With off plan purchases you are sure to have an excellent return from your investment.
Buying off-plan is always the best opportunity to find property an attractive price and with immense potential.
Another great opportunity with off-plan purchases is the potential of rental incomes. The Buy to Let market, one of the great success stories of the last ten years, has produced a growing band of happy investors buoyed up by the delights of solid capital growth and respectable rental incomes.
Here, there are some other advantages and disadvantaages about buying off-plan properties in Turkey.
- Investment factor - If you purchase early in the construction phase or even before the construction has started the investment value of off-plan properties is very good. Initially the prices are set below market value to attract investments, which help the developer finance the construction. Furthermore it is possible in many promotions to re-sell the property before completion and make a decent profit.
- Early purchase - If you purchase at an early stage it is also possible to choose the best properties i.e. with the best views, penthouse, corner etc.
- The seller - When you buy a property under construction you will buy directly from the developer. Although you buy through an agent you only pay the price set buy the developer and you therefore don't have to finance any agent fees.
- Guarantee - New buildings include several years guarantee for main failures in the structure, roof, etc..
- Being new - You are the first to occupy the property and can therefore personalize it as you wish. You don't have to pay expensive changes to things the previous owner has installed.
- Availability - The offer of off-plan properties is at the moment very good with a lot of different options available in the South West of Turkey.
- Price - The prices for new promotions are set by professional developers that have a much greater knowledge of the market value (compared to private sellers) and you will therefore not find major variations in prices for off-plan properties of same standard. The difference in price is reflected by other factors such as the standard/quality of the development, the location, views. etc..
- You cannot see the real property - When you buy off plan you will not be able to see the finished product (the property) until the completion of the construction.
- The waiting time - To be able to get a good and cheap property under construction you will have to buy early, which of course means that you will have to wait a long time before your property is delivered. (normally about 6 months to 3 years after the initial planning has started).
- The possibility of the surrounding area changing - The area of the development can change - although you inspect the plot where the construction is going to be build you newer know how the area is going to change during and after the constructions (your lawyer should look at the local town plan for the area although new licenses can still be given after you decide to purchase).
- Late purchase - If you buy a property under construction in the final phase the investment value will be significant lower than an early purchase and the best properties will have been sold.
- Delays - A small percentage of all new constructions in Turkey are delayed either because of bad planning or because of some problems with getting the final licenses. The best way to make sure this doesn’t happen is to buy from respected promoters and to make sure there is a penalty in the contract in case of delays.
- Bankruptcy - The point many buyers fear is that the constructer goes bankrupt or that the qualities of the property are not according to the information given before the purchase. Again the best way to ensure the above doesn’t occur is only to buy from promoters / constructors that already have a good reputation and you should also make sure that a bank guarantee and insurance are in order. You should also assure that all the rest of the papers are in order such as building licenses etc. as these are the most frequent reasons why a construction is not completed.
Next Home Turkey offers all the help and assistance you need to make the experience of locating and purchasing a property in the South West of Turkey. We have knowledge and experience of how to find you the right off-plan property you can feel better about.