Never has there been a better time to buy property in Turkey. The property values are rising rapidly, over 30% in the last five years but they’re still affordable enough to be taken advantage of. And sure enough that is what people are doing.
Turkey is one of Europe’s most popular tourist destinations. It has significant historical sites to get anyone even remotely interested in history or archaeology drooling with glee. It has a beautiful sea for the sun worshippers, cheap shopping for those who can’t stay out of boutiques and a multitude of a wide variety of restaurants to suit any palate. There are beautiful mosques and castles and let us not forget the world renowned, quite rightly, whirling dervishes. There is something for everyone in Turkey.
As with buying property locally, buying property in Turkey is full of loopholes and potholes and one must be wary and on one’s toes.
So how does one go about buying property in Turkey? You could search on the net and find some properties that look appealing. Do as much background investigation as possible using the net and the resources available on it. That way you could find and get in contact with a company that represents one of the properties that you are interested in. These companies often offer subsidised or even free inspection trips for you to fly over and visit the property. Once you are there you are bound to the company and your time virtually belongs to them as they take you from one property to another in the hopes of sparking your interest. They may even claim to be aligned to a construction company that is doing the build that you are interested in to further gain your trust and to show you just how far their interests lie. real estate turkey
This is not the incorrect way to go about doing things. It is a perfectly viable option. It is just that as previously mentioned, one must be wary and on one’s toes. So it is suggested that one ask oneself some important questions about the company that one is dealing with before one agrees to anything, especially in writing.
1)Who am I actually dealing with? Are you working with a real estate agent or a representative of the company? Does this person know anything about the property market or have you been given a learner? Is this the company you found on the web or is this a sub-company that you have been “leased” to?
2)How long have they been in business? It may not bother you that you are dealing with a starter business, perhaps that is why you chose them. Perhaps you are they type of person who prefers to work through well established, very experienced companies, especially considering the risk that you are about to take and the money that you are about to spend.
3)Are they what they say they are? Do they in fact help arrange for the sale of property to overseas buyers?
4)Are they honest and reliable? This relies a little bit on your gut instinct and a lot on written references from previous clients and word on the streets if you can get it. Don’t be afraid or shy to ask for references. It’s your right as a client to know what their track record is and how happy their previous clients have been with them.
5)Do they have credibility? Do they have good standing within the realty business? Do they have the respect of their peers? Would people work with them again having worked with them previously?
6)Are they the source of the property? Do they own the property? Do they have a working relationship with those constructing it? Is it a close one?
7)Are they intermediaries – if so are they direct or indirect intermediaries? This may help establish how much information they may be privy to and where they are in the sales food chain (which will give some indication of how much mark up you can expect on your purchase).
8)Have they checked if the property can be legally sold? You would think that this one would be quite obvious, yet it’s amazing how many people get caught out. Yes, it’s an obvious question, so ask it.
9)Do they offer after sales advice? Many companies offer extremely good service right up until the sale goes through and then they drop you like molten lava, leaving you to flounder in a foreign country all on your own. After sales advice is just as important as everything leading up to the sale and proves the true value of the service of the company.
10)Are they respected in the local market? This is closely aligned with credibility. If they are respected locally and are found to be credible locally, it is probably OK for you to trust them.
11)What do they waste money on and who, ultimately, pays? Do they pass their excess costs on to the client? In what way?
12)Are they licensed (specifically for the region that they operate in)? Again this seems like an obvious question, so ask it.
The last question is very important and is something that has already been covered by many of the preceding questions but it helps to actually formulate it separately.
13)How will I know if their answers are honest? Ask them to provide bank, trade and customer references. If they are very willing to so, they are probably honest and have very little to hide, if they are somewhat reluctant and grimace and make a big deal about it, maybe you should think about going somewhere else.