Turkey’s real estate market has grown significantly in recent years. The demand for real estate has grown due to the population’s fast growth, an increase in urban transformation projects, and the developing economy. Numerous projects have been developed in response to this need, and still, many projects are under construction or about to be completed.
Real estate projects have become the favorite of investors, especially with the developments in big cities. However, there are many factors to consider when buying a house from a real estate project. Understanding and following these factors can enable you to make the right decision and achieve the result you want.
The sales procedure in Real Estate projects usually consists of the following steps:
- Pre-Sale: The introductory period for a real estate project is often referred to as a pre-sale. During this period, the project is promoted and investors can make reservations to purchase apartments from the project.
- Contract: Investors who make a reservation then sign a contract. This contract includes details such as the price of the purchased property, payment schedule, and delivery date.
- Payment: According to the payment schedule, investors pay a down payment and installments for the purchased property.
- Delivery: Upon the completion of the project and the ready availability of the purchased property, the investors receive the title deed of the property and begin the moving process.
Real estate projects usually start with the pre-sale period. During this period, the company that developed the project makes the pre-sales of the project whose construction has not been completed yet. In this process, a certain down payment is made and the rights on the project are obtained. After the completion of the project, the remaining payment is made and the move begins.
The deed transactions result in the project’s completion and the beginning of the moving process. Buyers must submit specific paperwork and the requisite funds during the deed transactions. The sale of real estate is carried out with a notarized contract and both parties must sign this contract.
What Should Be Considered When Buying a House from a Project?
Large-scale initiatives are frequently linked to real estate investments. As a result, there are a few things to think about before purchasing a home from the project.
- Investigate the project: The future worth of your investment may be determined by investigating the project, developer, and other pertinent elements. Obtain thorough details on the project’s location, zoning situation, building quality, infrastructure, social amenities, and other services.
- Research the developer: In order to make an informed decision when purchasing a house from development, it is crucial to research the developer. A competent developer will have an excellent track record for lead times, build quality, and client satisfaction.
- Read the Contract: When purchasing a home from the project, carefully study the contract and make sure you understand all the conditions. Have a thorough understanding in particular regarding the payment conditions, delivery schedule, construction quality, warranty duration, and other crucial factors.
- Financial Planning: Financial planning is crucial before purchasing a home from the project. Plan your spending according to variables like rental income and return on investment. Additionally, look into bank loans or other sources of funding to analyze appropriate financing possibilities.
- Taxes and Additional Costs: When purchasing a home from the project, be sure to factor in additional costs such as taxes, title deed fees, notary fees, and others. These costs may push up the price of your investment.
As a result, the success of your investment will depend on how cautious you are when purchasing a home from the project and how much attention you pay to the above-mentioned elements. Your investment’s profitability will rise as a result of thorough research, financial strategy, and contracting. You can secure a significant position in Turkey’s quickly expanding real estate market by developing a suitable investment strategy.
For the best projects in Turkey, check out our “Projects” page to review the latest real estate developments.