Under a 2012 regulation, the Turkish government has permitted foreigners to buy flats and apartments.
The standard procedure of buying property remains the same for citizens and foreigners alike; after you have decided on the property you want to buy, you have to sign the contract with the landlord and then complete the land registry office’s payment procedure. Then, the title deed will be prepared for you.
To get a Turkish passport by investment, you need to choose one of the options:
After three years, real estate and securities can be sold and the investment or business can be closed.
Your spouse and children, who are under 18 years old are allowed to apply for Turkish Citizenship basing on your investment at the same time with you.
Yes, you can share your naming rights on the title deed with your partner’s name, so every partner is the title deed’s rightful owner.
Generally, foreigners are not allowed to apply for a mortgage loan, namely due to a lack of Turkish credibility. However, a few banks may provide the loan.
The Tax office provides the tax number. You will need to get your passport translation completed and approved by a notary and then submit it to the tax office.
Earthquake insurance has become compulsory in Turkey. Regardless if you are a citizen or not, if you own a Turkey property, you must obtain an earthquake insurance policy. It can be as low as 100 TL ($15 USD), depending on the property.
Yes, you can. Home insurance is available at affordable rates in Turkey.
Like most places, gas, electricity and water bills are sent to each resident monthly. Utility bills can be payed by setting up a direct debit payment from your bank account.
Earnest money is money put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually between 1-5% of the purchase price (though the amount can vary with local customs and conditions). If your offer is accepted, the earnest money becomes part of your down payment or closing costs. If the offer is rejected, your money is returned to you. If you back out of a deal, you may forfeit the entire amount.
Listen to your real estate agent’s advice, but follow your own instincts on deciding a fair price. Calculating your offer should involve several factors: what homes sell for in the area, the home’s condition, how long it’s been on the market, financing terms, and the seller’s situation. By the time you’re ready to make an offer, you should have a good idea of what the home is worth and what you can afford. And, be prepared for give-and-take negotiation, which is very common when buying a home. The buyer and seller may often go back and forth until they can agree on a price.
Your real estate agent will assist you in making an offer, which will include the following information:
Remember that a sale commitment depends on negotiating a satisfactory contract with the seller, not just making an offer.
An inspector checks the safety of your potential new home. Home Inspectors focus especially on the structure, construction, and mechanical systems of the house and will make you aware of only repairs that are needed.
The Inspector does not evaluate whether or not you’re getting good value for your money. Generally, an inspector checks (and gives prices for repairs on): the electrical system, plumbing and waste disposal, the water heater, insulation and Ventilation, the HVAC system, water source and quality, the potential presence of pests, the foundation, doors, windows, ceilings, walls, floors, and roof. Be sure to hire a home inspector that is qualified and experienced.
It’s a good idea to have an inspection before you sign a written offer since, once the deal is closed, you’ve bought the house “as is.” Or, you may want to include an inspection clause in the offer when negotiating for a home. An inspection clause gives you an “out” on buying the house if serious problems are found or gives you the ability to renegotiate the purchase price if repairs are needed. An inspection clause can also specify that the seller must fix the problem(s) before you purchase the house.
The two don’t really compare at all. The one advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity, take advantage of tax benefits, and protect yourself against rent increases. Also, you may not be free to decorate without permission and may be at the mercy of the landlord for housing.
Owning a home has many benefits. When you make a mortgage payment, you are building equity. And that’s an investment. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities- like insurance, real estate taxes, and upkeep- which can be substantial. But given the freedom, stability, and security of owning your own home, they are worth it.