Top 9 Tips On Successful Property Investment In Turkey
1. Find the Right Property- The Key of Success
The main rule and the most important thing is that the real estate investment in Turkey is done properly, and it is certainly not as complicated as we imagine. It is enough to find the right property in the right place with the required specifications for example, the property in the city center, close to public transport, train stations, schools, and universities, as well as its large area, spacious rooms, and stunning views will undoubtedly be desirable for anyone looking for rental accommodation. At the same time, the monthly rent will be higher, compared to other apartments in other areas, and this may confirm the first rule of investment in rent, which is (You can make profits from buying, not resale).
2. Determine Your Actual Budget
When we make real estate investments in Turkey for the first time, it is necessary that the number of properties we buy according to our capabilities and limited budget, preferably not loan, so it is advised for those who wish to make this type of investment to focus on two-bedroom apartments and a lounge, it is possible to focus on buying Studio.
Perhaps the important point in the advantages of investment in Turkey is that there are many offers to buy in installments without interest regardless of your choice you must use common sense, there is certainly a relationship between the location of the property you want to buy and the segment that will accept the rental. For example, Studio will be required to rent from the student segment, especially if it is in the city center, and a large property will be required to rent from families .. Etc.
In other words, you have to choose the location of the property very carefully according to the goal you seek. It is known that successful investment in the field of leasing depends mainly on the location of the shop and apartment or any type of real estate in Turkey. Furthermore, the population of the region and the nature of its inhabitants sometimes play a role in the value of the monthly rent allowance, if the location of the property is weak according to the elements mentioned above, it is preferable not to buy it.
3. Consider Different Locations and Sites
You have to visit different properties in different locations and places, because the right choice will be the reason for the success of real estate investment in Turkey, and the search method can be confusing and at first, especially since the search methods are many, such as searching through the Internet, newspapers or real estate agencies and real estate companies.
4. Seek the Best Opportunities
Try to find out how attractive the city or neighborhood where real estate offers are viewed. The factors that attract people are simple: work, schools, universities and a good reputation of the region or neighborhood. Most of the time, the big cities are very popular for students, job seekers, and families. Thus, It is recommended to buy in them; this is better and ensures the opportunity to rent out the property with a good return and very quickly.
Try to know more about the quality of the infrastructure in the place of purchase, and is it well managed by the municipality? It is advisable to focus on cities that are experiencing a large economic and tourist movement, as they will undoubtedly see a large turnout, and therefore you will have a great opportunity in renting out the property at a competitive price.
5. Consult Experienced People for Help
Try to ask and discuss everyone you know about the location of the property chosen, and try to imagine how the neighborhood will be after 10 years. Whether if it will witness an urban renaissance? Is there a continuous development movement? Are services increasing day by day? As in most neighborhoods of Istanbul.
Visit the place yourself and try to find out if there are any urban projects? Alternatively, are there changes likely to affect the market in terms of rent demand and property and increase the value of the property? Like building universities, hospitals, big shopping malls, big schools, etc.
6. Consider the Proximity of Public Transportation
Shops, schools, and public transport are the three most important elements that help you, and you should consider them when buying your property because they will play a role in determining the value of monthly rent, and the turnout. Consequently, this factor is essential indispensable, and in the absence of these things, try looking for another property.
7. Take Advantage of You First Property Investments
You have to know that you will learn many new things from the first investment, so you need to be vigilant when selecting a real estate agent and notary, and if you are in a country that does not speak your language and you do not master the language you should hire a reliable translator from your side.
8. Analyze the Details, Look Further, and Choose the Best
Study the specifications of the property rationally, and the best way to do this is to create a table on Excel to include the most important features of the property in Turkey and its disadvantages. In this way, you will ensure that you do not fall in love with a property because of its distinctive specification, but by comparison and scrutiny; you can select correctly.
Try to analyze the property in all its aspects without ignoring any element in it. If you find a problem, it does not mean that it is a reason to cancel the purchase, but it may be a reason to negotiate the price at the very least, and if it is a minor defect, you can fix it.
In general, the tenant will be less demanding than the buyer, a point you should remember and consider.
9. Set Your Future Predicted Property Profit
Do the calculation of the expected profit, the amount of taxes you will pay, and everything you might see in the future so that you don’t be surprised by anything that comes out of the blue. It is up to you to calculate the price you can offer based on the return you want, so you should know the value of the rents in the area and neighborhood, and make sure it is real.
Two important elements play an important role in real estate investment in Turkey, potential rent and future rent.
Potential rent: The rent that the current owner can get by making a few simple changes, these are the same changes that you will be able to make immediately to raise the rent.
Future rent: corresponds to the supposed progress of the rent, based on the property and its environment and the increased limit under the law.
Maintenance should not be underestimated. The older the building, the more expensive it will be to maintain.