Looking for an Apartment for Sale in İstanbul: 7 Mistakes to Avoid
Buying real estate in Turkey is becoming the move among investors. Whether you’re after long-term returns or want to hit jack right away, buying an apartment in İstanbul has the versatility to cater to the different types of investors and their corresponding goals.
But when it comes to safety and maneuvering the market, there are a few things to keep in mind. Read along to avoid the 7 common mistakes of hunting for an apartment or a house for sale in Turkey.
7 Common Mistakes of Buying an Apartment for Sale in İstanbul
1. Not Working With a Certified Real Estate Agency
There are several misconceptions about real estate agencies that drive others to take the lonely road. That’s something you definitely don’t want to do when hunting down an apartment for sale in İstanbul.
Before getting into what could go wrong if you don’t work with an agency, let’s clear some of the common misconceptions. The first on the list is assuming that real estate agencies sell the property at higher rates.
While it’s true that agencies have to make their bag somewhere in the process it is certainly not from the buyer. Agencies take a commission from the original owner when the sale of the property is complete.
So, after clearing the table, make sure you work with a certified real estate agent. 90% of home buyers worked with a real estate agent in 2020 because real estate agents:
- Do the legal work for you. Our consultants at Al Huda for instance are careful to cover all the paperwork and legal matters. So instead of falling victim to fraud, we give you a collection of property that’s real. We evaluate the developing company, the title deed, the project itself; and ensure that the project is comprehensive.
- Are pricing experts when it comes to property. Having worked with thousands of projects in different areas, real estate agents can tell you whether a house is overpriced or underpriced.
- Can help you find an extensive range of property options
2. Not Doing Your Research
Research about everything. Research about the real estate agency, research about real estate in Turkey, and the apartment for sale in İstanbul.
It’s important that you yourself have an understanding of the market and its opportunities. This helps you get the best out of a real estate agency. The more you’re precise about what you want the more help you’ll get.
What you should ask yourself before hunting down an apartment for sale in Istanbul:
- Do you care for a view?
- Does the transportation network in the project area matter to you?
- Do you want a project with extensive facilities?
- Is the presence of public facilities around the project significant to you?
Know what you want to make your purchase of an apartment for sale in İstanbul a success.
3. Finding Apartments for Sale in Istanbul Through a Friend of a Friend
Never do this. The majority fall for this, especially foreigners who come to Turkey. Whether it's your friendly hotel receptionist or your favorite retailer in the market next door when it comes to property, never take the word from anyone. Never ask strangers to help you search for an apartment for sale in İstanbul.
If you’re interested in a particular area or a particular project, get things done professionally. Contact a certified real estate agency and consult their real estate professionals regarding your concerns.
4. Disregarding Home Inspection
A home inspection is important when buying property and you need to have it done professionally. Is it always necessary? Not really! If you’re buying a new apartment it’s likely that home inspection is a waste of time. There’s nothing much to change about new projects. But the same doesn’t apply to old apartments. So consider this if you’re looking for an old apartment for sale in İstanbul.
Contact a professional to have the apartment inspected. Now ideally you don’t want to do this with every project you view. But once you feel like you landed yourself a deal, get to the process.
5. Not Identifying your Objectives
Why are you exploring the market for apartments for sale in İstanbul? Are you after long-term or short term returns?
Identifying whether you want to put the apartment up for rent or re-sell shortly is crucial before sealing the purchase. For instance, if you want to turn the apartment into a vacation house, you’ll have to strategically choose the location. Real estate agents can help you find the best locations for any purpose. Why is this important? Tourist attractions are priced higher than in other areas.
So if you don’t want to make use of your apartment for this purpose, you’re better off finding cheaper apartments for sale in İstanbul with paralleling quality somewhere more remote far from the hustle and bustle of the city center.
Make sure you know what you want to achieve with your apartment or house in Turkey and let your real estate agents know as well. They’ll help you find strategic places according to your future investment plans.
6. Doing It All Online
The internet is a great research tool. But when looking for an apartment for sale in Istanbul online you’re only limiting down your options. There are far greater options in İstanbul and the versatility is awe-inspiring. When working with an estate agent, don’t go entirely by what you’ve seen online. Don’t get it wrong it’s always a plus to do your research. But leave room for negotiation and see what your estate agent has to offer. More times than not you’ll be blown away with the options your agent has hunted down for you.
7. Underestimating the Risks of Buying Property Online
The world is undergoing digitalization and it’s about time real estate joins the movement. Particularly with the advent of COVID-19 sales for property online are growing. Fumbling with this opportunity can go either left or right and you need to be careful. The first thing to consider when inspecting the market for an apartment for sale in İstanbul online is to rely on referrals. Word of mouth is key if you want a safe online purchase. Do your research, interview agents offering these services, and think it through carefully.
The Bottom Line
The global search for apartment for sale in İstanbul has exponentially swelled, making real-estate in Turkey a hot market among foreigners. But as is the case with buying property anywhere in the world, there are common mistakes among sellers.
To avoid turning a blessing into a nightmare, make sure you start the process with your mindset in the right place. Always work with a real estate agency, but not any real estate agency.
Make sure you do your research to find legitimate agents that will help you throughout your process. Likewise, know your investment objectives and what you want to get out of an apartment.
If you’re buying property for residence, locate the important aspects to you before buying property. The same applies to purchases for investment. Never engage in the friend-of-friend fiasco.
Is It Worth It?
Buying an apartment for sale in İstanbul isn’t only worth it, it’s a rare opportunity. Especially as the market is only recently surfacing to the international table where costs are appealing and the market is overflowing with opportunities. Many are riding the wave capitalizing on luxury housing for a fraction of the price in Europe and leveraging the stability of the market to their advantage.
In fact, buying property or several properties that amount to a specific sum can earn you the Turkish Citizenship. Falling under this threshold will provide other advantages such as facilitating your residence permit procedures.
Likewise, the consistent activity of the market ensures guaranteed investment returns like no other market giving real estate in Turkey the distinct features of stability and securities.
Contact Al Huda Real Estate
Looking for an apartment for sale in İstanbul? Contact our real estate consultants for a free consultation online to address all your inquiries.