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What Is The Procedure Of Buying Commercial Property For Sale Istanbul

What Is The Procedure Of Buying Commercial Property For Sale Istanbul

Looking for buying commercial property for sale Istanbul? Then you are at the right place. Turkey has a wide range of vacant lands that are not only cheap but in demand as well. But to avail the best offer of these properties, you must know the procedure through and through.

For first timers, Turkey is the best real estate market to try your luck in. Not only the law is in favour of investors but it’s also easy to gain profit here. So without further delay, let’s look at the prompt process of investing in Turkey real estate market.

Research for commercial property for sale Istanbul

The first and foremost thing you need to do is researching. When it comes to the agency, there are many online. So make sure to know about their authenticity. Once you have selected the property, ask as much as you can about the property’s details. You can also compare prices from different agencies and choose the best offer.

Some agencies will try to sell you the property over the phone conversation but don’t fall for that trap. No amount of pictures or videos can determine the current situation of the property.

Proper inspection is vital

If you are not willing to buy an attire without trying it first, then buying a property without inspection is out of the question. Make sure to fix an appointment date with the agent to visit the commercial property for sale Istanbul. There might be many issues with the property which can only be identified with proper inspection. That’s why, a professional home inspector is needed in such scenarios. They can pinpoint the exact flaw of the place if there is any. It will only cost you $200 approximately but will save you from future expenses. You can also use identified flaws as a leverage to lessen the property cost.

Learn about the neighbourhood

For commercial purposes, it is vital that you choose the right neighbourhood. You would not want to start up a business at a dead end downtown allay, do you? That is why making sure that the place is appropriate is important for the growth of your business. Make sure to select a property which is surrounded with busy streets, crowds, near public transportation etc. Also, the area should be safe from criminal activities and among rapid police response area.

Now after selecting and finalizing the property, you need to learn some legal stuff about it. Such as taxes, dues and government clearance certificate etc. There are mainly 3 types of dues and certification present in Turkish property that need be sought out before, otherwise you cannot legally own the place.

  1. Outstanding dues- The outstanding due is the certification of some kind of military ownership of the property. In Turkey there are many lands under the military department and one cannot be the owner of such land without permission. So, if your seller have sold you the deed without the clearance certificate, then you will face legal hazards in future.
  2. NOC certificate- The commercial property for sale Istanbul should have NOC or No Objection Certificate. It is a kind of permit to build a establishment or own a property which does not belongs to other organisations. So make sure that you have received the NOC from government authorities. Otherwise, your property is bound to face legal hardship in future.
  3. Building approval certificate- Another important document to have. The building approval certificate covers important facts like blueprint of the resale property, building plan approval, layouts and utilities. If you find any problems with these important documents, you should get a legal advisor quickly.

Reserve the property

In order to purchase the land, you need to reserve the property at first with 30% property price. This will ensure your ownership of the property. But make sure that you have made you decision prior reservation. Because once paid, the amount won’t be refundable legally. You can always peruse the seller personally but he or she won’t be liable to pay you the paid money.

Hire legal personal for signing the deeds

After gathering all the necessary legal documents and certificate, now it’s time to seal the deal. The real estate agent can look at the deeds of commercial property for sale Istanbul on your behalf. But you need to keep in mind that they also work for the seller. So, having your own legal guardian will be helpful throughout the buying process. They can also make sure that the deed is safe of loopholes to avoid any legal difficulties.

Even though the whole buying process is fairly easy and can be done within weeks, do not rush through this. You also need to know about some of the pitfalls and disadvantages that may occur. Here are some added tips and precautions that can make the buying process easier and profitable…

High demanding areas are profitable

Starting your business in a popular and in-demand area can profit your present and future. If you manage to get a property in a crowded area that can help your business to grow. And because high demanded areas rises in value, you can resale the property with profit. All in all, great investment for your business.

The Importance of safe surroundings

Even though, comparatively Turkey is a safer place than other region but you can never be too sure. The area near the commercial property for sale Istanbul should be safe and have all the essential amenities. Learn if the area have faced criminal activities in the past and how responsive the police is in the area. To put it simply, choose a place with maximum security.

Social infrastructure

Just like the safety of the neighbourhood, social infrastructure is important for starting a business establishment. It is the paramount of good business. Check if the location near your property has malls, restaurants, shopping centres etc. As these are the places people visit more often than anything.

Full inspection of second-hand properties

Buying a second-hand property can always go south. That is why, you need to make sure that it was properly maintained. As said before, a professional home inspector will aid in check up if all the amenities is in right state or not that can help you calculate your future expenses.

Support services availability

Unlike residential property, commercial places need some sub-service areas to support a business. These are parking space, security, lift, spare space for additional changes in future etc. These can help you expand your business in future.

The whole buying process is fairly easy especially in Turkey after the relaxation of real estate regulations. You can buy the property in merely 2 to 3 weeks and settle down here in couple of months. Plus, there is no extra hassle of getting residency permit. After getting the deeds of your new commercial property for sale Istanbul, you can register it to the government officials and get your permit easily. You will be able to hold dual citizenship and passport by investing here. And you can also renew the Turkish passport for lifetime period. So, what are you waiting for? With the delightful atmosphere and the growing real estate market, you can not go wrong by investing here.

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