Ultimate Guide To: Buying Property In Altinkum
Buying Property In Altinkum – Ultimate Guide
When looking to buy a property in Altinkum Turkey it is very important to do your research. Most people will begin that search online. A quick Google search for property in Altinkum will pull up about 348,000 results. With so many results to look at it can be hard to know where to start, so we decided to put together an Ultimate Guide to buying property in Altinkum /Didim to give you head start and all the information you need when beginning your property search.
Choosing A Property Agent
Why is it a good decision to use a property agent? These days most clients are savvy at searching for properties via the internet but who does the due diligence on the developer, it should not be just about a pretty list of properties. When choosing an agent do not accept anything less than a trust worthy, independent, experienced agent that strives for excellence and has your best interest at heart.
A good place to research is property forums and social media, there are lots of these around now and if an agent has done anything negative, you will probably find it on the internet somewhere, likewise if they have done good work you should be able to find it.
Testimonials are another thing you should look for. However, don’t take too much notice of Testimonials written on agents’ websites, these could be written by anybody, including the agent themselves. Even if they are genuine testimonials, the agent will not add negative testimonials on their own site so you are going to see a really bias view. If you want to see truthful reviews look for independent review websites where the agent cannot delete or change the client testimonial and cannot add the reviews themselves. One such website is the FreeIndex.
Questions to consider asking the Agent
1. Have you visited the property in Turkey yourself?
2. Do you have staff on the ground in Turkey?
3. Can I speak with your previous clients?
4. Can you recommend an independent solicitor?
5. What after sales services does your company offer?
6. Does your company offer viewing trips? How do these work?
7. What are the annual maintenance fees? What does this cover?
8. How do I go about furnishing the property once I have bought it?
9. How long is the building guarantee?
10. What payment plans are available on the property?
TIP: Do not pay a ‘finder’s fee’ – There are some companies who charge an ‘agents fee’ or ‘finders fee’ for helping you find the property of your dreams. With all the results you see when you start your initial search online, you could be forgiven for thinking that an agent asking for a finder’s fee is a worthwhile investment. However tread carefully. The vast majority of the time, these agents will have access to the exact same properties which other agents have, yet do not charge a fee. Do your research; look to see what properties/developments are available which suit your criteria and you can avoid the need for paying additional fees to agents.
Location… Location… Location
Buying a property in Altinkum/Didim Turkey or anywhere for that matter is a big decision and one that is not just about the property, but also the location and everything that comes with it. It is okay finding your dream property, but if you have not been to actually visit the area you are buying then you may end up being unhappy with where the property is located, which can turn your ‘dream property’ into a decision you grow to regret. Viewing trips are also a great way to actually view the property itself, including anything, which can be easily missed out when people are posting photos and information trying to sell the property.
Liz Rowlinson, Editor of A Place In The Sun, explains the importance of viewing trips perfectly.
“Viewing trips, whether organised through an agent or independently, are an essential part of finding a property abroad, as demonstrated in our TV series. Not only do you need to see the area in which you are buying, and investigate all the transport links, amenities, beaches etc, you need to assess the development or situation of a property, as well as the quality of the home itself. Viewing pictures on an internet site can’t provide all the accurate information that you need to have to make such a big decision, and we all know that photos can be misleading, and omit to include any unfavourable aspects of a property or its situation. Take your time and use viewing trips to obtain as much information as you can so you can make an informed decision about buying.”
Use An Independent Lawyer
This point cannot be stressed enough. Make sure that you have an independent solicitor look into any property which you are seriously considering investing in. This is the single most important decision you will make when buying any property in Altinkum/Didim Turkey. Using an independent solicitor can save you from losing all of your investment in certain cases.
The Association of International Property Professionals (AIPP) stress this point on their website saying
“No matter what anybody tells you, no matter how easy it all seems and no matter how lovely the agent seems, ALWAYS use an independent lawyer to represent you throughout the purchase of your property overseas… You will need to pay the lawyer a fee – accept that as part of your purchase costs. This is not an area in which to keep costs down.”
Just like when searching for a property or a property agent, word of mouth is always the best recommendation, but if you aren’t lucky enough to have been recommended someone, then forums, social media and internet searches can be very useful. If you want help finding an independent solicitor then consider speaking to the AIPP.
TIP: Do Not Accept Any Free Legal Services! NEVER compromise on independent legal advice. If you were buying a property in your own country and the sellers said don’t worry I will sort the legal papers out for you, would you take their offer? I doubt it! Buying in a foreign country is even more risky. It is well worth spending a few hundred pounds on a good independent lawyer.
