Should I buy a property in Turkey in cash or in installments? A legitimate question to ask yourself when you take the necessary steps to buy a property in Turkey to take advantage of the great opportunities that real estate investment in Turkey offers you, there must be clear answers on which to base your journey towards buying a property in Turkey.
Should I buy a property in Turkey in cash or in installments?
Answer: In installments, and there are several reasons why buying a property in Turkey in installments is better for you in certain aspects, even if the result is that you will eventually pay the price of the property higher than its cash price, but this is in exchange for the following advantages:
Not to freeze the capital in one basket, meaning if your cash flow is modest, it is not feasible to flow it completely in one asset or one real estate at once, And then wait for a period of time to collect the profitable return from this property, while you can employ the same amount as initial payments for several properties that you buy in installments and open for you more than one door to capital gains with the number of properties you have purchased in installments.
Diversity of the investment portfolio, instead of investing a certain amount of money in one real estate by paying its entire price in one go, you can buy several different assets with the same amount of money between apartments, commercial offices, educational centers and others, and then invest them and benefit from several returns profit at a time.
turnover of the investor's capital, In the sense that by buying several properties in Turkey in installments, you can benefit from part of the investment returns of these properties in paying each other's installments, and the other part revolves as capital gains.
Often people do not have enough financial ability to pay the value of the property in Turkey in one go, so the option of buying a property in Turkey with installments is a useful solution to quickly secure adequate housing for the family by paying an acceptable down payment and then paying the rest of the value in convenient payments within a period of time specific.
Forms of real estate financing in Turkey in installments:
1 - Through bank loans from real estate banks that lend you money to buy a property in Turkey, And then you pay the value of the loan in installments to the real estate bank with an interest rate determined by the bank, so it is as if you bought a property in Turkey in installments.
2 - Through the stock market, the stock market, which is based on the principle of dividing the property into shares, and each share has a certain nominal value, so you buy shares in the real estate market in Turkey until you pay the full value of the property, which is like buying a property in Turkey in installments.
Steps to buy a property in Turkey in cash and in installments:
First: Dealing with a well-known real estate company in Turkey:
Real estate companies in Turkey have a comprehensive guide that helps you when buying a property in Turkey and shortens you many steps from the lengthy search for the right property for you in terms of specifications and according to your financial ability, Because it is in constant contact with the Turkish real estate market and monitors all developments in the market in terms of regulations and laws on the one hand, and at the same time it closely monitors all existing real estate investment projects in the region and collects full information on the technical specifications of real estate in these projects on the other hand.
Second: Determining the purpose of buying a property in Turkey:
This step is the key to taking the shortest path towards the correct property that suits the purpose you set in advance, whether it is for housing or real estate investment by reselling the property and making a profit at the difference between the two prices or by renting the property and obtaining a fixed monthly or annual return according to the agreement.
Third: Determine the budget allocated when buying a property in Turkey:
It will also help you decide whether to buy a property in Turkey in cash or in installments? How much determining the budget has a big role in choosing the property in terms of the type of property, the region in which the property is located, and in terms of the technical specifications of the property, all of these factors play an important role in buying a property in Turkey.
Fourth: Reviewing the real estate investment law when buying a property in Turkey:
The Turkish government has created the legal legislative environment that has formed a fertile ground for encouraging real estate investment on its lands.
There are many legal details that are in your favor and you do not know, and on the other hand, there may be many caveats that you must avoid to ensure the success of your purchase of real estate in Turkey.
Fifth: See real estate prices when buying a property in Turkey:
There is no objection to having a prior idea of real estate prices in the Turkish market in order to negotiate the price with the seller if you find that the price is not appropriate, even if you are dealing with an intermediary real estate company, and it is advised here to consult with specialists in real estate prices in Turkey.
Sixth: Closely inspecting the residential project or real estate when buying real estate in Turkey:
It is necessary to visit the site of the real estate or real estate project if it is still under construction to ensure that the realistic specifications match the executive plans.
Seventh: Preparing the required documents when buying a property in Turkey:
The title deed of the property is in the name of the owner who signed the contract or his official representative.
In addition to a copy of the project building permit and two personal photos of the buyer.
A translated and certified copy of your passport.
A copy of the seller's ID card.
Eighth: Extracting the tax number from the Tax Department:
The tax number is given to every person who does not hold Turkish citizenship in order to facilitate all government procedures for him, and without it he cannot own real estate in Turkey or apply for Turkish citizenship.
Ninth: Opening a bank account when buying a property in Turkey:
As it is necessary to open a bank account in one of the Turkish banks in order to transfer the funds to it from the buyer’s home country, as it is required that the purchase process be made by bank transfer exclusively, which will help you later in obtaining the real estate residence and is considered one of the necessary supporting documents In order to obtain Turkish citizenship.
Tenth: Signing the contract and receiving a property title deed in Turkey:
After paying the full price of the property that you previously paid a deposit of part of the property price through the bank, the purchase contract is signed between you and the seller and agreement on all the items mentioned in the contract. The contract is registered in the real estate registry, your new ownership deed is extracted and the keys to the property are received, If the agreement is to pay the property price in installments, the title deed will not be delivered to you until after the last installment is paid.
There are many advantages that you get once you buy a property in Turkey in cash or in installments, such as obtaining real estate residency and then obtaining Turkish citizenship, taking into account the new laws, such as having the property price not less than 400 dollars if you want to obtain Turkish citizenship, with the condition not to dispose of and invest in this property for a period of three years as a minimum, and here you must know what is the appropriate property whose material value will be sacrificed for this period of time.
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