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Buying Tips

A guide for potential buyers

The Turkish economy is forecast togrow by 5.4% in 2010 and tourist numbers will increase by 5%.  Asit is outside the Euro zone, Turkey currently offers excellent investment potentialand property here is far cheaper than in most of the popular Mediterraneanresorts. Buying a property overseas, whether you plan to rent it out togenerate income or use it just for yourself, is a major investment, and assuch, should be given careful consideration before you make adecision.   To help you reach that decision we have put together somepoints to consider as you begin your search.

Decide what you want to buy and why

It is very easy to letpracticalities fly out of the window when you fall in love with a place but ifyou have some concrete ideas before you start you will find it much easier tofind your ‘dream’ property.

      Howwill the property be used. Is it an occasional holiday home for your family andfriends, an investment which needs to generate a steady income or a futureretirement home.

      Howlong do you plan to keep the property. If you want to sell on in a couple ofyears this will influence the type of property you choose.

      Doyou want an apartment, a semi-detached house or a detached villa.

      Doyou 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 hasmore character.

      Howmany bedrooms do you require.

      Whatare your top three ‘must haves. These are things you are not prepared tocompromise on, such as sea view, private swimming pool or en-suite bathroomsfor all bedrooms

Research your chosen location

Although it is not unknown forpeople to buy property after spending just one week in Kalkan and knowing verylittle about the area, in the long term, the most successful buyers are thosewho have thoroughly researched the location.

      Whatare the most popular areas in terms of holiday lettings. (look on holidayrental websites and see which properties have the most bookings)

      Howfar from the centre of town do you want to be.

      Isyour chosen area well served by local shops and restaurants.

      Arethere noisy roads, bars or other disturbances nearby which may spoil your peaceand quiet.

      Whatare the other properties in the immediate vicinity like.  Are they wellmaintained, is the area clean and pleasant looking.

      Arelocal access roads in good condition.

      Arethere any local government development plans which may affect this area in thefuture. (your estate agent will find this out for you)

Sort out your finances in advance

Property in Kalkan is very wellpriced 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 astunning sea front villa but don’t overstretch yourself. Although propertyvalues in Kalkan have risen steadily for the past ten years there is noguarantee that will always be the case.

      Havea realistic budget and stick to it.

      Ifyou are hoping to obtain a mortgage to finance all or part of the purchaseprice, speak to a mortgage broker in advance to get an idea of how much you canborrow.

      Beaware that over the period of  a mortgage borrowing costs and lendingcriteria may change, factor this in to your calculations.

      Takeinto account possible exchange rate fluctuations if you are hoping to obtain aTurkish mortgage.

      Whendeciding 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 thatyou would buy a property from a taxi driver or waiter that you had never metbefore. In Turkey, this sometimes happens and the foreign buyer sadly oftenlives to regret their decision. Buying an overseas property can be complex buta professional estate agent will represent your best interests.  They willbe fully conversant with all the legalities regarding foreigners purchasingproperty 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 ofpounds.

      Askhow 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 localcontacts.  A professional agent will know which properties have negotiableprices, which are well built - and which are not.

      Tryand give your agent a clear idea of what you are looking for so they will beable to draw up a list of properties which meet your requirements.

      Gettestimonials from previous satisfied clients.

      Askfor details in writing of the service they offer

      Don’t be afraid to ask questions.

 

 

Kalkan Domain Estate Agent and Property Services

Office: +44 (0)142750866
Mobile: +44 (0)7742030235
Email: info@kalkandomain.com
55 ErringdenRoad, Hebden Bridge, West Yorkshire HX7 5AR

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