Renting Out Your House in Turkey - Understanding Terms and Conditions
Renting Out Your House in Turkey? Understanding Terms and Conditions
If you bought a property from Turkey’s ever-rising real estate industry, you will surely have amazing investment returns. However, there are some things you need to know beforehand, especially about rental regulations to enjoy these lucrative investment returns. Renting your property in a foreign country can be a complicated business but in Turkey, this process is highly streamlined thanks to its revolutionized property laws.
Rental Laws When Renting Out Your Property in Turkey
Rental laws have varying applications regarding the duration of contracts, one is long-term, and the other one is short-term contracts.
Long-term renting is the way to go if you don’t want to deal with occurring difficulties such as finding a good tenant, paperwork, or wait for the tenant to pay the rent every month. It is recommended to have a solicitor between you and the tenant to have a fair contract. The contract should be notarized and the responsibilities of both parties should be written on it. In addition to that, the tenant does not have to leave the property on the expiration of the long-term contract if he or she has paid the rent without any failure.
Short-term rentals are generally more profitable than long-term rentals but you need to validate the names of everyone staying in your property even for short rentals to prevent terrorism. You can do this by visiting a local police or gendarme station, failure to report the names for background checks may result in daily fines exceeding 700 liras.
Renting out your property in Turkey means you need to pay taxes in time and you need to keep them in the track. The income you made from long-term or short-term rental deals should be submitted to the tax office. You can manage to handle everything online with the new system and you can also deduct utilities from tax payments.
Other Aspects of Renting Out Property in Turkey
There are two other crucial aspects of renting out your property in Turkey. Firstly, you need to use the internet effectively to reach as many tenants as possible to market your property. Turkish real estate market is huge and you need to send advertisements to local community groups, to your friends, and many more. Secondly, you need to evaluate the rental market carefully and pick a price just a bit below the top price since Turkish people love to bargain.