Buying property in a different country can be quite difficult and frustrating. Even though it is an exciting experience, it also requires patience, professional help as well as some paperwork. We know that dealing with bureaucracy is not fun which is why we have prepared this guide to help you along the way and give you an idea as to what you need to do.
These 10 steps will simply explain the process of purchasing a property in İstanbul without confusing or stressing you out.
STEP 1: DO AN IN DEPTH RESEARCH FIRST
Every important decision should be made after a thorough, in depth research of the subject. In this case, you need to research İstanbul. Where do you want to live? In a never sleeping area or a silent neighborhood? What kind of a lifestyle you have? Do you plan on working there? If so where is the workplace located? How will you reach the workplace every morning? Are there enough transportation options? Do you have kids? Are there good schools around? How many rooms do you need? Do you want an apartment or a house? Do you have pets? Do you want a garden or an amazing view? Maybe you want all of the above or you want neither of them. Everybody’s wishes and needs differ from each other. Therefore, it is important to find out what you want. All these questions and many more that come to mind are crucial in understanding your needs and what you want. Accordingly, you can choose the best district, house type and house size in order to make a logical decision as to what kind of property you should buy.
STEP 2: CHOOSING THE BEST PROPERTY AGENT FOR YOURSELF
During the process of buying property, it is the best and the safest way to work with a professional property agent who can guide you in the right direction. After doing in depth research and deciding what you actually want, the time comes to find the perfect agent for yourself. There are a lot of different property agencies out there. However, not all of them can understand your needs and requirements, respect your choices and give you the perfect guidance that you need. In this case, it is very important to work with professional agencies who are doing their job for a long time and who are credible in order to make this already frustrating process as easy and smooth as possible. The right agent will be able to understand you completely and help you in any way to find the perfect property for you to invest in. There are solid property agencies that you can find after comparing them to each other and checking their testimonials to see if they fit you. Professional agencies such as Istanbul Investments that have been operating since 1995 and have agencies all over Turkey, Europe and Middle East, might be a good option if you are lost in the endless sea of agencies.
STEP 3: HAVE LONG AND DEEP CONVERSATIONS WITH YOUR PROPERTY AGENT
After hopefully being able to choose the right property agent for yourself, it is time to talk to them. That is right, this is an important step that you do not want to miss. If you’d like to receive the best service and outcome, you need to let your property agent to get to know you while you also get to know them yourself. This allows the property agent to assess your needs, understand the importance of your requirements and give the best advice according to your lifestyle and dreams. When the property agent understands you completely, they will start searching for the home that define you as a person.
STEP 4: NOW YOU NEED TO VISIT ISTANBUL
You have done your extensive search, you probably have a good idea of what you want with the help of your property agent, you may even have some options in front of you already. Even though everything may seem perfect, you can never know if you do not physically visit the place you will be living in. Go to the districts you thought were nice, see how it feels, explore the surroundings, spend some time there to see what happens during the different days or the different hours of a day. Go to nearby coffee shops, restaurants, stores. See if public transportation is nearby or if there is any park close by. See and feel the place you were dreaming of. After doing it, you will realise how important this step is. Because you may actually fall in love with the place or you can totally hate it. In any case, it is alway better to inspect before investing.
STEP 5: VISIT AS MANY PROPERTIES AS POSSIBLE
While you are in İstanbul, you should visit as many properties as possible in order to find the perfect match for you. Compare and contrast your options, inspect the area yourself, look at the price differences and future growth potential of your options. After listing the pros and cons, eliminating the obviously wrong options, you should have a few options left to consider. Take your time and make sure you choose the best option for your needs, requirements. Do not forget that a home come alive with the people who live in it. Even though every feature of the property fits your wishes, it is important that you feel connected to the place.
STEP 6: IT IS TIME TO NEGOTIATE
So you have decided on the perfect property after going through a lot of options. However, it does not end here. Negotiation is always a part of the deal for you to buy the place at the best possible price. Therefore, do not forget the price negotiation when you are deciding on your budget. If need be, you can always stretch your budget for the perfect home of your dreams and lower the price to your budget range after a good negotiation.
STEP 7: RESERVING THE PROPERTY FOR PURCHASE
Hopefully you have decided on the perfect home for yourself, and negotiated the price. Now you need to reserve the property in order to continue the process of purchasing the property. Reserving a property in Turkey costs around £1,000. However, it should be noted that once you pay for the reservation, you cannot refund the money. Therefore, it is important to make the right choice and stick with it till the end. The said amount of money is offered to the seller of the property to reserve it for you. It should also be reminded that this money is subtracted from the overall cost of the property itself.
STEP 8: GRANT POWER OF ATTORNEY TO A SOLICITOR
Since you are a foreigner, living outside of Turkey, you may not want to waste your time by dealing with all the bureaucracy of buying a property. You may not have time to stay in Turkey due to work or personal reasons. Whatever the case may be, it is best to grant power of attorney to a solicitor in İstanbul to deal with the process and complete the purchase of the property on your behalf. This does not only save you time but it also is a great way to ensure everything goes according to plan. In the meantime, you can start preparing for the moving day.
STEP 9: COMPLETING THE PURCHASING PROCESS
The purchase takes approximately for 4 weeks to complete after all the paperwork and contracts are done and signed. The solicitor that you have granted the power of attorney will take care of everything including the checks that are necessary for the property such as municipality check and title check. It should be noted that military clearance is no longer required since March 2019.
STEP 10: THE TITLE DEED
After all the paperwork, contracts and much required patience, you will be able to register your new home to your name. After doing so, you will be able to receive the title deed to your new home in İstanbul. Thus, you have officially purchased a property in İstanbul. Congratulations! Now you can either move to your new home to live your dream life or you can rent the place as an investment that pays back more and more with increasing value.
Now that everything is done, you can sit back and relax, enjoy your new home. Even though the process of purchasing property in İstanbul can get frustrating, in the end, when you finally reach the home of your dreams, the happiness will worth all the effort. The key to a problem free process starts with knowing what you really want and finding a professional property agency that is a perfect fit for you. Once you have covered the basics, there is nothing to worry about. All you need is a little patience and you will get there in no time.