Overseas property buyers who ask can I buy a home in Turkey will be delighted to find out they can. There is only a splattering of nationalities that can’t, and they are Syrians, Armenians, North Koreans, Cubans, Nigerians, and those from Yemen. The lure of owning a second home in Turkey is understandable. Affordability of utilities, low property taxes, and bargain home prices make homeownership in Turkey a financially sound move to make.
It is quick to get your title deed, and there is a mass of available new build residential property featuring stunning architecture. Add to this a gorgeous weather climate, welcoming culture, and an ideal outdoor lifestyle, and owning a home in Turkey, becomes a delight. So the question shouldn’t be, can I buy a home, but how do you buy it? In this article, we give our tips and advice for first time home buyers.
Buy a Home in Turkey
1: Sort Out Your Finances
When looking at houses for sale in Turkey, many a foreigner thinks the first step is to find a property, but it is not. It is essential to get your finances in order, especially if it is a second home purchase, because you will have two sets of monthly payments for running the properties. As well as considering the house price, factor in closing costs and legal fees like the appraiser, notary, solicitor, and title deed office. When people buy property through us, we give a payment plan before signing contracts that outline precisely what needs to be paid.
2: Reasons for Buying a Home
To help you in your house-hunting endeavour, know your exact reasons for buying. Real estate investors often head to Istanbul, where mass development on the European side presents excellent capital growth potential mid to long term. On the other hand, people who want a holiday home should choose one of the beachside resorts on the Aegean and Mediterranean coasts. Know that renovation projects in Turkey tend to be costly, and the pay-off is minimal when it comes to the property value. To find the right home, decide how many bedrooms and bathrooms you want and any other criteria like swimming pools or private gardens.
3: Find a Property
To start your property search, browse our collection of homes for sale in many areas of Turkey. Featuring resale, off-plan and new property, villas and flats, all property listings include the price, location, and home features. Just use the contact details to find out more information via email or phone or arrange a viewing. Before buying a house in Turkey, questions to ask to ensure you find the perfect home include walking distance to amenities, how close to the airport do you want to be, and when buying, how you will manage that property. If you are unsure of where to buy a house, our article on the best places in Turkey will help you decide.
4: Home-buying Process
You will be delighted to know that buying your first home in Turkey is a lot easier than in many other countries. If everything is in place, the buying process can even happen on the same day. Once you have found a home to buy, negotiation is accepted in Turkey, so make an offer if you want. Turkish law doesn’t require the use of a solicitor, but we strongly recommend that you do use one.
Once a sale has been agreed, contracts have been drawn up and notarized, and you have put down a down payment, your solicitor will carry due diligence checks. We also walk you through other steps like obtaining a tax number and helping you to open a bank account. All transactions must be done through banks, and the sale will happen in the Turkish lira so, find an excellent foreign exchange company to get the best exchange and transfer rates.
5: Sign for Your Property Deeds
Homeownership happens quickly in Turkey, so when buying reaches the final stage, we will accompany you with a translator to the land registry office, where you will sign for your deeds. If it is a new build property, we will get utilities connected or change the name on a resale property. Congratulations on buying your first home in Turkey. Put the keys in the door and move in.
6: About Renting Your Property
Some people buying a home in Turkey think about becoming landlords, especially if they buy a property for use as a holiday home only. The main lure of a rental property is a monthly income, and while it is allowed in Turkey and doable, there are some steps to ensure your buy to let and rents does not turn into a nightmare. You will need to advertise on sites like Air BNB and check out the rest of the holiday rental market in that area to ensure you don’t over or undercharge.
Foreigners who don’t live in Turkey will need to employ a property management company to arrange cleans, hand over keys, and check for damage when the renters leave. All tenants also need to be officially registered with the relevant authorities under the GIYKIMBIL system, otherwise known as Gecici İkamet Yerleri Kimlik Bildirme Sistemi. Anyone making a rental income also needs to pay tax. If you want to rent out long term, remember that tenants have rights and draw up contracts. If it is your first rental endeavour, shop around because different areas present different rental yields.
7: About Residency and Citizenship
Sometimes international property buyers think you must buy a property to get residency in Turkey. This is a misconception because you can rent a home and still get residency. Also, remember the real estate market and residence are two unconnected processes. If you want to use your property in Turkey for longer than 90 days, you will need to get residency. Otherwise, you can stay in Turkey on a tourist visa. Additionally, anyone who purchases a property over $400,000 who pledges to keep it for at least three years is eligible to apply for Turkish citizenship. This is one of the world’s best golden visa schemes that has attracted many property investors looking to buy a house.
We are Spot Blue real estate agent, and we have helped many foreigners buying a house in Turkey to find their dream home. So, if you want to buy a house, get in touch with us today, or home buyers will also find our blog about Turkey to be full of helpful information about owning property and living here.