Let’s define an off-plan property first. Off-plan property is a property that is bought before construction. So when deciding on which property, buyers can select a wide range of designs and layouts. Buying off-plan properties allow you to customize your property. If you buy off plan property, you do so at the stage before it has been finished. This means you will have to wait until your home is fully finished and available.
If you’re wondering ‘Is it safe to Buy Off-Plan Property in Turkey?’ then we can say buying off-plan can be risky. Since you are buying a property before it has been completed, there are some risks involved. Buying off plan property is a fantastic entry point into the Turkish market. However it’s not for everyone, and you should look at all pros and cons before making your first buy.
The developer may not deliver the property as promised, and investors risk losing their money if they don’t do their homework properly. There is also a risk of construction delays, which can be costly if not managed correctly. The Turkish property market is booming, and there are many reasons to invest in it. But before you do, you need to understand the risks involved and have a plan for when things go wrong.
Turkey’s Off-Plan Real Estate Market: Pros and Cons
More than 50% of Turkey’s housing market involves off plan properties. Buying off-plan property in Turkey is good for investors who want to make income from rent. When you buy off plan properties in Turkey, you can make money from value appreciation.
Buying off-plan property in Turkey has become very popular among foreign buyers in recent years. However, there are several things that you should consider before you invest in this type of property. Here is a list of pros and cons of buying off-plan property in Turkey:
Pros of Buying Off-Plan Property:
• You can get a good price on the property. The market is still growing, so properties are still affordable for most people. If you buy now, you can get a good deal because prices will only increase over time. This is because developers often offer discounts on their new developments as they try to sell as many units as possible before construction begins.
• You can have your dream home built exactly as you want it to be. You have complete control over the design and construction process. So you don’t have to worry about any surprises later on during construction or after moving into your new home.
• You can choose from many different types of buildings and floor plans that are currently available in Turkey’s real estate market. You can pick the one that suits your needs best and make improvements or changes if needed later on down the road.
• You can get a mortgage on the purchase price that is lower than after completion (when it will be more expensive).
• You can rent out the property while waiting for the completion.
Cons of Buying Off-Plan Property:
• You can incur a financial loss for both parties involved- buyer and seller. Because it can be risky as the project may not be built according to plan and there may be delays in construction.
• You may find it difficult to find reliable information regarding off-plan properties before they are completed by developers or contractors. The reason is that the properties would still be under construction when you purchase them from developers.
• You may also have trouble getting hold of the developer when there’s an issue with your property or its surroundings which could cause further delays and expenses for both parties. There’s no guarantee that the developers will stick to their schedule when building your new home.
• You cannot view it before you make the purchase when you purchase a property off the plan. So it may not turn out as you had expected.
Some tips to keep in mind when buying off plan property are to properly research the area. You should also look up the developers building the property and follow their progress by making regular site visits and maintaining communication. This way you reduce the risks and ensure a safe buying process.
A good investor will select the location and property carefully with proper planning and consideration. Buying off-plan property can be a great profit opportunity if you choose well. The benefits of buying off-plan while reducing risks are many. It is unquestionably a choice that everyone ought to consider.