Buying a property from abroad can be a rewarding and exciting experience but a daunting task especially for the first timers. However, if you’re eyeing for that breathtaking sea views, the friendly community and low-cost of living, nothing would seem to stop you right? One place that rolls in all the goodness in life can be found in Turkey. A property in Turkey could be the next perfect getaway that you’ve been dreaming of, away from the hustle and bustle of the city life.
When buying a property abroad, a few crucial things must be understood for hassle-free transactions. Some principles in property investments might be a little different from your home country, making these tips timely and appropriate.
Understanding Contracts. Foreign contracts are usually prepared in two versions: English and the local language. Omissions, errors or extras during the translation process are possible. Don’t sign anything unless you’re sure the documents are error-free.
Approval in Principle. A good way to put yourself as a serious buyer is to obtain approval in principle in case of mortgage financing. This needs to be done even before you agree to purchase the property, closing the contract or making payment for deposit. Price negotiation is common in this industry; developers and agents expect you to do that.
Valuation. It’s advisable to seek an independent evaluator to assess the value of the property. This could highlight unmentioned property problems such as wiring defects, damp, boundary disputes, etc.
Seek Legal Advice. Country laws differ from the other, so it’s encouraged that you seek counsel not connected with your seller or developer. Alternatively, you can consult local architects and surveyors regarding specific requirements, licenses and planning that govern property buying in that area. Most importantly, ask your lawyer if you are being registered as the duly property owner.
For newly-built properties. Always choose developers who already have a proven track record and have the most referrals possible. It can be tempting to sign the contract right away if a property fits to your liking but what if something pops up which is even more captivating than the one you previously saw — a “cool off” period is therefore suggested.
Do some research. The surroundings, neighborhood, facilities and everything around you will affect your living satisfaction. Are there any restaurants, bars and shops nearby? How far? Spend a few days and nights to see what it’s like to live there. Talking to some locals would also give you a better understanding of the area.
Local money. It’s a good idea to open a local bank account but be sure to obtain all the necessary papers when you’re bringing in money from your home country. See to it that all bills and taxes are well taken care of to avoid legal tussles.
Taxes and other fees. There are all kinds of fees to pay, and as a property owner, you are obliged to settle them. To avoid late charges and whatnot, ensure that you know what are they and how much it will cost you.