Property for Sale Turkey
by Steve Theunissen
So, you’ve decided to spread your property portfolio. Good for you. The shrinking global economy makes smart investment in the right markets a wise choice for investors. But there are pitfalls that must be avoided to make international property acquisition work.
The first key, of course is to find the best country in which to look for a property for sale. Turkey, Spain and Australia are all exciting markets but the experts seem to be suggesting that if you want a high performing property for sale, Turkey is the place to find it. So, does that mean that you have to actually travel to Turkey to find the right property for sale? Turkey, after all, is a long way away and the trip is going to eat into your profit margins before you even purchase the investment property.
Fortunately, the internet has made such travel unnecessary. Turkey has got some wonderful real estate websites that will give you a full virtual tour of the property that is the next best thing to being there. Now you’re going to have to work closely with the local estate agent, so make sure first and foremost that they speak English. The right agent is an asset that will maximize your investment. But the wrong agent badly managed will leech the profit from your investment . Once you’ve got a property in mind, you’re going to need a building inspection, a land information report and an engineer’s report (these will be your eyes and ears in your absence).
So, you’ve found the right property for sale. Turkey has done right by you in supplying professional reports to satisfy your concerns regarding the soundness of the structure. What now? Well, more than likely you’ll be in need of a mortgage. The difference between the best and the worst rate can be thousands of dollars, so don’t just assume that you should your existing provider. Use a broker and work with him /her to drive the best possible deal.
Do you need to refurbish the property prior to letting it out to tenants? Or if you're wanting to do it up and re-advertise it as a property for sale, Turkey has a wide range of rates when it comes to builders, electricians, plasters and plumbers. Use the contacts established with your estate agent to find the right ones. Whether locally or abroad, refurbishment is an area where many investors fail to properly budget and negotiate, leading to costly mistakes.
If you are planning to rent out your property for sale, Turkey may not provide a constant stream of potential tenants. In that case, you’ll need to check out whether you can get Loss of rental insurance to cover you for those periods when your property is untenanted.
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