Timing is important and buyers of Turkish property should be prepared to hold onto their new purchase for at least 5 years .The big bonus for international real estate investors and second home buyers is that a property held for 4 years attracts no capital gains tax.
To truly benefit from Turkish property as an investment it is advisable to purchase Turkish property constructed after 1999. Owning a home in Turkey constructed after this date means that you are secure in the knowledge that it complies wirth earth quake proofing laws. Something your buyer will be looking out for when you come to sell.
It is essential that you use a lawyer when buying property in Turkey no matter how attractive a deal is or appears to be. You should never feel under pressure to make a purchase and always be prepared to walk away from a purchase. Foreign buyers attracted to under the table deals make themselves vulnerable to a rip off. It is sometimes not appreciated by foreign buyers that debts that a property has are passed onto the new owner when the title deeds are transferred. Imagine how you would feel acquiring the previous owner's debts and being legally responsible for them!
You may wish to consider using International Developers Information Packs or IDIP when buying off plan / pre constriction property in Turkey. IDIP conduct legal checks on a property developer and the development and can reveal the legal status of the company , financial records and details about the development. IDIPs are being used by investors to help them make decisions to purchase and will help avoid investors becoming victims of unscrupulous developers. .
My essential tips when buying Turkish property include:
1.) Buy in the right area non nationals are not allowed to buy property in areas assigned by the state as military or strategic zones. However you may have unscrupulous agents trying to sell you a home that you cannot buy.
2.) Open a Turkish bank account to buy the property pay bills etc. It is a good idea to seek a currency specialist when transferring money abroad on a regular basis. You will not have to be at the mercy of fluctuating exchange rates and will know in advance what you money is actually worth when you transfer it.
3.) Have your money ready you will need a 10% deposit on hand to secure your dream home. Be aware that once this has been accepted you will lose your deposit if you decide to pull out of the deal.
4. When hiring a lawyer to buy a property in Turkey it is important to know exactly what you are signing and translated documents are the best way forward
Often we do not have enough funds at hand to buy a property. This pains mostly when the property has to be bought immediately as we fear someone else will grab it. In such a situation however you can depend on easy bridging loan for instantly accessing the much needed funds. You can avail easy bridging loan for buying any residential or commercial property.
Easy bridging loan provides you finance for buying a property. It is called bridging loan because it is a financial arrangement till you are able to sell some of your old property and repay the loan through that amount. So it bridges the time gap between selling old property and buying new property. Easy bridging loan is essentially a secured loan as you are required to offer a property, even the new property you are buying as collateral.
Usually easy bridging loan is approved for some months to a year. As soon as the borrower has sold the old property he pays off the loan. Such a short repaying duration prompts lenders to charge high interest rate on easy bridging loan despite it being secured loan. However, high rate of interest seldom makes the loan a burden. This is because the borrower has the option of paying only interest on the loan till he pays off the principal amount at a time, after he has sold old property at desired prices.
Another advantage of easy bridging loan is for bad credit borrowers as they are approved the loan without many credit enquiries. So if you have late payments in your names or arrears, payment defaults and county court judgments, still easy bridging loans is well within your reach. Not only that, as you clear the loan in time your credit score gets improved for easy loan in future.
As you search internet, you will find many lenders claiming to be having suitable easy bridging loan for your personal circumstances. Study their claims and compare interest rate. This way you can locate best suited deal for you.
Both Nicholas Marr & Peter Taylor are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Nicholas Marr has sinced written about articles on various topics from Real Estate, Property Investment and Home. Nicholas Marr is clearly an observer of life and front row spectator of the events in the overseas property market. A lifetime property investor and CEO of Marr International the company behind numerous property websites including overseas property portal. Nicholas Marr's top article generates over 74000 views. to your Favourites.
Peter Taylor has sinced written about articles on various topics from Debts Loans, Divorce and Infidelity and Adverse Credit. Peter Taylor is a senior financial analyst at 24hrbridgingloan with an acumen for finance and insurance. In recent years he has taken up to provide independent financial advice through his informative articles. To find. Peter Taylor's top article generates over 368000 views. to your Favourites.