Organising Finances, Turkish Mortgages & Currency Exchange
Before you start looking at Antalya properties, you need work out your budget. Some people find their ideal Antalya real estate first and then look for ways to fund the purchase. However, this generally ends up with the buyer overstretching themselves financially for many years to come, or disappointment when they realize that gorgeous villa with infinity pool and sea views is simply out of their reach.
To start, make a list of all sources of finance. Also, note whether the money is readily available or when you are likely to receive it. Most foreigners buying property in Antalya use one or more of three sources - savings, inheritance, or re-mortgaging their UK property. It is important to know when the money is readily available because sales of property in Antalya generally happen quite quickly, and the whole process can be completed from as little as 6 weeks to 3 months. (may need changing)
About Turkish Mortgages for Foreigners
In 2007, some Turkish banks began to offer mortgages to foreign buyers. Naturally, terms and conditions vary according to the bank but generally, 50 to 65% of the purchase is financed leaving the buyer to source funding for the rest of the purchase price. Please contact us if you would like to receive a list of banks offering mortgages to foreigners, but at this point, it is worth pointing out that repayment rates tend to be higher than that for Turkish citizens.
About Currency Exchange
Although you are working your budget out on the currency of your home country, remember that the value of your desired Antalya property is tied to the Turkish lira house index. Should you choose to sell your property in Antalya at a later date, the value will be determined in Turkish lira. Over many years, currency exchange rates can fluctuate either way, so it is worth getting into the habit now of watching the exchange rate so you are aware of how your Antalya property investment is performing.
The currency exchange rate at the actual time of handing over the money is also significant. Naturally since, Antalya property purchases involve thousands of pounds, a slight difference in the exchange rate can make or lose quite a bit of money. Smart Currency Exchange is an international payment specialist that can help you to save money, by getting you the best rate and to save on high transfer fees typically applied by banks.
Another important aspect of your budgeting is the cost of buying a property in Antalya and we discuss that next