Buying a house in a foreign country can be a daunting task for most people, especially if you don’t speak the language or aren’t familiar with local real estate regulations. That’s especially the case in Turkey where many struggle to navigate what, at first glance, might seem like a confusing real estate market where nothing makes sense! — But rest easy, because that’s definitely not the case, at least not if you go the right way about buying property in Turkey.
No matter the final aim of your investment, whether you plan to live in or to sell/rent your property later, the pitfalls that most people fall into (the ones we want you to avoid!) are basically the same.
And to help set yourself on the right path, you could start by not making any of these 6 easily avoidable mistakes!
(1) Ruling out investing in a suburban property
A map doesn’t tell you the full story in Turkey, so do not shun away ANY prospect of investing in a project located at a distance from the center. That especially applies to Istanbul in particular where the suburbs of the city are booming with possibilities, and would provide you with a sanctuary that’s at once far from the hustle-bustle of the center and yet made a short car ride away thanks to the advancement in the ever expanding transportation infrastructure that links even the most remote urban projects to the heart of Istanbul.
(2) Doing everything on your own
It’s always important to do your homework before purchasing your property in Turkey, but remember, you don’t always have to do everything on your own, which is to say that if you’re losing sleep over picking the right flat, it’s probably time to invest in a reputable real estate consultant who will help guide you through the whole process.
In a booming real estate market like Turkey’s, you’d be forgiven for thinking that you could not go wrong with doing all of the heavy lifting that is closing a real estate deal!
Here’s where a reliable real estate consultant comes in to help ease the process, usually providing a full service package that includes lawyers and consultancy services that could answer all the questions that you might have about any property you’re looking to invest in!
(3) Investing in an old property
Old properties in rundown buildings could be selling for competitive prices, but unless you’re willing to pay an extra dime on renovating them, do yourself a favor and swipe left on any flat in buildings aged over 10 years!
This golden rule holds true anywhere in the world, yet Turkey in particular has some of the most cheaply made buildings, meaning you’re signing on to a flat that is not equipped with a boiler with chronic plumbing problems, mold, leakage, among tons of other issues that would end up costing you more in the long run.
(4) Opting for cheaper aidat (maintenance fees)
Make no mistake if the Aidat (maintenance fees) are too low, you’d better start asking questions. Best case scenario: you end up getting what you paid for, which in the case of a flat with an Aidat of 15 TL is definitely not a good thing, especially if you wish to live in that property. So don’t be quick to dismiss pricier aidat, particularly in the exciting new projects popping up all over Istanbul, which would probably translate into access to a gym, swimming pool, shuttle service and more!
(5) Not communicating with your real estate consultant
Okay, so you made the sensible choice by hiring a real estate consultant to help you find the perfect property, but you’re still only halfway there if you don’t communicate to your agent exactly what you’re looking for in a flat, and most importantly, what you plan to do with it!
Most real estate consultants are eager to close a deal quickly, but few are willing to take the time to listen to you, and here’s where you should put your foot down and demand that you be heard. This will require complete transparency on your part with regards to the features you’re expecting in a property in return for the money you’re paying!
(6) Limiting yourself to a certain budget
While knowing your finances and not stretching yourself over what you can’t afford is a positive and wise strategy, sometimes looking into increasing your budget by just a small fraction can mean getting the house of your dreams. In Turkey, as in everywhere in the world, the location, the square meter and interior of a flat vary extremely within just a small percentage.
For example, upping your budget by even single-digit percentage points could mean the difference between purchasing a 3+1 and a 2+1 property, it could get you a guest bathroom or even a balcony with a view, so what you need to be considering is the advantage you’re gaining in the long run.
Always remember that whatever extra you end up putting into your investment will pay dividends later when you decide to rent or sell your property.
And finally, remember that investing in a property is one of the most important decisions anyone would probably have to make in their lifetime, so be sure to avoid the above listed mistakes and you’re guaranteed to find the property of your dreams!