Turkey has recently become one of the best destinations for those seeking a second home. This picturesque country which has breathtaking landscapes, an enormous amount of historical places, and is renowned for its warm hospitality has gained the hearts of both investors and holidaymakers. However, before talking about the exciting journey of buying a second property in Turkey, it is crucial to review some basics. The questions in your mind should not be overlooked and must be answered. For example, you have decided to buy a second house, but do you know the taxes for buying a second home? Or in which location does it make more sense to buy a second home? Here in this blog post, we will explore with you the key factors that every potential buyer should be aware of. So, feel free to grab your coffee and continue reading.
Is it Good to Have a Second Property in Turkey?
The short answer to this is yes, owning a second property in Turkey can be a wise decision for many reasons. If you are wondering what makes us think this, we can tell you that this is a very easy process and can be done in a short time with professional help.
Turkey's real estate market has been experiencing ever-increasing growth in recent years, which makes it attractive for the real estate investment market. If you are looking to invest and you already own a home, consider buying your second home. Because with an affordable investment and a well-thought-out plan, having an extra home can be a great benefit.
And don't forget that the country's tourism industry is booming, with millions of visitors flocking to its breathtaking beaches, historic sites, and vibrant cities. This means that renting out your second property as a vacation rental can be genuinely advantageous. So if you do not want to use it for your vacations, you can rent it out to others and make some really good money.
Reasons Why People Buy a Second Home
People have several motivations for purchasing a second home in Turkey. Now we can touch on it a bit and provide some details.
For investment purposes, there are mainly two strategies: flipping your second home for resale or renting it out for passive income. For your second home purchase in Turkey, you may consider choosing a better location for it. Somewhere with desirable qualities, maybe with luxury amenities or with a seafront location can be preferred more for investment purposes.
The majority of individuals want to escape to the beach, mountains, or extreme areas for holiday purposes. A home that resonates with you is an ideal place to retreat when you feel exhausted from the hustle and bustle of crowded subways and traffic jams. You can spend your summers in your second home without any hesitation.
For retirement purposes, it is important to purchase a house in a specific area so that you can downsize and relocate. If you are investing in your future, you can think about this as a potential retirement home. In other words, you can rent your second home and live in your main property until you are old, and then you can move to your second home whenever you feel like it. This way you will invest your future in a peaceful living. Instead of renting your holiday home and living in the city, think the opposite. Plus, every day will feel like a holiday!
Step-by-Step Ways to Buy a Second Home
The process of purchasing a second home in Turkey is quite similar to the process of purchasing your very first residence in the country. So, if you're ready to have your own second home, let us walk you through the process with these straightforward steps:
Step 1: Select Your Preferred Location for Your Turkish Second Home
To begin, research and pinpoint the region where you wish to invest. Gayrimenkulde konum çok önemlidir, özellikle ikinci bir ev satın alırken. Olanaklara yakınlık, pazar eğilimleri ve takdir potansiyeli gibi faktörleri göz önünde bulundurarak farklı alanları araştırın. Yaşam tarzınıza ve yatırım hedeflerinize uygun yerleri belirleyin. You might focus on buying properties in Istanbul, Antalya, Mersin, Bodrum, or any other city where any of them offer distinct advantages and attractions.
Step 2: Define Your Purpose
Before embarking on your second home purchase, clearly define the purpose of the property. Is it a vacation retreat, an income-generating rental, or a future retirement residence? Once you've established your goals, set a realistic budget that takes into account your financial situation and potential future expenses.
Step 3: Set Your Budget
Creating a budget for your second home is an important step. You should include not only the cost of the home itself, but also closing expenses, furniture, appliances, and a fund to cover HOA fees (an amount of money that must be paid by certain types of residential property owners every month to their homeowner's associations), homeowners insurance, utilities, and property taxes. Also, you need to make sure to save up an emergency budget for any unexpected situations before making the purchase.
Step 4: Perform Comprehensive Research
For the next move, you need to take your time to thoroughly research your options. If you want to maximize capital gains, consider looking beyond the most desirable neighborhoods. Over time, those unpopular areas are likely to become more valuable. We invite you to take a look at our website for your search journey by using our custom filters and detailed information provided and reach out to us if you need any further assistance. Now you can start by visiting our Real Estate in Turkey page!
Step 5: Collaborate with a Reputable Real Estate Agent
The best way to cope with the entire process is to hire a real estate agent who can help you with this. In TERRA Real Estate, our professionals have valuable insights and information that can save you a lot of time and trouble, not to mention help you avoid any potential complications along the way. Working with TERRA Real Estate makes the process of purchasing a second home much smoother, involves better deals, and results in considerable savings. If you wish, you can also take a look at our "Benefits of Using a Real Estate Agent to Buy a Property in Turkey" page.
Step 6: Find Your Dream Home
You can count on us to help you find homes within your budget and preferences that meet your specific requirements. In addition, our agents can provide you with more information about the coming process if you need it.
Advantages of Buying a Second Home in Turkey
Dreaming of a second home that seamlessly combines natural beauty, rich history, and a vibrant lifestyle? Your search ends in Turkey. This captivating nation stands out as a treasure trove for those eyeing a second home, offering a distinctive array of advantages. In the following sections, we'll explore the unique benefits that position Turkey as a compelling destination for anyone contemplating an investment in a second home.
Vacation Rental Income: If your potential second home is in an area that attracts renters, you can use your home to generate extra income. After all, if this is your second home, you won't spend all your time there. You can use this opportunity to rent your home and generate income that can be used to reduce your mortgage or even more income if you can rent consistently. Your rental income can even help you offset depreciation costs on the actual home during your ownership.
Reasonable Prices: Compared to many European counterparts, Turkey offers relatively affordable real estate prices. This makes it an attractive option for those seeking a second home without breaking the bank. Whether you're interested in apartments, villas, or charming cottages, there are options to suit various budgets.
Booming Tourism Industry: Turkey's tourism industry is thriving, attracting millions of visitors each year. If your second home purchase includes an investment angle, consider the potential for rental income during peak tourist seasons. Popular destinations like Istanbul, Antalya, and Bodrum are known for their tourism appeal.
Infrastructure Development: Turkey has been investing significantly in infrastructure development, including transportation, healthcare, and education. This commitment enhances the overall quality of life and increases the value of your second home as the surrounding amenities improve.
Apply to TERRA Real Estate, a Local Expert, to Buy a Second Home in Turkey
Buying a second home in Turkey is easier with the help of a local expert. TERRA Real Estate is a trusted agency with years of experience in the Turkish property market. We offer several properties and guide you through the buying process to make it easier for you to find your dream second home in Turkey.
In conclusion, buying a second home in Turkey can be exciting and profitable. Understand the reasons, follow the step-by-step process, consider the costs, and weigh the pros and cons. Rely on the expertise of TERRA Real Estate, a local expert, to guide you every step of the way. Happy house hunting!