Should You Buy an Unfinished Property or a Property Exists on a Map in Turkey?
A number of those wishing to own new properties are seeking to buy a property on the map to get the best possible price from the construction company.
Foreign investors choose Turkey for many reasons, mostly to live more luxuriously for less cost, reaching a global audience through business, or simply enjoy nature and history at their permanent house. The secure environment in this country, as well as the developed infrastructure and the rapid growth, has attracted investors from MENA and Europe constantly. Not to mention the laws and incentives and encouragement issued by the Turkish government from time to time. The citizenship amendment that came to affect in 2018, which allowed for citizenship gain at the cost of $250.000 USD investment has opened the door for many who wish to live freely under stability and investment.
Buying a house has never been an easier process, let alone buying a property that is unfinished, or has not started its construction. It is essentially an investment, even if you have never been interested in investing. You are trusting a third party to complete their part of the agreement and give you the finished design they have promised.
Universal21 Managing Partner Philip Skorochod said that these people read the pledge agreement, pay the amounts they have paid, and pay the full title deed.
Philip Skorochod, Managing Partner of Universal21, who recommends detailed reviews of building construction contracts for those who would like to buy an apartment in construction, absolutely surely shares the plot: "The controversy arising from the contract of the floor contract directly affects the buyer and causes a lot of the victims. If you have taken all of the amount, for example, 300.000 TL, write the amount you have paid in the title deed, otherwise the court case will be able to judge this amount if the sale price is 100.000 TL if you go to the court"
Announcement periods are the best time to buy an apartment!
Philips Skorochod, managing partner of Universal21, advised investors to watch the early hours of the project, especially when they were selling, and stated that the sales strategy in residential projects is to increase the price when a specific time slot or a certain number of sales is caught during construction. Philip Skorochod also said that a person who buys a residence at the time of launching a project will provide a minimum premium of 50-60% when the project is completed. Of course, if you are going to buy a house from the ground it is important to get it from companies that have proven it with guaranteed projects and housing that they have delivered themselves.
Why Should You Buy an Unfinished House?
You could have the final say on how the property will look like once it is done. When you buy a finished house, it can be hard and costly to make final adjustments for it to become your dream house. When it is still under construction, you can play around the map design, and add your personal touch on the kitchen, making it connected with the living room, give yourself a bigger bathroom, or bedroom.
Unfinished properties are largely going on sale for less price than their finished project counterparts, you could create your dream house for less, and invest the remaining money on your future, or improve the property further.
Why You Should Not Invest in a Non-Existent Property?
If you have no time to wait, investing in a property on a map may not be for you. Although construction is always a trusted business, where the projects are delivered as planned, the promised date may be years into the future.
While your property, especially the residential units, may look as you dreamed of, the finished outline of the building may not suit your preferences. This is important on residential projects, where the contractor has to cater to other homeowners in the community. Your dream property may not be located in a not so lovely setting as you planned.
What to Look for When Buying a Property on a map in Turkey?
You should always consult with experts, from technicians, to architects for specifications of your property, and make sure that the constructor is not making a mistake. Be sure that these experts are a third party, and trustworthy.
Check the location of your property beforehand. Even if the project is advertised at a popular location, it may be for all the wrong reasons. If you are looking for a quiet place in Istanbul, for example, be sure that it is surrounded by nature, rather than the entertainment districts of Kadıköy or Beyoğlu, where the streets are alive for 24/7.
You should prefer to pay in installments for the maximum security of your investment. This step makes sure that the contractor will give you a scheduled update on the project, rather than taking their time during the building stages, then rushing at the last minute. Installments may be the right option for the stability of your property in the long run.
Even when the construction is complete, do a check-up with experts before you make the final payment and sign the title deed and various other contracts. It is good that your project was delivered on time as promised, but that does not immediately remove any faults at the design and construction phase.