By Justin Mays:
Buying a property in Turkey can be daunting with all the paperwork involved, which is why our guide will show you how to make this process as easy as possible to get into your new home faster.
From sourcing information on available properties to finding an agent and ensuring your mortgage terms are correct, we’ll take you through the process step-by-step. This is so you know how easy it is to buy a property in Turkey. And what to expect at every stage and how to get everything done quickly and easily.
Do Your Research
Although Turks have been trying to get new foreign investors to build more homes, it has slowed down the process of purchasing properties. Regardless, the process of obtaining a property is lengthy and can be expensive if you do so without prior research.
Foreigners should work with lawyers who speak their native language and assist with filling out paperwork. Generally, buyers will need to go through this step of finding a good home.
Also read: The Best Places to Buy Property in Turkey
Find a Consultant Turkish Real Estate Agent
If you're interested in purchasing property, it's best to have an agent who knows the area and can help you find what suits your needs.
We are trustworthy consultants who can help you get your dream home or property. As a reliable agent, we will make the process easy.
Build a Good Rapport with the Agent
The other step is to create a good relationship with your real estate agent. This step can be quick and painless if you are eager to make a decision, or it can take weeks if you’re shy. It would be best to talk openly with a real estate agent about what you expect from the real estate property.
If not, it may be hard for the agent to understand your preferences.
Also read: Turkish Real Estate Guide: Tips for Buying Property in Turkey
Explore All Options
Many people may find it hard to know where to start, what they need to do, and how long it will take. If you are one of these people, don't worry.
You should also learn about the options for obtaining Turkish citizenship and residency status and determine which category applies best to your needs. Once you have done this, your next step would be finding out what you need from a personal perspective (such as financial stability) and an administrative perspective (things like name change).
After that, try to figure out which home option is best for you: apartments in Istanbul or Ankara, or countryside homes. Or are you interested in buying land near a beach or mountain?
You might also want to explore the idea of getting financing before you get too involved with research, so talk to banks and other potential lenders about their terms and conditions. Find out if there are any restrictions against non-Turkish citizens owning property in Turkey.
Reserve the Property to Freeze the Price
Reserving the property while building up your finances can save you time and money. You can't be sure that other interested buyers won't come along, so reserve the property to have the first option. The process of reserving may cost you about Euro 1,100, and the money is not refundable. Once you are ready to buy, be sure to compare all offers.
If someone else is offering more for the same property, keep negotiating until you find common ground — this will help secure the sale.
Appoint a Solicitor Who Can Conclude Your Purchase
When you decide to buy a property in Turkey and find what you need, it is time to complete the buying process. However, you can make the process smooth by granting your solicitor power of attorney. The solicitor will play a significant role in concluding the deal on your behalf.
Negotiate the Price
While it is possible to buy a property without the help of an agent, it will often be more costly than working with one. The good news is that they have the experience and knowledge necessary to be an effective negotiating partner, saving you time and energy. Remember that hiring us for real estate consultation gives us the mandate to negotiate on your behalf. It is our job, and we do it to ensure we secure you the best deal possible.
However, remember also you will get incidental costs in Turkey, which are associated with buying properties, although lower than in Italy, France, and Spain. So, take that into account before coming up with a budget.
An important piece of information to have when negotiating prices is comparables. A comparable sale is basically another house or building that has recently been sold at what you would consider a reasonable price. When trying to find comparables, consider the size of the home, square footage, location, and similar conditions.
Finally, Check the Property
When you find the right property, check for defects and other features like roofing, plumbing, building orientation, electrical, and HVAC systems. Once these have been taken care of and approved by an architect or engineer and contractually agreed upon, it will be time to complete the purchase. Next is to sign the contracts; the process should not take more than four weeks. While the process continues, the appointed solicitor should take care of the deal for you. That will save you time; therefore, you don’t need to be around.
Register your title deed (TAPU)
Lastly, you will end the process of purchasing the property by registering for a Turkish title deed. So, you must have all the papers for both sides to take on obligations. You will ensure the property has been registered under your details and receive a title deed.
How easy is it to buy a property in Turkey? Buying real estate is not always easy, but you will find it more comfortable buying one in Turkey.
The process is not tiresome, and you can get help from your real estate consultant and solicitor. Once you follow the above steps, your process will be smooth.
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