10 Mistakes Real Estate Buyers Make in Turkey
Turkey is distinguished by the diversity of real estate and methods of investment in it. Since 2013, the Turkish government has also provided the opportunity to obtain Turkish citizenship, through real estate investment of 400 thousand US dollars, or obtaining real estate residency in exchange for purchasing a property with a minimum of 75 thousand dollars. This greatly opened the Turkish real estate market to foreign investors, and opened the way for the work of real estate companies with multiple specializations and experiences.
Many buyers and investors make mistakes and problems when buying a property, due to the large Turkish real estate market in addition to the multiplicity of real estate forms and large number of companies that provide services, such as consultations, offers, and facilities that reduce the burden on the buyer, but that does not protect buyers from making some problems and mistakes that end. This results in a loss of their capital, or an increase in their burdens in terms of reforms and legal procedures.
In this article, we will talk about the most important mistakes that buyers make, which must be paid attention to and taken into consideration when purchasing a property to avoid running into problems, and which they may not pay attention to because they think that they are formal matters, ignoring their effects on them in the future, which are as following:
Location selection:
Buyers must precisely determine the location of the place they want to live or invest in, and study the place in terms of proximity to public transportation lines, and surrounding services such as hospitals, schools, universities, public parks, shopping malls, markets, and entertainment services. Of course choosing the location comes after determining the goal of purchase.
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Return on investment:
Many investors believe that once they buy a property, they will get quick returns through resale or rental, but in reality, the returns come at intervals depending on how the property is presented and the period in which they invest, and whether they have used a reliable real estate company?
Fraud:
Many buyers are exposed to deception and fraud by companies and people impersonating the names of real estate institutions, misleading them with tempting offers and facilities, taking advantage of the client’s weak real estate experience in the market or country in which they reside, and limiting themselves to communicating remotely and not reviewing the location of the property and inspecting it through a specialized real estate consultant, or through forged contracts that are not officially documented by government agencies in the country.
Wrong time to buy:
Sometimes buyers make a mistake without realizing it, by rushing to buy a property during a certain period, especially the tense political period of some country or the unstable economic situation, or by committing themselves to a short period of time in searching for a property, Which makes them miss the opportunity to obtain extensive real estate offers that may be closest to their goal of purchasing, and to study the property, location, safety of the building and its facilities. This happens when refusing to seek real estate consultation from the real estate consultant and specialized real estate companies.
Poor financial planning for other post-purchase expenses:
Some buyers make a common mistake after owning a property, which is not providing expenses for post-purchase property expenses. These include furnishings, appliances, carpets, new paint, and any improvements you may want to make to the new property after moving, in addition to the expenses of opening electricity, water, gas and internet lines, so an integrated financial plan must be made that includes all stages of purchasing the property to avoid making this mistake.
Buying a property without inspecting it:
The buyer may be misled by the seller not revealing defects in the property that are not apparent, such as repairs to sewage, electricity lines, and connections, which are not visible to the naked eye and require a real estate inspector to check, examine, and evaluate their quality, in addition to the costs of repairs and renovation incurred by the buyer or demanding the seller to repair them if the damage is significant.
Not specifying the type of property:
To avoid making this mistake, the type of property that a person wants to own must be determined from the beginning of thinking about purchasing, due to the variety of types of properties that start from 1+0 to more than 4+1 for residential apartments, as well as duplex apartments and villas with varying sizes and number of rooms. Buyers should decide: Do they want an independent house, a regular building, a regular residential complex, or a complex with full services? This is determined according to the purpose of the purchase. This step is important because through it they can obtain the suitable property for their needs without incurring high financial losses and costs.
Not specifying the goals of purchasing the property:
Some people make a mistake when buying real estate in determining the purpose of the property they want to own. Each goal has its own characteristics and requirements. Examples include buying a property for the purpose of investment, trade, or housing, or commercial with the aim of renting to offices and commercial companies, or investment by reselling and renting, whether to families, students, or youth housing.
In case of investment and trade, you must ask some important questions: Do you want to achieve profitable returns in the short or long term, and for what period do you want to recover the capital? Thus, setting the goals of purchasing real estate in Turkey, for any reason, is very important before the buying process.
Not consulting a real estate consultant:
One of the most prominent mistakes buyers make is that they rely, when purchasing a property, on asking friends and relatives, as they have previous experience in the country they want to buy in, and its real estate, but what many do not know is that not everyone who lives in the same place that you want to but in has sufficient real estate experience like the real estate consultant. In addition, some customers hide the main purpose of the purchase, whether it is commercial, investment or residential.
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