A guide for potential buyers
The Turkish economy is forecast to grow by 5.4% in 2010 and tourist numbers will increase by 5%. As it is outside the Euro zone, Turkey currently offers excellent investment potential and property here is far cheaper than in most of the popular Mediterranean resorts. Buying a property overseas, whether you plan to rent it out to generate income or use it just for yourself, is a major investment, and as such, should be given careful consideration before you make a decision. To help you reach that decision we have put together some points to consider as you begin your search.
Decide what you want to buy and why
It is very easy to let practicalities fly out of the window when you fall in love with a place but if you have some concrete ideas before you start you will find it much easier to find your ‘dream’ property.
How will the property be used. Is it an occasional holiday home for your family and friends, an investment which needs to generate a steady income or a future retirement home.
How long do you plan to keep the property. If you want to sell on in a couple of years this will influence the type of property you choose.
Do you want an apartment, a semi-detached house or a detached villa.
Do you want to buy off plan or choose a property which is already built.
Would you like an older style property that may need some renovation but has more character.
How many bedrooms do you require.
What are your top three ‘must haves. These are things you are not prepared to compromise on, such as sea view, private swimming pool or en-suite bathrooms for all bedrooms
Research your chosen location
Although it is not unknown for people to buy property after spending just one week in Kalkan and knowing very little about the area, in the long term, the most successful buyers are those who have thoroughly researched the location.
What are the most popular areas in terms of holiday lettings. (look on holiday rental websites and see which properties have the most bookings)
How far from the centre of town do you want to be.
Is your chosen area well served by local shops and restaurants.
Are there noisy roads, bars or other disturbances nearby which may spoil your peace and quiet.
What are the other properties in the immediate vicinity like. Are they well maintained, is the area clean and pleasant looking.
Are local access roads in good condition.
Are there any local government development plans which may affect this area in the future. (your estate agent will find this out for you)
Sort out your finances in advance
Property in Kalkan is very well priced in comparison with the rest of the popular Mediterranean holiday resorts. You could buy an apartment for as little as £50,000 or pay over £500,000 for a stunning sea front villa but don’t overstretch yourself. Although property values in Kalkan have risen steadily for the past ten years there is no guarantee that will always be the case.
Have a realistic budget and stick to it.
If you are hoping to obtain a mortgage to finance all or part of the purchase price, speak to a mortgage broker in advance to get an idea of how much you can borrow.
Be aware that over the period of a mortgage borrowing costs and lending criteria may change, factor this in to your calculations.
Take into account possible exchange rate fluctuations if you are hoping to obtain a Turkish mortgage.
When deciding on your budget remember to add in all the extras – government taxes, legal fees, estate agents fees and if necessary, furnishing the property.
Use a professional estate agent
In the UK it is very unlikely that you would buy a property from a taxi driver or waiter that you had never met before. In Turkey, this sometimes happens and the foreign buyer sadly often lives to regret their decision. Buying an overseas property can be complex but a professional estate agent will represent your best interests. They will be fully conversant with all the legalities regarding foreigners purchasing property in Turkey. Yes, you will have to pay an estate agent a fee (generally 3% of the purchase price) but you could save tens of thousands of pounds.
Ask how long your estate agent has been in business and what is their track record.
Are they from the local area and do they have good local contacts. A professional agent will know which properties have negotiable prices, which are well built - and which are not.
Try and give your agent a clear idea of what you are looking for so they will be able to draw up a list of properties which meet your requirements.
Get testimonials from previous satisfied clients.
Ask for details in writing of the service they offer
Don’t be afraid to ask questions.
tel: +90 242 844 2097
Address: Cumhuriyet caddesi Kalamar road
07960 Kalkan - Antalya - TURKEY
Contact : info@kalkandomain.com