Using a Currency Exchange Company
Okay, so you have done your research and you now know which overseas property agent you want working for you, you picked out a property or properties of interest and you have found yourself an independent solicitor who will assist with your property purchase. To help your money go further when buying a property in Altinkum/Didim Turkey, you may wish to look at using a currency company, as many developers will sell their properties in different currencies. The most common are Turkish Lira, Great British Pounds, Euros and US Dollars.
William Holiday from London based Currency Company, Cornhill FX says
“We offer better rates of exchange than a bank by typically up to 3-4%. That equals an additional £30-£40 on a transfer as low as £1,000 and as much as £3000-£4000 on larger trades of £100,000.”
Although it is not always guaranteed, using a currency company can in many instances help you get more for your money, so it is something worth looking into. Again, it is also important to know that you are working with a company that deliver on their promises and provide a great service at all times, so take the time to research several companies.
TIP: Check which currencies the seller is happy to accept and ask them for a price in each currency. Take these prices to the currency companies which you have researched and find out which currency will work out cheaper for you to buy in. This is a great tactic when paying all monies in one, though be warned, if you are paying for the property in instalments over time, exchange rates can fluctuate so the property could end up costing you more. Seek advice from the professionals but ultimately the choice is yours.
The Buying Process
This is the step by step buying process when purchasing a property in Altinkum/Didim Turkey. We have tried to keep things simple, but please if you have any questions then just leave a comment and we will do our best to get back to you.
Property can be purchased in many ways but our recommendation for the safest and easiest way is to employ a Lawyer granting them P.O.A.
Power of attorney this is common in Turkey but optional, due to distance, time, money and language many client opt to give P.O.A to their Lawyer allowing him to act on their behalf regarding the purchase of their property and behind the scene your Lawyer will be doing all the necessary checks and obtaining all legal documents on your behalf the process can take anywhere from approx. 4-8 weeks. The P.O.A can be done while you are here in Turkey, you should inform your agent and they can organise the appropriate procedure.
New, Resale, Under-Construction and Off-Plan the process is very similar;
This is a deposit usually non-refundable to take the property off the market the amount varies from a fixed amount to a percentage but your experienced agent should have explained all about the payments while researching the right property for you. Once this has been paid (usually taken from your bank card) which you will have receipt for this transaction and will also be written in the contract. Copies of the buyer(s) passport will also be taken.
In turkey you will be required to have a tax number to enable you to pay any taxes that you may owe eg. the property tax. Your Agent/developer/Lawyer should assist you to the local tax office to obtain a tax number.
Property Pre-Sale Agreement Contract
The contract should include all the property and payment details (also holding deposit payment) as discussed with your agent/developer/lawyer, it should also be filled out with the details of the buyer(s). If buying jointly with a partner/friend both sets of details need to go on this form, same for any other additional buyers. It is drafted in Turkish and another language by law (normally English) however; it is the Turkish that takes precedence in any legal issues. Once filled in and in front of your Lawyer you will read and check the document and at this stage it is your opportunity to ask questions if you are unsure of anything that is in the contract, if all is correct then the contract will be printed and signature on every page of all parties.
Payment On Contract
It is the Buyers responsibility to pay transaction fees of banks, please check with your bank of any charges they may take for international transfer and allow for this when transferring the funds, it may take a few days for the funds to reach the Developer/Lawyer. Once you have transferred the monies email the Developer/Lawyer notifying them to expect the money. This way they can check their bank account and email you to confirm monies received.
In Turkey earthquake insurance is compulsory (DASK) You can request assistance from an insurance company or through your Developer/Lawyer.
Recap; The Lawyer has P.O.A and all legal required documents, all monies have been paid (including the property tax money), Earthquake insurance is in place then your Lawyer will make the necessary arrangements for the transfer of the Tapu (Title Deeds) and organise the relevant people whom need to be there to sign.
Water, Electric will also be transferred to the new owner’s name.
Furnishing your new property your Agent/Developer can assist with recommendations or possibly take you shopping note many resale properties may already be furnished. Once your property has been furnished you may wish to insure the contents again Agent/Developer can assist you.
Now you have your furnished property with Tapu, Insurance, Water and Electric in your own name you may wish to have a bank account to setup payments for your utility bills Agent/Developer can assist you to open a bank account.
As you can see from reading all of the above, there is an awful lot to consider when buying a property in Turkey, but if you take your time and thoroughly research so you work with the right people at each stage of your property purchase, it can be a very exciting and enjoyable journey… and remember always use an independent solicitor.
The Ultimate Guide To Buying Property In Altinkum has been put together by the team at Rivermead Global. We hope that you can take away from this the importance of doing your research and maybe gained a little bit more knowledge of the buying process itself. If you have any questions then please leave a comment below or email email@example.com