In some cases, even a small mistake can cost a lot. What can we say about buying real estate in another country, particularly in Turkey? In this case, you need to be extremely careful, since every mistake or thoughtless action can lead to frayed nerves, a waste of precious time and money.
Regardless of whether you are buying a primary or secondary home, there are always risks. But they can be avoided if you know what aspects you should pay special attention to.
In this article, we propose to analyze several of the most common mistakes buyers make, and also tell you what to pay attention to when buying an apartment in Turkey in order to reduce all risks to a minimum.
Mistake 1. Uncertainty in desires
Before you start looking for apartments in Turkey, you should decide what parameters the desired apartment should meet. Think through absolutely everything: location, area of the apartment, floor, view characteristics, state of repair.
It is also important to clearly understand what goal you are pursuing:
- you want to relax in your apartment during your vacation,
- you intend to live in the apartment on a permanent basis,
- You plan to make money on the property by reselling or renting out the property.
Each of the options has special requirements for the property.
Also consider where you cannot buy real estate in Turkey: Russians and Ukrainians are prohibited from buying housing on the Black Sea coast.
In addition, you should clearly understand what budget you can count on. Remember that the costs of purchasing real estate include not only the cost of the property, but also additional costs for paying taxes and state duties.
Mistake 2. Incorrect determination of the price of the apartment and the risk of overpayment
Whatever you say, you are planning to buy real estate not in your country, but in another state. And it is quite understandable that you may not be very well versed in the market situation and determining the order of prices. This increases the risk of overpaying.
The cost of apartments in Turkey is influenced by a number of factors. Among them are location, distance from the sea, age of the residential complex, and level of development of internal and external infrastructure.
Nowadays, overpricing of real estate in Turkey is a common thing. This is explained by high demand, especially from Russians and Ukrainians, who emigrated to Turkey en masse due to the military conflict. Property owners see this trend and try to make extra money by setting inflated prices for apartments, and it is very important to understand that this price is not always justified.
Our recommendation to you is ALWAYS BARGAIN!
Mistake 3. Haste and pursuit of a low price
Emotions and haste are not the best helpers when choosing housing in Turkey. If at the very beginning of the search you come across attractive apartments at a very tempting price, and the seller persuades you to decide quickly - they say there are many buyers and you can miss your chance - you should not make a deal under such conditions. Various defects may be discovered later, which are difficult to notice during a cursory inspection.
There are at least a few suitable options in each price category, and agreeing immediately without thoroughly studying the market is not the best idea.
Mistake 4. Ignoring the verification of the legal purity of the object
There are frequent cases when, already at the conclusion of the contract, it turns out that the apartments are encumbered, seized or subject to other restrictions on alienation. At the same time, sellers are usually unaware of the existence of encumbrances, since they can be imposed within the framework of enforcement proceedings, as security for claims, directly by tax authorities. In each individual case, the removal of such encumbrances requires additional time and money.
Therefore, to avoid problems when purchasing property, obtain up-to-date information from the State Register in advance from the Land Cadastre Department.
Mistake 5. Blind trust in the developer
This advice will be useful for people who intend to buy a new building. You should not blindly believe the promises of developers. In the sales department, the client is often told what he usually wants to hear. They show beautiful pictures, videos, point out the number of already sold properties, use various psychological tricks. All this is done to force the buyer to sign the contract and invest money.
Before you decide to buy a new building, analyze the activities of the construction company, familiarize yourself with the developer's portfolio and its completed projects.
Also ask him to provide the permitting documentation:
- Deed of title to a land plot.
- Design drawings.
- License to conduct business.
- Permission to carry out construction work.
If the developer is conscientious, he will easily agree to provide all the above-mentioned documents.
Mistake 6. Refusal to cooperate with a real estate company
When deciding to buy foreign real estate, one of the main tasks is choosing a real estate company. And many foreigners make a huge mistake when they refuse the help of professionals. Often they explain this by the unwillingness to overpay on commission to the agency. But we can assure you that there is no such practice in Turkey. In the eastern republic, the activities of real estate companies are carried out according to the American model, where the seller, not the buyer, pays for the agency's services.
There is no need to worry about the safety of such cooperation. In Turkey, only agencies with the appropriate license have the right to provide real estate services, and they bear full responsibility for the purity and legality of each transaction.
It is worth choosing proven companies with a good reputation. It would not hurt to find reviews about the company on thematic forums and social networks.
Qualified realtors will be able to tell you about the specifics of buying real estate in Turkey, select the best property for your requirements, and also support you at all stages of the transaction.
Mistake 7. Verbal agreements
Verbal agreements have no legal force! And this must be remembered. Any transaction must be documented.
This applies not only to the purchase agreement itself, but also to receiving the advance payment. To minimize any risks, you can contact a lawyer and a sworn translator who will be able to protect the client from subsequent discrepancies in the agreements and a dishonest transaction.
It probably goes without saying that any contract that is offered to you must be carefully read and understood before signing. The document must spell out all the important points of the deal:
- characteristics and parameters of the apartment,
- buyer and seller details,
- terms of purchase and payment,
- obligations of the parties and the amount of penalties.
Error 8. Lack of analysis of the investment attractiveness of the object
It is also important to consider all possible risks of investing in Turkey when buying real estate with the purpose of earning on square meters. For example, clients often do not calculate the liquidity of housing, do not take into account the infrastructure nearby, do not see the picture as a whole, but only its individual parts.
An apartment for rent or resale must be purchased with a clear analysis of the location. Proximity to the metro, the presence of nearby stores, good automobile transport interchange play into the hands of the investor. Even if the area is on the outskirts, but there is everything you need nearby - this is a good option for investment.
In transactions involving significant amounts of money, such as buying real estate in Turkey, there are always dishonest people and scammers. A balanced approach, assistance from legal experts and common sense will be a reliable protection against losing money. The managers of the Armoni Homes agency are ready to help you make the right choice and buy the best real estate in Turkey.
