The Most Important Things to Consider When Buying a Property on the Map in Turkey
Buying a property on the map may save the buyer some money compared to buying a ready property, but it contains a number of caveats and problems that we present in this article
The Most Important Things to Consider When Buying a Property on the Map in Turkey
A number of those wishing to own new properties are seeking to buy a property on the map in order to get the best possible price from the construction company.
Many Arab and foreign investors also turn to own a property in Turkey for many purposes, most notably lower prices compared to European countries. The secure environment in this country, as well as the developed infrastructure and the rapid growth, witnessed by Turkey, not to mention the laws and incentives and encouragement issued by the Turkish government from time to time. In particular, the amendment of the law related to the granting of Turkish nationality to anyone who owns a house or property worth $ 250 thousand, which encouraged many owners of capital and investors, and even the citizens of some neighboring countries, to choose Turkey for stability and investment.
Certainly, not all people looking to buy an apartment in Turkey are aware of the developments in the real estate market in terms of prices, advantages, and risks, because of lack of knowledge of some of the necessary things. Therefore, it is important to get help from a reliable consultant that gives a complete picture of the real estate market that in turn protects the investor before and after the purchase of the property, for fear of falling into any fraud.
Buying a property on the map is an investment option that deserves careful consideration
Many investors are looking for a home in Turkey by buying property in projects under construction or buying a property on the map. This type of sale is described as cheaper than buying ready-made properties but requires the construction company to wait until construction is completed.
Buying on the map is often done by buying a virtual property in a property that has not yet been built. In this case, the buyer will be satisfied with the description and information obtained from the seller, but it is highly probable that the buyer will be surprised by the appearance of defects in his property upon receipt Contrary to what was agreed upon with the construction company.
What are the pros and cons of buying a property on the map / under construction?
Buying a property on the map has some pros, as well as some important caveats.
- Buying a property on the map may allow you to divide the house as you want and suit you, where your wishes are being considered as long as your property is under construction.
- Since the property has not yet been built, the buyer has the option to specify the specifications of his apartment and choose the type and quality of the finishes.
- Apartments’ prices on the map are usually lower than the prices of apartments and ready properties, giving the buyer better options in terms of space, at a lower price.
- Perhaps one of the main drawbacks of buying a property on the map; waiting for a long time until the construction is completed.
- There may be some negative surprises in building and finishing after work, other than what was previously agreed with the real estate construction company contrary to the real estate and ready projects.
- Paying installments before the completion of construction, and before receiving the property, means freezing the capital for a period that may sometimes be long.
What are the most important pitfalls that an investor may face when buying a property on a map?
The aspiring buyers to buy an under construction apartment should pay attention to some important details, which may surprise them when they receive the property, such as facing defects and malfunctions in the interior of the house, or things that contradict what was agreed upon in the contract of sale, Errors of some construction companies.
Therefore, the investor, or who buys an apartment on the building plan, must not pay the property’s installments at once before finishing the construction process, as the remaining amount shall be a guarantee in the hands of the buyer, in which case the construction company shall preserve his right in the case of default.
The most important thing to consider when buying an apartment in Turkey on the map
It is essential for the buyer to buy a new property in Turkey to take into consideration some of the essential matters, and to follow tips that will secure a sound and satisfactory purchase, especially when buying an apartment on the map, and the most important:
- The buyer should pay attention to the terms of the sales contract and include all details agreed upon, particularly the quality of the finishes.
- Beware of paying the full price of the property before the end of the construction process and receiving the property. Thus, it is recommended to pay for it in installments with the development stages of construction work...
- You should buy from trusted and accredited entities or companies with government guarantees.
- The buyer must request all details of the property, in terms of location and proximity to public transport, schools or universities, hospitals, and markets.
- Make sure that you have chosen the right place before writing the purchase contract. It is advisable to visit the real estate site and take some details on the ground from some of the residents in that place.
- The purchase contract must contain a detailed description of the property, in terms of:
- The brute area and the net area of the property.
- The total number of rooms and their internal and external amenities, the subdivision of the property.
- The accurate location of the apartment in the building, or in the area if it is an independent property.
- Specifying the price of the agreed property, and the method of payment.
- The document of agreement with the real estate developer must specify the date of signing the final contract and the expected delivery date.
- The contract shall include an attachment describing the utilities and the quality of the materials used in the construction.
- It is advisable before buying a property on the map to consult an architect about the specifications of the property that was agreed upon.
- It is better to document what was agreed upon in the contract with the seller at the Notary.
- In addition to the detailed description of the property and the building plan, the property developer should also provide the buyer with the common property regulations if the property is an apartment. These regulations indicate whether professional activities are possible in the building and what the nature of such works is if they are on the ground floor.
- It is advisable to include a penalty clause for each day of delay if the construction company delays delivery of the property, a clause that the real estate developer may sometimes object to, but this item is a legal document that should guarantee the buyer’s right upon delay.
- The final sale contract determines the payment stages as construction progresses.
- Do not hesitate to go to the construction site to see the progress of work.
The most important thing to pay attention to when receiving a property bought on the map
- Upon completion of the construction process, receipt of the property, check it very carefully, if you find any defect at this stage, or any defect that violates the terms of the contract agreement; then demand to modify the defect immediately before receiving.
- If a shortage of property is noticed, or things that do not match the contract are observed, the buyer is entitled to refuse to receive his property and to demand that the defect be modified or that the shortfall be completed.
A final recommendation from Imtilak Real Estate
There is no doubt that buying the property on the map means a good difference in price in favor of the buyer. However, waiting until the building is ready, with freezing the capital for a long period, and the risk of receiving the property within the agreed specifications, makes the purchase on the map an option that needs to be reconsidered so that the buyer will be shocked when receiving his property.
Therefore, we believe in Imtilak Real Estate that buying a ready property for investment or housing is more secure and guaranteed, as it is better not to freeze the capital for a long time, in addition to the possibility of previewing all details of the bought property, to avoid the above-mentioned caveats.
Through its projects across all Turkish territory, Imtilak Real Estate aims to provide the best real estate options in the most important real estate projects, providing all the services and quality, and giving free real estate tours for those wishing to own properties in Turkey.
Edited by: Imtilak Real Estate©
Source: French newspaper Le Figaro
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