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Buying a resale property in Turkey can be a great investment opportunity. Resale properties in Turkey provide investors access to a diverse range of options, including apartments, houses, and villas.
Investment in real estate in Turkey has grown over recent years owing to the country's tourism surge and subsequent economic growth resulting from it. Resale real estate has proved to be a great investment option for investors interested in investing their funds in the capital market. However, before investing in Turkish resale properties, it is essential to research the market and understand the benefits and drawbacks of investing.
In this comprehensive guide, we will take a deeper look into the world of resale properties in Turkey. Additionally, we will answer frequently asked questions to help you make an informed decision.
What is a Resale Property?
Resale properties are homes that have been previously owned and are now back on the market for sale. The resale market in Turkey offers a wide range of opportunities for buyers and investors looking for properties with a history. The market is dynamic and diverse, providing options in popular cities like Istanbul, Antalya, Alanya, Mersin, and Bodrum, as well as other destinations.
Benefits
⦁ Established Properties: One of the significant advantages of buying a resale property in Turkey is the opportunity to find homes in established neighborhoods with existing infrastructure and amenities. These properties often come with landscaping and well-established communities.
⦁ Cost-effectiveness: Additionally, resale properties can offer potential cost savings compared to purchasing new-build properties, making them an attractive choice for budget-conscious buyers.
⦁ Wider selection: When exploring the Turkish resale market, buyers have the advantage of a wider selection of property types, including apartments, villas, townhouses, and more. This variety allows buyers to find properties that suit their preferences, whether they are looking for a holiday home, permanent residence, or an investment opportunity.
Drawbacks
⦁ Maintenance and repairs: Older structures may require more frequent maintenance and repairs compared to newly constructed homes. Buyers of second-hand property in Turkey should carefully inspect the property for any existing issues or potential maintenance needs, as these could add additional costs and responsibilities.
⦁ Legal issues: Buyers should verify legal documents such as the Tapu (property title deed) and Iskan (habitation certificate), and ensure that all necessary permits and licenses are in order.
⦁ Limited warranty: Unlike new properties that often come with warranties, resale properties may not offer the same level of protection. Buyers should carefully review the condition of the property and consider obtaining appropriate inspections or warranties to minimize potential risks.
What to Look for When Buying a Resale Property in Turkey?
When buying a resale property in Turkey, there are several important factors to consider. Here are some key things to look for:
⦁ Condition of the property: Carefully inspect the property for any signs of wear and tear, structural issues, or necessary repairs. Pay attention to the condition of the roof, walls, floors, plumbing, electrical systems, and any other crucial components. It's advisable to hire a professional inspector to assess the property thoroughly.
⦁ Legal documentation: Verify that all legal documents related to the property are in order. This includes the Tapu (property title deed) and Iskan (habitation certificate) to ensure the property is legally registered and suitable for habitation. Confirm that the property is not subject to any legal disputes or encumbrances.
⦁ Location: Consider the location of the resale property in Turkey you are going to purchase. Evaluate its proximity to amenities such as supermarkets, schools, healthcare facilities, public transportation, and recreational areas. Assess the neighborhood's accessibility and potential for future development or value appreciation.
⦁ Utilities and infrastructure: Check the availability and condition of utilities such as water, electricity, heating, and internet connectivity. Assess the quality and reliability of the infrastructure in the area, including roads, drainage systems, and public services.
⦁ Market value and potential: Research the current market value of similar properties in the area to ensure that the asking price is reasonable. Consider the property's potential for value appreciation in the future based on factors like location, infrastructure development, and market trends.
⦁ Professional assistance: Apply for a reputable real estate agent who specializes in resale properties. We, as a licensed real estate agency TERRA Real Estate, can provide valuable guidance, help with negotiations, review contracts, and ensure a smooth transaction process.
Important Documents to Check Before Purchasing
Before purchasing a resale property in Turkey, it is crucial to thoroughly review and verify the following important documents:
⦁ Tapu (Property Title Deed): The Tapu is the legal document that proves ownership of the property. Ensure that the Tapu is genuine and accurately reflects the property details, such as its location, size, and boundaries. Verify that the seller's name matches the Tapu and that there are no encumbrances or disputes associated with the property.
⦁ Iskan (Habitation Certificate): The Iskan is a document that confirms the property meets the necessary building and safety regulations, making it suitable for habitation. It is essential to ensure that the property has a valid Iskan, as this ensures compliance with legal requirements and provides peace of mind regarding the property's structural integrity.
⦁ Rental Agreements or Leases: If the property is being sold with existing rental agreements or leases in place, review the terms and conditions of these agreements. Understand the rights and obligations of both the current owner and the tenants, and ensure that the transfer of ownership will not violate any existing agreements.
The Process of Buying a Resale Property in Turkey
Buying a second-hand property in Turkey involves several steps to ensure a smooth and secure transaction. Here is a step-by-step guide to help you navigate the process:
1. Work with a reputable real estate agency TERRA Real Estate, a trusted and experienced agency that specializes in resale properties in Turkey. We will assist you in finding suitable options based on your preferences and guide you through the process. We will also conduct a title deed search and verify that the property has a clear title, free from any legal disputes.
