Do I Buy an Apartment in Installments in Turkey?
One of the reasons that drive many people to search for an apartment in Turkey in installments is that they do not have the full price to pay in cash. This was an ideal solution to get rid of the endless burden of rents, and it is also a great solution for those who do not want to retreat from the dream of buying an apartment in a developed and modern place like Turkey.
Learn with us, in this article, a lot of information related to the issue of buying apartments in installments in Turkey, as well as highlighting some of the essential points in the matter.
What are the advantages of buying apartments in installments in Turkey?
Turkey offers many advantages to foreign investors, including its attractive coastline, strong economy, and friendly attitude towards foreigners and when it comes to investing in real estate, Turkey offers some great opportunities, especially if you are looking to buy an apartment.
One of the most important advantages of buying an apartment in Turkey is that you can spread the cost over a number of years through the payment plan and this means that you do not have to pay the entire purchase price up front, which makes it affordable for buyers and the payment plans also provide flexibility as they can be adapted to suit your individual circumstances and another advantage of investment in Turkish real estate is that there is no capital gains tax on the profits made from the sale of your apartment if you wait for five years from the date of purchase and this makes it a very attractive investment destination for those looking to make a quick return on their investment. In addition, Turkey has a very low tax rate on rental income, which means that you can make an impressive return on your rental property.
How to buy an apartment in installments in Turkey?
When you decide to buy an apartment in installments in Turkey, you are faced with two options, one of which you must choose. Either you choose to buy directly from the construction companies, or you buy from one of the banks that had bought real estate earlier from the building company. Each of the two options has pros and cons that you can see below:
First: Purchasing from the Originating Company:
There are many advantages to buying apartments in installments in Turkey through construction companies directly. The main advantage is that you can get a better price for the property. Contracting companies usually have a fixed price for their properties, but you can negotiate the price as they are flexible.
Another advantage of buying an apartment in Turkey in installments through a construction company is that you will be able to complete the property registration process quickly and easily. The registration process is usually very complicated and time-consuming, but if you buy an apartment through a construction company, they will take care of the registration process for you. Finally, you will also be able to obtain financing for the property from the company itself, which means that you will not have to face the hassles of getting a loan from a bank or other financial institution.
Second: Buying from a Turkish bank:
There are many advantages to buying apartments in Turkey in installments through a Turkish bank. The main advantage is that it allows you to divide the purchase cost over a longer period of time than you would have when buying from the construction company.
Another advantage is that it can help you build a good credit history with the bank, which can come in handy if you ever need to take out a loan for another purpose in the future and in addition, it can give you the opportunity to get to know and familiarize yourself with the Turkish real estate market before making a commitment to purchase.
Notes when buying an apartment in installments in Turkey:
If you want to buy a property or an apartment in Turkey by following this method, you must briefly see many details and information related to it, and this is what we will talk about through the following points:
_ You have to know that the larger the first payment, the more this helps you to get a discount on the total price required. Therefore, experts advise that the first payment be 50%, but the law imposed by sellers is often only 35% in order to attract more buyers to achieve high sales in a short time.
_ Make sure to study your budget and your ability to pay the installments on time without delay because any delay means that you will have to pay fines.
_ Buy from a reputable company in the Turkish real estate market and do not give up on field trips with your real estate expert to see the available features and specifications.
_ It is difficult to find ready-to-move-in apartments for sale in Turkey, but although it is difficult, it is not impossible.
Advantages of buying real estate in cash in Turkey:
Despite all the positive aspects that we saw when buying in installments in Turkey, this does not negate that there are many people who reject it and prefer to buy by paying cash for a number of reasons, the most important of which are:
-You can get a better property price if you have the money to buy a property directly, you will be in a much better negotiating position than someone who needs to get a mortgage.
-You will also avoid paying interest on the loan and this can save you a significant amount of money over time.
-There is no need to go through a lengthy process to get approved for a mortgage and this can simplify and speed up the buying process.
Whether you want to buy real estate in Turkey in installments or in cash, our team and the entire advisory team specialized in the Turkish real estate sector is ready to provide you with all the information and details you need, as well as put in your hands a list of the most important offers that are available and suitable for you after reviewing your financial balance and the desires that you seek to achieve.
We advise you to always follow our website in order to know everything that interests you about the real estate market in Turkey and about the latest updates issued by the Turkish government in this regard.
