Follow these Tips to Save Money When Buying Real Estate in Turkey

  • Created At: November 20, 2021
  • Updated At: November 20, 2021
  • Category: General
  • Views: 2229

If you are thinking of buying a property in Turkey, there are a number of things to consider to make sure you save the most money during the buying process or in any case not fall victim to price scam or exploitation. Not many people were aware of the possible risks involved in this process, so you should keep these tips in mind:

Make a deal with a professional and reliable real estate company

First of all, the most important thing is to make sure that you know the company and the people you are dealing with. Many people come to Turkey and meet someone who has a friend who is supposed to sell an apartment at a very reasonable price. The most important role of a real estate agent is to help their clients avoiding potential pitfalls.

So the first thing you should do is find a reputable real estate company that you can trust. You can search for it on Google. The quality of the real estate site is the first indicator of the level of efficiency of the company. This is a good start for you. Also, before potential purchases, you can research the company to see if anyone has any negative comments about it.

When you find a reliable real estate company, you should contact them to learn about the purchase process. A professional real estate company should always be polite and answer all questions in a candid manner. Most professional real estate agents, especially in tourist cities, must have at least one employee who can speak English fluently.

Request tours to confirm

After selecting some properties that you are interested in, you can send an inquiry email to the company. It is important to get to know the area and decide if it is the right place for you. At this point, if the company offers you cheap accommodation and a property-viewing tour for a day or two, you can book your flight.

Save your money

Some people think that they can save money by not dealing with a real estate company and it can end up costing them a lot more. For example, you as a buyer, have no real way of knowing the correct market value of a property because it is not controlled in the same way as in Arab countries, for example. Therefore, with professional real estate agents, you can avoid the long and stressful journey of buying a property in Turkey. With a professional real estate agent, you can know all the buying expenses and save your money.

Get lawyer support

There are also many things that can go wrong if you do not deal with a reliable real estate agent, and another thing you can do is get the support of an independent attorney. Remember that the real estate agent acts for the seller as well as for you, so even though they can draft contracts themselves, it's still best to get that extra layer of protection from someone who looks after only your interests.

Again, you should do your research to find a reputable attorney with whom you can easily converse in either your native language or a common language such as English. Do not go with a lawyer who you cannot communicate with in high confidence as this can lead to a misunderstanding and you want to avoid it at all costs.

Payment clarification

Although the estate agent has likely verified that the "title deeds" actually belong to the person selling the property, this is usually also done by an attorney as a security measure on your behalf. They will verify the seller's information, that they fully own the property and that the property is not responsible for any outstanding debts; this must be done before any deposit is paid.

At this point, you should also ask how much the property maintenance fee will be. If it's a simple residential property it should be very cheap because you only pay for common stair lighting and maybe garden cleaning, but if it's a property on a site with a pool, fitness area, etc., the prices will go up. This is an important issue that you should be aware of before buying.

Buying a property on the map

Another major potential pitfall is the purchase of off-plan property abroad. You can actually save a lot of money by buying off-plan, but you have to be careful. Some companies do not have the total amount required to finish the building when everyone agrees to buy and invest the money in continuing the project. In a real estate market where there are many new buildings being constructed, this can be very dangerous.

There are some companies that are fully capable and only build when you know they have the money to complete the project. You should get these kinds of guarantees from the company if you choose to buy off the map and of course you have any penalties written in the contract, just in case they fail to deliver on their promises.

Ensure the entire property purchase process

After clarifying the title deed (Tabu) of the property, your attorney, real estate agent and seller will draft a contract that clearly states all the terms of the sale. This should be as detailed as possible, with payment times clearly defined and any penalties for anyone not complying with the agreed written contract. This is when you should pay your deposit.

In short, you are cautious as long as you choose a good real estate agent and attorney and make sure you are fully aware of each step of the procedure and ask questions as you go forward to clear up any issues. Then you have nothing to worry about and you can enjoy your home in Turkey.

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