You should also ask yourself how much the cost of maintaining the property is. If it is a simple residential building, they should be inexpensive, for example, the costs of lighting the communal staircase and perhaps cleaning the green spaces, but if it is a property on a site with swimming pool, fitness room, etc., then the prices will go up and that is something you should know before buying. For the Invest in Turkey this is important.
Another potentially important obstacle regarding buying abroad is to buy off-plan properties, i.e. to build VEFA, sale in the future state of completion. In an area where there are many new buildings under construction, this can be very dangerous. Again, most of the time the construction of the properties is finished, but if you are relying on others to have your own property built, this could be additional worry that you could do without.
The Companies to Approach
There are companies that are fully solvent and they only build when they know they have money to complete the project. In addition, take out insurance that protects you from incidents and delays by sanctions included in the contract, just in case companies fail to keep their promises.
Also, when choosing the goods to buy, do not choose them solely on the basis of the price. Of course, you have to stay within your budget, but remember that cheaper does not necessarily mean better. Maybe something is not expensive because nobody else wants it and then it would be very difficult for you to resell this property one day if you wish to do so.
Any foreign buyer in Turkey must obtain military authorization stating that the property is not close to a military base. In the past, you had to ask the headquarters in Ankara to do this and there was a waiting period of 3 months to a year. This meant that the buyer had to pay up to 90% to the seller pending this deadline and the last 10% when he finally received the title deed.
Recently, there has been a change in the system and control is now carried out locally so that the title deed usually returns between 2-4 weeks. This is great news for strangers because it means you can give a lower down payment and the seller doesn’t have to wait that long for their final payment.
One last thing about buying real estate in Turkey
The inheritance laws that are in place in Turkey may not be the same as in your home country. For example, you could be married to someone who has a daughter you may not know anything about and whom you have never met in 20 years, for some reason. If the spouse dies, the total value of the property would not automatically go to the grieving spouse, but 50% of the inheritance could go to this daughter.
This is something to keep in mind.
Be careful in choosing a good real estate agent and a good lawyer and make sure you are informed of all stages of the procedure and that you ask questions in order to clarify all the questions, then you have nothing to worry about and you can just focus on your home in the beautiful country of Turkey.
