How to Buy a House in Turkey
As a real estate agent, many people ask how can I buy a house in Turkey? In this article, we outline the basic steps but remember we walk our customers through every step of the process. Foreigners looking to become homeowners in Turkey can have peace of mind when using our services. Additionally, the second bit of good news is that purchasing a home is relatively straight forward and timelier, especially compared to other countries.
Homebuyers can put their keys in the door in as little as three weeks, dependent on their buying circumstances like ready funds, where they buy and the property type. This article looks at what buyers need to know when buying a house and tips and advice for owning a property in Turkey.
How to Buy a House in Turkey
1: Obtain Finance for Buying
When buying property in Turkey, most foreigners already have finance from their home country. It is rare for foreigners to obtain a home loan from Turkish banks simply because the interest rate is high, forcing up the monthly payments. Buyers who take out home loans, either in their home country or Turkey, should ensure they can afford the monthly mortgage payment. Affordability and being financially clever are two keywords here. Remember that Turkey's housing market operates in Turkish lira, hence find a good foreign exchange company that offers decent rates and low transfer fees.
2: Find Your Dream Home
When buying a home in Turkey, narrow down the criteria of what you want to buy. As well as knowing your purchase price budget, decide whether you want a new build, resale, or off-plan. Since the property market is vast (Turkey is the 37th largest country globally), narrowing down locations also helps. People who want a holiday home generally buy on the Aegean or Mediterranean coasts, while those looking for an investment property stick to cities like Istanbul.
When you have an idea of what you want, browse our property listings. Each includes all information like property prices, bedrooms, bathrooms, living area and terrace spaces. Also included are contact details to find out more via telephone or email or to arrange a viewing. When you find your perfect home, if you want to make an offer that is acceptable in Turkey.
3: Legalities and Closing-costs
When you are ready to become a homebuyer, it is time to start the buying process. In Turkey, the law does not say buyers must use a solicitor; however, we strongly recommend it. As well as arranging contracts and relevant paperwork, they complete their searches on the home to ensure the sale goes smoothly. We also help buyers open a bank account and get a tax number.
Have the money ready to pay the legal fees. As well as the solicitor, they include notary charges, translation fees, valuation charge, land registry costs, and taxes. Dependent on whether you have ready finances and the home checks, the process to sign for the title deed takes as little as three weeks before buyers become official owners of a home in Turkey. Once you express interest in a property, we prepare a sample payment plan that lets you know the full purchasing costs and what needs to be paid and when.
4: Utilities and Property Management
We arrange for utility connection or name changes. Still, part of homeownership is managing the property, and this is something buyers should consider if not in Turkey all year round. Some estate agents offer a key holding management service where they check the property each month, while other first house owners leave keys with neighbours or friends.
Additional things to consider include swimming pool maintenance for villas or monthly payment of communal fees for apartments. Most owners pay utility bills over monthly internet banking as well. Overall, it is easily managed, and you can be proud to be a homeowner in Turkey. In addition to the home buying process, let us look at other factors that influence purchases.
5: Buying Rental Property
It is a whole different ball game to rent out your home, either as property investments for passive cash or to recoup running costs. Firstly, anyone advertising flats to rent for the holiday market needs to consider marketing and advertising, prepare their home for arrivals, and declare each person who stays with the relevant authorities. Renting long term also involves contracts and certain legal obligations for landlords.
With both short- and long-term rents, rental income tax also needs to be paid. Some investors only look at buy to let simply because an external company handles the advertising and management side. When buying a home to net renters, we give further advice over the telephone.
6: Where is the Cheapest Place to Buy Property?
Overseas property buyers and real estate investors may be wondering where to head to for a bargain buy. It is a good question because the Turkish real estate market is varied and incredibly diverse. For example, property owners in Kalkan enjoy large, luxury villas, many of which have a beautiful Mediterranean Sea view. In contrast, many first house buyers head to Altinkum, Dalaman, Istanbul and Alanya because of lower house prices. Our article about the cheapest places talks more about destinations and how to maximise a property investment for ideal capital growth.
7: Do You Get Residency if You Buy Property?
Sometimes a foreigner asks us this question, and our answer is always the same. Foreigners do not have to buy a house to get residency. Many rent and still live here all year round. They might be confused with the citizenship by real estate investment program. This scheme says that if a buyer spends $250,000 on property and pledges to keep it for at least three years, they can apply for Turkish citizenship. Find out more here.
About Us: Turkey Homes
We are a real estate agent with offices all over Turkey, including Istanbul, Antalya, Fethiye and Bodrum. Our years of experience and combined local knowledge has connected thousands of buyers and sellers within the Turkish housing market. We hope we have answered your question about how you can buy a house in Turkey, but for more information, call or email us today.