Submitted by: Billy J. Watson
Coming up with a decision to buy a real estate is not always easy especially if it s situated in a foreign soil. There are certain regulations and processes that need your understanding and full consideration. Just like buying Antalya properties in Turkey, where you will be considered as among the few privileged because of the great opportunities it offers. The buying process becomes simple if you take things slowly, makes lots of inquiries, get familiar with the place and make sure you take legal and financial advice.
The following 10 tips in buying a property will help you if you consider investing a property in Antalya, Turkey, may it be for a retirement or a holiday home as well as for business reasons:
1. Think carefully the main reason why you are buying. Before making any final decision on buying a certain property, make sure that you have reviewed your priority lists. Take time to have a second look on your options. This is because the reason for your purchase will affect the subsequent decisions you have to make in the future.
2. Find the best location that suits your real purpose. It is important to find the best place that would give you a maximum return for your investment. For instance, a property near the coastal area yields a higher rental income. If you decided for a retirement home, then you might as well go further inland to get a good atmosphere for residential setting. Moreover, choosing one for business purposes, you may be interested in Antalya properties that truly give a very good profit.
3. Plan a good budget. You should take into account certain taxes and legal fees when buying a property. You should allot at least 5% on top of the purchase price to cover the above fees. It is also allowed in Turkey to get mortgage where banks normally advance a loaned amount of up to 70% of the declared value of the property.
4. Make a personal research. After you have finally decided on what property to buy and the location, conduct an extensive research. Get some materials like magazines, books, property guides and the internet. It is also best to visit some property exhibitions.
5. Personally visit the place. Do not acquire any property without visiting it personally at least twice. Spend some time while you are there to familiarize the place, neighborhood associations and for any local amenities. Determine if the place is accessible to hospitals, markets, schools etc.
6. Find a real estate lawyer. Turkish property law is quite complicated to protect the best interest of property buyers. So it is best to hire the services of a lawyer who is an expert on real property regulations. Normally, attorney s fees are 1% of the sale price of the property, but its worth to give you peace of mind.
7. Prepare to negotiate terms. Once you already selected a suitable property, prepare to negotiate for the price as well as the terms and conditions. You can opt to have the property financed by the bank or make payments in an installment basis.
8. Be ready to act quickly for unusual cases. Remember that Turkey s property market is buoyant which is also normal to other property markets. There are times that once you ve already decided for the property of your choice, it gets sold quickly. Be ready to make a quick decision and back this up with the required cash deposit to secure a good reservation.
9. Don t forget the exchange of contracts. Having accepted the offer and paid the corresponding deposits, the next move is to exchange a real estate sales contract. This states the agreed price and the details of the sale.
10. Get hold of the original title. The transaction is complete once the title deeds are signed by the Government TAPU Official and a full payment was made on the purchase price. Your lawyer will take care of the remaining formalities in the land registry for relevant transfer taxes.
Following these 10 tips in buying Antalya properties will assure you that you ll get the most out of your investment ventures.
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