There is no doubt that owning property in Turkey is a very good idea for foreigner investors that are seeking investment opportunities. But on the way to that, lies many options and details which put the buyers at a loss. In this article, we will shed light on the fundamental confusions that many Arab investors face when buying a property in Turkey. The question is: Which is the better, buying a new property or a resale property? To answer this question let us first get to know what these types of real estate mean.
The types of real estate property in terms of construction
- A house for sale within a residential complex.
- Independent houses for sale.
- Property ready for delivery.
- Under construction property.
- Apartments for sale within a residential building.
What is the best choice between new and resale property?
All investors stand confused in front of these two options. And to solve this situation, you must be aware of the advantages and disadvantages of each option. And before all that, you should specify your goal and know your financial and practical capabilities. Getting to this level of knowledge and awareness will help you choose the best option. In the next lines, we’ll introduce the advantages and disadvantages of both new property and resale property in Turkey.
What are the advantages and disadvantages of buying a new property in Turkey?
The advantages and disadvantages of buying a new property in Turkey can be summarised in the following:
- Modern design.
- Flexibility in adjusting designs and sections especially for under construction properties.
- Your new property’s facilities will be new and won’t cost you expenses for maintenance.
- Long-term guarantees by the contractors and property owners, some of which may extend for about 10 years.
- If the property you are purchasing is in a new residential neighborhood then you are promised modern urban planning that takes into account the aesthetics of life, green spaces, basic modern amenities, and public facilities, as well as everything that contributes to a decent life.
- You’ll be responsible for your home decoration, so you can put your touch and express your taste and eventually get a perfect home.
- You’ll get invited to be a founding member of different real estate owners associations.
- The property’s design is similar to the other houses around in terms of shape and design, especially if the neighborhood where the property is located, is a new residential neighborhood.
- Higher prices, due to many factors including modern construction, latest high-end amenities, current construction costs and the area in which the property is located.
- It is possible to negotiate or reduce the purchase price, but only within narrow limits.
What are the advantages and disadvantages of buying a resale real estate property in Turkey?
The advantages and disadvantages of buying resale real estate in Turkey can be summarised in the following:
- Many choices and options are available in both residential project and normal buildings with different designs, capacity, and places.
- Lower prices compared to recently built homes.
- Prices are mostly negotiable.
- The residential neighborhood will be fully inhabited.
- The need for home maintenance in terms of facilities or its own structure.
- Renewing the exterior or interior design will incur additional costs.
- Re-painting old homes is obvious and necessary and requires additional costs and follow-up.
- Re-sold properties may have taxes issues with the taxes department so it is necessary to check up on that.
- The feeling of psychological discomfort knowing that the house has already been inhabited before by other people.
Other factors that determine your decision
Resolving this dilemma and recommending one of these options – new or resale property in Turkey– is linked to a number of things, some of which can be explained as follows:
- The allocated budget: is it suitable for buying a resale or a new property? Because as you know each type has its price, and budgets often put you within a certain choice, hence its importance in resolving the matter.
- The state of the resale property: If you’re faced with a new and a resale property and you want to choose between them, besides the allocated budget there’s another factor that governs your choice, which is the state of the resale property. If the resale property is in good condition, then that decreases the distance between it and the new property which helps you make a choice easier. But if it’s in rickety unstable condition then, of course, you have made your decision.
- The purpose of the purchase: This is considered a critical factor in making the decision. Knowing why you’re buying the property and how you plan to benefit from it will help you make a sound judgment on whether to buy a new, old or even a resale property.
A summary of the comparison between buying a new or resale property
|Resale Properties||New Properties||Comparative Aspect|
|Relatively lower in some areas||Based on the market status||Price|
|High||Medium||The possibility of delivering on time|
|Medium or low||High||Construction Quality|
|Medium or low||High||Cost of equipment and services|
|Medium or low||High||Return on investment|
|High because the build could be old or the property has legal issues.||May not deliver in the detected date.||Risks|
|Individuals looking for practical housing investment solutions within limited budgets.||Financially capable investors and seekers of luxury and modernity.||Most suitable for|
That was a theoretical study, and in the end, each one of us has their own needs and circumstances. That’s why it’s better to contact a well known real estate company in Turkey and discuss the details of your request accurately and specifically before buying a property in Turkey. That way you can get to what you’re intending to reach by buying a house in Turkey.