About buying a property in Turkey
Buying property in Turkey, especially in the holiday regions of the Turkish riviera is very different from what most people in Europe are used to.
One of the greatest difficulties for the new buyer is selecting a reliable source from the 100's of Estate Agents which can be found on almost every main and back street and whose numbers are increasing every day.
The document you are reading now aims to make you aware of the problems which can be encountered when buying property both old and new in this country and to help lead you into making the right decisions for you for what is a major capital investment in a foreign country.
This is the starting point for everyone; sourcing the property of their dreams. Most people start by searching the internet from their homes or attending property exhibitions in their home country. They then decide to come to Turkey and view the properties of their choice. There is nothing wrong with it other than how many people ask themselves,
"Who am I actually dealing with"?
An attractive web site or a large exhibition stand proves nothing!
Now that the decision has been taken to buy, the next thing is to book the inspection and fact finding trip. Many companies offer free or subsidised inspection trips for varying the period of staying. Nice! But how many people ask themselves,
" How can they do this if even as many as 50% of their potential customers buy "?
Remember there is no such thing as a 'free lunch'.
No matter how you have booked your trip, you will likely now have appointments with one or more agents. However if you have accepted a subsidised trip you will be obliged to spend most of your time with your sponsor. Every agent will take you round a number of properties they have to sell. All will be very friendly; all will say the right things and all will want to be your best friend. Ask yourself,
" How do I know I can trust them ?"
This is one of the latest techniques for agents to try and set themselves apart from their competitors. Many agents now claim to be constructors and therefore the actual source of a property. With the numbers of new buildings going up it is easy to attach an agency to a constructor. Most constructors are not marketing people, they are builders and promises to sell from the agents give them the confidence to go on with their project. So when viewing new build properties with a constructor ask yourself,
" Does he seem detached from the project itself ? "
If it was your construction you would want to know everyone and everything.
The Sales System:
As we mentioned at the very beginning, buying property in Turkey might be very different for you. The market is booming and everyone wants a piece of the action. Sadly this means there are many unscrupulous people working in this market. It is not unusual for a property to be passing through a number of layers of sellers before being 'snapped up' by the unsuspecting buyer. Be sure that every layer will get their share and as an example a property which should cost say €50,000 can go on to be sold for upwards of €60 - €65,000 plus 3% regular agency commission. With the price still appearing to be very good value from what you are used to in your market ask yourself two more questions,
" How do I know if I am buying direct from the original seller or their appointed agent and how do I know I am getting the best deal "?
The simple answer is.....most people don't.
Finally you must ask yourself some very important questions before buying property in Turkey. These are by no means exhaustive and you will have many others.
- Who am I actually dealing with
- How long have they been in business
- Are they what they say they are
- Are they honest and reliable
- Do they have credibility
- Are they the source of the property
- Are they acting as an intermediary and if so is it direct
- Have they checked the property can be legally sold
- Will they give after-sales service
- Are they locally respected in the market
- What are they wasting money on (and who ultimately pays)
- Are they licensed
- How will I know if their answers are honest - can they provide me with bank, trade and customer references and are they comfortable in doing so
Extra Checks for Constructors:
- Are they welcomed on site
- Are they able to answer questions directly, quickly and easily
- Do they explain what is going on
- Are they comfortable when moving around the site
- Are they very keen to get away and off site
- If meeting someone else does there appear to be a friendship between them
- Can they show you the plans, or is it just a glossy brochure
- What guarantee is offered and who will uphold and honour it
- Most Importantly How will I know if their answers are honest - can they provide me with bank, trade and customer references and are they comfortable in doing so.