2. Property search and selection: Discuss your requirements, budget, and preferred location with your real estate agent. They will provide you with a selection of resale properties that meet your criteria. Visit the properties, inspect them thoroughly, and ask any necessary questions.
3. Negotiate the purchase price and terms: Once you have chosen a property, negotiate the purchase price and terms of the sale with the seller or their representative. Consider factors such as market value, property condition, and any necessary repairs or renovations.
4. Sign the purchase agreement: Your real estate agent will prepare the purchase agreement, which outlines the terms and conditions of the sale. Once both parties agree, sign the agreement and pay a deposit to secure the property.
5. Complete the payment: Arrange the necessary funds and make the remaining payment as agreed upon in the purchase agreement.
6. Transfer of ownership: TERRA Real Estate will assist you in transferring the property's ownership by completing the necessary paperwork, so you can register the property in your name at the Land Registry Office.
7. Pay associated fees and taxes: In most cases, the buyer is responsible for paying the necessary fees and taxes, such as the title deed transfer fee and stamp duty, as required by Turkish law.
8. Take possession of the property: Once the transfer of ownership is complete, you can take possession of the resale property in Turkey and begin enjoying your new investment.
FAQ About Resale Properties in Turkey
Q: What is the meaning of resale property?
A: In Turkey, a resale property refers to a property that has already been previously owned and is being sold by the current owner to a new buyer. It is a property that is not brand new or directly purchased from a developer or builder. Instead, it has been previously owned, and the ownership is transferred from the seller to the buyer through a resale transaction.
Q: What is the resale property registration process?
A: The resale property registration process in Turkey involves the following steps:
⦁ Sales Agreement: The buyer and seller sign a sales agreement, specifying the terms and conditions of the transaction.
⦁ Title Deed Transfer: The buyer obtains a tax number and opens a bank account. Both parties go to the Land Registry Office to transfer the property's title deed.
⦁ Title Deed Transfer Fees: The buyer pays the necessary fees, such as transfer taxes and registration fees, based on the property's value.
⦁ Verification and Registration: The Land Registry Office verifies the documents and completes the registration process, transferring the ownership of a resale home in Turkey to the buyer.
⦁ Obtaining the Title Deed: Once the registration is complete, the buyer receives the title deed as proof of ownership.
Q: What are the documents required for resale property registration?
A: The documents required for the resale property registration in Turkey typically include:
⦁ Sales Agreement: A signed copy of the sales agreement between the buyer and seller.
⦁ Identification Documents: Valid identification documents for both the buyer and seller, such as passports or national identity cards.
⦁ Tax Numbers: Tax identification numbers (Vergi Kimlik Numarası) for both the buyer and seller, which can be obtained from the local tax office.
⦁ Power of Attorney (if necessary): If one of the parties cannot be present during the registration process, a power of attorney document may be needed to authorize another person to act on their behalf.
Q: What are the charges for buying a resale home?
A: When buying a resale home in Turkey, there are several charges and fees that buyers should be aware of. These charges may vary depending on the specific location and circumstances, but here are some common expenses associated with purchasing a resale property:
⦁ Purchase Price: The primary cost is the agreed-upon purchase price of the property, which is negotiated between the buyer and the seller.
⦁ Title Deed Transfer Fee: This fee, also known as the title deed registry fee or tapu harcı, is paid to the Land Registry Office for the transfer of ownership. The fee is calculated based on the declared value of the property and is generally around 4% of the property's value.
⦁ Property Tax: As the new owner, you will be responsible for paying the annual property tax, which is calculated based on the declared value of the property. The tax rate typically ranges from 0.1% to 0.6% of the assessed value of the property.
⦁ Utilities and Maintenance Fees: Upon taking ownership of the property, you will be responsible for connecting and paying for utilities such as water, electricity, and gas. Additionally, if the property is part of a complex or has shared amenities, there may be monthly or annual maintenance fees to cover the costs of common area upkeep and services.
Q: What are the pros and cons of buying a resale house?
A: Buying a resale house in Turkey has its own set of pros and cons. On the positive side, one major advantage is the potential for cost savings compared to purchasing a new property. Resale houses may be priced lower than new constructions, allowing buyers to get more value for their money. Additionally, resale houses often come with established neighborhoods and existing infrastructure, providing immediate access to amenities and services.
However, there are some drawbacks to consider. Resale houses may require renovation or maintenance work, potentially adding additional costs. It's crucial to thoroughly inspect the condition of the house and ensure there are no legal issues before making a purchase.
Q: Is the insurance for resale homes lower or higher?
A: The insurance cost for resale homes in Turkey can vary depending on several factors, including the location, size, condition of the property, and the insurance provider. In general, the insurance premiums for resale homes tend to be lower compared to new constructions. However, it's important to note that insurance rates can still vary significantly based on individual circumstances and the specific coverage options chosen.
Conclusion
Choosing TERRA Real Estate as your partner for buying a resale home in Turkey is the best decision. With our extensive experience, diverse property portfolio, and professional assistance, TERRA Real Estate provides a seamless and rewarding buying experience.
By relying on TERRA Real Estate, you can confidently navigate the resale property market in Turkey, knowing that you are working with a reputable company dedicated to delivering exceptional service. Trust in TERRA Real Estate to help you find the perfect resale home that fits your needs, budget, and lifestyle, and make your dream of owning a property in Turkey a reality.