that the property is not near any military department, strategic facilities or other places, if so you will have to collect a permission certificate from the authorities. So, ask the owner for such certificate.
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