10 Golden Tips for Buying an Apartment in Istanbul: Avoid Mistakes and Get the Best Deal 2024
Why Buy an apartment in Istanbul?
Istanbul is a popular city among real estate investors due to its unique location, rich history, gorgeous nature, diverse culture, and booming real estate market. Figuring out which apartment to buy is not an easy task.
Here’s a simplified guide to assist and improve your investment strategy to achieve your financial goals:
1. Pre-Purchase Preparation:
Defining Your Budget and Investment Goals:
Before starting your purchase planning, knowing your budget and being realistic about it is essential.
Ask yourself, why you are buying an apartment. For a vacation home, to obtain Turkish Citizenship, to relocate, or for Investment.
Don’t forget to figure out which investment goal matches your need, a Long-term or Short-term investment plan. With no clear vision, choosing the right property to start your investment journey would be hard.
Researching Neighborhoods and Property Types:
Discover the different neighborhoods of Istanbul, and conduct thorough research to identify the pros and cons of each neighborhood.
Istanbul is a huge city with an Asian and European side, you need to research to find out which property type matches your investment perspective. Remember that single-family homes are the most popular option to invest in.
Understanding Legal and Financial Requirements:
Learning about local property laws is a must to protect your property, including fees, taxes, requirements, and limitations.
Hire an experienced lawyer, to finish filling out the paperwork and to explain the legal process of buying an apartment in Istanbul.
2. Essential Steps for Buying an Apartment in Istanbul:
Finding the Ideal Property: Agent Assistance & Online Searches :
Start your investment planning by visiting various real estate websites to observe the market of real estate. And its trends to know which property type to buy and where.
After conducting your research, contact reputable Real Estate agencies and inform them about your investment perspective and requirements to receive offers that match your goals.
Conducting Due Diligence: Title Verification and Property Inspection:
As a first step ask about the Verification status of the Title deed (Tapu) of the property.
If the apartment is under construction, visit the sample apartment and ask about the materials used.
If the residence is ready to deliver, examine it, and check the amenities, facilities, and surrounding areas.
Completing the Purchase Process: Legal Documentation and Notary Services:
The purchase process starts with signing the Real Estate Purchase agreement after reading the contract and paying the deposit fee. Then the lawyer will notarize the contract and prepare the legal documentation according to the terms agreed on.
Congratulations, now you are the proud owner of a property in Istanbul, Turkey
Negotiating the Best Price and Terms:
After observing the real estate market and its trends, it will be easy for you to determine the average range of prices for buying an apartment in Istanbul.
Discuss with the help of your real estate agent or financial advisor to receive the best offer possible and ask about the process of financing the purchase.
3. Avoiding Common Mistakes:
Rushing into a Decision without Thorough Research:
Making the purchase decision without doing your research is a recipe for disaster. There is no way to predict the outcome of the investment. Take your time and don’t skip any step.
Overlooking Legal and Financial Considerations:
A Real Estate Purchase agreement is a legally binding contract.
Finalizing the deal without being aware of the property laws, title deed fees, and taxation is a risky action. Simply it’s not a good idea, to always consult an experienced lawyer to safely invest
Falling Victim to Scams or Misleading Offers:
Only work with licensed Real estate agencies, ask for company documentation and always research their online reviews.
It’s important to partner with reputable experienced real estate agents and financial advisors. Don’t make any investment decisions without double-checking the information and researching the offers.
Ignoring Property Maintenance and Renovation Costs:
Don’t forget to count in that after buying the apartment there will be maintenance and Renovation expenses.
Add them to your investment funds to ensure that you afford the property. We advise you to consider using property management services.
4. Securing the Best Deal:
Bargaining Effectively with Sellers:
Study the real estate market well to have the ability to negotiate with sellers and construction companies to receive suitable deals and offers.
Partner with a trustworthy real estate agent to have the upper hand during price negotiation.
Evaluating Financing Methods:
Determine your payment method according to your financial situation, it can be cash or installment plans. Evaluate and analyze which method is realistic and achievable, and compare the pros and cons of each method.
Considering Additional Expenses: Taxes, Transfer Fees, and Utilities:
Be careful the process of purchasing a property includes taxation, Title deed fees, processing fees, etc.
In addition, after buying the property there will be maintenance fees, you need to add them to your calculations before accepting the offer.
5. Conclusion:
Buying an apartment in Istanbul is not a piece of cake, by following this guide hopefully, your journey will be easy.
Always do your research before starting the process of making the purchase decision.
Consult a lawyer, to be safe then sorry.
If you want to learn more about the process of buying a property in Turkey, please contact us.
Istanbul
Istanbul is a major city in Turkey that straddles Europe and Asia across the Bosphorus Strait. Its Old City reflects cultural influences of the many empires that once ruled here. In the Sultanahmet district, the open-air, Roman-era Hippodrome was for centuries the site of chariot races, and Egyptian obelisks also remain.
