Many people make several mistakes when they aspire to buy properties, and this can be attributed to several reasons, most notably their lack of knowledge about the Turkish real estate market, especially for those who are coming to Turkey for the first time with the intention of ownership, whether for residential or investment purposes.
Experts at First Istanbul believe that there are seven fundamental mistakes that potential buyers of apartments in Turkey make, which are represented in the following points:
Underestimating the importance of dealing with a certified real estate agency: Many people make the mistake of not seeking assistance from a reputable real estate agency. These agencies have the expertise to inform buyers about the positive and negative aspects of the Turkish real estate market. By neglecting their services, buyers may fall victim to misconceptions and make individual purchases without the guidance and benefits provided by specialized real estate companies. These benefits include translation services, consultation, advice, and significant discounts on cash or installment purchases due to the agencies’ frequent interactions with construction companies.
Insufficient research on various aspects of buying properties in Turkey:
Before purchasing a property, thorough research is crucial. It is important to understand the market reality and the available opportunities that can provide better options and results. Gathering comprehensive information and details about the real estate world in Turkey is essential before making a final decision.
Buying a property in Istanbul through strangers:
It is advised not to rely on strangers, especially if it is your first time buying a property in Turkey. During your initial visit, you may build relationships with new people, such as those you meet at the hotel, friends, or through daily interactions with merchants and service providers. It is recommended not to disclose your intention to purchase a property to anyone or seek the assistance of strangers in finding your future apartment. This is due to trust considerations. If you are interested in a specific area or project, it is better to approach the purchase professionally by contacting a reputable real estate agency and consulting real estate specialists.
Neglecting to take a property tour:
Conducting a property tour to examine every corner of the apartment you intend to buy in Istanbul is of utmost importance. Never underestimate the significance of this step. Although videos and advertisements provide detailed visual representations, an actual visit to the property and exploring it in person is crucial to understand all the details, including the quality of construction, finishes, room distribution, and other aspects.
Failure to determine your objectives for buying the property:
Before owning a property, it is essential to ask yourself important questions regarding your goals. Determine whether you prefer a residential, commercial, or investment property. Consider whether you aim to achieve short-term or long-term profitability and the duration you expect to recoup your investment. Clearly defining the objectives of buying properties in Turkey, whether for rental purposes or resale in case of investment, is extremely necessary to establish the purchasing conditions.
Relying solely on online property listings in Turkey:
While the internet is a great research tool that provides access to multiple options, it does not always present the best choices. For example, searching for an apartment for sale in Istanbul online will mainly depend on the keywords you use, rather than aligning with your specific goals behind buying a property in Turkey. Randomly browsing through numerous options online can lead to confusion and unsatisfactory results. On the other hand, dealing with a real estate agent can significantly facilitate this process.
Underestimating the risks of buying property online without a mediator:
Many individuals underestimate or downplay the risks associated with purchasing property online without the assistance of a real estate mediator. During the COVID-19 pandemic, online property purchases in Istanbul have become increasingly popular in the Turkish market. Many real estate companies have provided additional services to facilitate these transactions, such as remote issuance of title deeds. However, this has also opened the door for some individuals to engage in illegitimate practices and fraudulent sales.