Table of Contents Hide
- How To Avoid The Pitfalls Of Buying Property In Turkey
- Use A Licensed Professional Turkish Estate Agent
- Never Buy Property in Turkey Without an Inspection Trip
- Do your research on the location of your property in Turkey
- Haggling When Buying Property in Turkey
- Be aware of costs after sale after you purchase your Turkish Property
- Be Careful With Properties Under Construction (Buying Off-Plan)
This blog post is on pitfalls of buying property in Turkey and how you can overcome them to make sure you buy your dream holiday home, acquire your title deeds and live in Turkey without any problems.
Buying a property away from your home country is not an easy decision. It is a financial investment with legally binding implications.
So you must be fully aware of the pitfalls of buying a property in Turkey to avoid horror stories as well as legal charges that might massively ruin your experience in Turkey as well as causing massive financial and phycological stress.
There are a few steps you must follow to avoid all these problems. This blog post will extensively go through them to make sure your entry into the Turkish property market is a complete success.
The property purchase process is might already be complicated and tedious with all the legalities and when it comes to buying a property in Turkey, the laws, customs as well as the intellectual gamesmanship that is required is completely different as the Turkish property market is vast and there is more than one way of doing things.
Alas, not all the ways end up with the most beneficial outcome for the international investors who wish to enjoy the fantastic lifestyle Turkey is offering as well as making sure they end up with either high rental returns or decent capital appreciation when they are ready to exit the Turkish property market.
How To Avoid The Pitfalls Of Buying Property In Turkey
Use A Licensed Professional Turkish Estate Agent
Unfortunately, we get hundreds of horror stories from clients who have bought properties from barmen, taxi drivers, butchers who have scammed them or sold bad deals with wrong price or worse, sold properties under legal dispute which makes things very complicated. Unless you use a licenced professional estate agent, you will end up wasting your time and money.
Regardless of how promising the deal might be, if it’s too good to be true, it probably not. What is more important is the fact that international investors generally do not have the intellectual gamesmanship on the Turkish property market, so it even becomes harder for them to weigh and measure a deal that is presented to them.
When you make a deal through a company like Kingsman Estates, there is the company reputation on the line as well as the possibility of their licence being revoked. So you can rest assured that we will give impartial and balanced advice which will give you the best outcome during the process of buying a property in Turkey.
Our expert team at Kingsman Estates investor centre will listen to your requirements, understand your budget as well as what you are looking to get out of your possible purchase and head on to show you a great selection of properties that match your criteria. All our properties go through due diligence to make sure the property is legally approved by the Turkish government as well as being clean from any legal disputes.
When you combine the fact that we have fantastic long-lasting relationships with the construction companies as well as second-hand sellers, you can have the ease of mind as you are navigating through the Turkish property market.
There is no regulatory board regarding the prices of properties in Turkey, another reason to consult an estate agent is that they know their regions very well and immediately be able to flag the properties that are incorrectly priced regardless of the seller’s intentions.
You should also look to build a relationship between your agent and lawyer. An independent lawyer can help you to make sure you are legally covered.
Never Buy Property in Turkey Without an Inspection Trip
Never ever purchase a property without seeing the property by yourself we can assure you that it is not a good idea. We have heard awful horror stories from people where they have been sold properties that are advertised as seafront, but the actual location of the property is miles away from the sea.
It becomes much harder to correct these mistakes as the process of legal action can take years and since not reputable sellers such as non-licensed estate agents as well as random people such as jewellers, barmen and taxi drivers do not worry about their non-existing licence to be revoked by the government. Do not risk your hard-earned money on deals that are too good to be through.
Due to the company conduct of Kingsman Estates, we are not able to sell properties without showing it to our clients on an inspection trip. Due to covid restrictions, we have now started online inspection trips where our customers can see the property through the eyes of our mobile phone cameras.
The inspection trips are not limited to the property on its own as it includes a small tour around the town and places of interest around your property such as hospitals, cafes, shops, restaurants and anything else you might be interested in seeing.
Do your research on the location of your property in Turkey
Turkey is a huge country, although interest is growing for different regions, each region has its pros and cons. You must bear that in mind before you go with the purchase.
You can do this in two ways, first is looking at our area guides to learn the specific details regarding the region such as its economy, real estate market, customs, cuisine, weather and more. The second way is done by building a rapport with us.
Whether you are looking for Istanbul seaside homes or Antalya homes, you must do your research to understand different options! Our client’s interest is growing in Istanbul seaside as well as Antalya.
We will listen to you very carefully and take everything you say into consideration when we are giving you impartial and balanced advice.
This way you can be sure to avoid missing out on activities like if you would like to golf during your stay in Turkey or put your self in danger if you have a specific health condition which makes you be near a specific kind of hospital during your stay in Turkey.
Haggling When Buying Property in Turkey
Haggling is a custom in Turkey and everyone is expected to do it! Do not worry if you are shy as you can be sure that we represent you and construction companies, as well as second-hand seller, do not want to damage their relationship with is by refusing to bring the price down.
We have a constant stream of customers which gives a great competitive advantage when going into these deals which is another advantage of a well-known licenced real estate agent like Kingsman Estates.
Some companies refuse to lower the price of their properties as they are usually very competitively priced. However, they offer other deals such as installing air conditioning and other white goods which would cost you more if you tried to buy it yourself since they buy these goods in bulk allowing them to enjoy better prices.
Be aware of costs after sale after you purchase your Turkish Property
If you are buying a gated complex in Turkey, there will be extra monthly costs other than your utility bills. These costs are decided in a yearly complex meeting and it is for the cleaning of the stairs and garden. These costs are usually very reasonable depending on the region you have purchased your property.
However, if your complex has indoor and outdoor swimming pools, gym and other communal areas, the costs might increase so please be aware of how much you are going to be paying.
If you do not comply with these payments, the complex management might start a legal action against you which will end up costing you more as well as losing your property which can be devastating to our international clients.
Be Careful With Properties Under Construction (Buying Off-Plan)
The Turkish construction sector is one of the major contributors to the Turkish economy. This is due to the number of players as well as the size of the construction projects that are ongoing at a given time.
Off-plan purchases can be extremely profitable, but the stakes are high on this one and it requires a huge amount of intellectual gamesmanship and understanding the financial positioning of the construction companies in Turkey.
Not all of them required to publish their accounts so as an international investor, you do not have any access to financial analysis. This is where Kingsman Estates come in as we closely monitor the gossips in the industry from reputable sources which allow us to estimate whether a project will finish on time or not.
Now you know what pitfalls to avoid when buying a property in Turkey, we wish you all the best during your buying process. If you are interested in our services, please contact us directly by starting a live chat on the bottom right-hand side of the website and our dedicated team at Kingsman Estates investor centre will be more than willing to help you with all your needs.
Kingsman Estates is a boutique company concentrating on international investors to entre the Turkish property market or diversify their portfolio. We handle the entire process from start to finish so our clients can have the ease of mind as they are navigating through the Turkish property market.
If you are interested in seeing our cherry-picked high performing properties, click here.