If you are planning to buy a house in Istanbul and you don’t have time to wait for the completion of an under-construction project, then a secondhand property could be a good option for you. Resale property remains an economical bet when comparing it with a brand new property in Istanbul, due to different factors such as depreciation, age of the property, and the costs. However, in this article we will explain the things that you need to consider when buying a secondhand property.
Status of property:
If you are buying a property with an existing tenant inside, you need to understand that the tenant will not evacuate the property right away. You will need to accept the rental amount whatever the previous landlord was getting. Our suggestion is always to buy property without a tenant. Because in Turkey the Rules support the tenants more.
Title Deed:
You must check the Title Deed if there is subject to debt or mortgage. Regardless of the Municipality our legal team has access to Title Deed offices across Istanbul to get the letter that Title Deed is “clean”.
DOCUMENTS
Before you make any deposit on a property in Istanbul, make sure that the seller provides all the relevant documents. It is also important to check the ownership of the property and whether the seller is the true owner of the property.
PHYSICAL CONDITION OF THE PROPERTY
We always recommend checking the physical condition of the property before you set foot in it. This will help you to make the purchase decision. As we mentioned before, a resale property in Istanbul should range between 1 to 10 years, so bear in mind that any property that is older than 10 years may come with multiple maintenance issues. There are many things to check, you can start looking out for signs of leaks, cracks, mildew, and mold. Also, check the water pressure of taps and showers, and make sure the toilet is working. Otherwise, you will need to factor in additional costs for plumbing work. Detecting these issues early will surely protect your pocket from any future costly repairs.
MARKET KNOWLEDGE
The real estate market of Istanbul changes constantly depending on the supply and demand in the market. Therefore, you should study the market well and figure out the true value of the resale properties. “Luxury Properties Turkey” Agents would be helpful to give you an idea about the detailed information on market status quo values.
And most importantly, is PRICE:
We are dealing with premium segment properties across Istanbul, such as Ritz Carlton, Rotana, The Address and many more. We have best offers to our customers in the secondary market from luxury segment projects in Turkey.
Whether you are looking for a brand new property or secondhand in Turkey, contact us today and get the best deals in the market.
