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Knowledge Bank » Property » Buying & Selling


Buying a Property PDF Print E-mail
Tuesday, 24 March 2009
3.0/5 (36 votes)

Kalkan villasWhether you are thinking of buying or renting, you will find many web sites telling you about property in Kalkan.  We won't recommend any websites in particular.  Just Google them - you can't miss them. 

In fact there are so many websites that KTLN is deliberately 'light touch' on this topic.  We give below some simple, common sense suggestions.

Research, research, research
Estate agents abound and virtually everyone you meet, if you talk to them for long enough, will tell you about their friend or relative who has a property to sell. 

Our advice is simple.  Do plenty of research and seek professional advice.  Don't just go to one agent; try several and compare them.  Also, talk to others who have been there and got a property.  We cannot emphasise this point enough.

Sadly, there are a small number of dishonest people looking to fleece the unwary.  So please make sure you don't become a victim.  Do your research.

Guide book
There is an excellent Cadogan Guide book on this subject called 'The Sunday Times Buying a Property - Turkey'.  The authors are John Howell and Tim Locke.  (ISBN 1-86011-199-8)

Advice from the British Embassy
Here is a link to the British Embassy in Turkey web site, which provides good advice: FCO advice on buying property in Turkey

Don't jump in
This may be stating the obvious but don't commit to anything until you have been to Kalkan to see the property (or plot) yourself.  It may sound romantic and spontaneous to jump in quick, but it's not advisable - even if you are told that the price is going up next week!

Consider a long term rental first, so that you have time to do your research and experience what it is like living in Kalkan.  Take your time.

Verbal assurances are nice - proof is better
Don't rely on verbal assurances.  Always check things out for yourself.  For example, if the seller tells you that your fantastic view of the bay can never be interrupted, make your own enquiries to verify this.

Sorry to state the obvious, (again), but everything you are told may not in fact be true.  Don't take things at face value - get proof.

Consider pre-owned homes as well as new build
Whilst it's a great feeling to own from new you may find pre-owned properties have gone through the snagging stage and all the wrinkles have been ironed out.  There are plenty on the market.

Buying off plan carries additional risks
This is because invariably you have to pay some of your money up front with nothing to see for it.  You may have a contract, but that's not much use if your builder goes bust.  Make sure you are dealing with a reputable builder and be absolutely clear about stage payments. 

When are they due and how exactly will your money be used.  You can safeguard your position a little by getting your name on the tapu for the land as soon as you are committed to buy.  Get things properly documented, preferably with the benefit of legal advice. 

Registering ownership
Consider in whose name the property should be registered so as to minimise inheritence tax.  Also bear in mind that if you intend to rent your property, having the tapu (title deeds) in joint names will double thetax allowance you get on rental income (in 2012 it was 3,000TL per person, per annum).

Older properties
If you are considering buying an older Ottoman style property you should take additional care.  A survey is essential.  Restoration can be expensive and subject to strict oversight by the authorities.

Out of town property
If you are considering buying out of Kalkan town you need to be sure that you are allowed to buy. 

Foreigners have very limited property ownership rights in rural areas.  You may be told that you can do so if you set up a limited company, however you must get independent legal advise on this.  The Turkish authorities are cracking down on this loophole.

Communal facilities
If the property has shared facilities make sure you know how things are managed and who pays for what.  Is there anything in writing?  It may not seem important when you are buying, but what happens if disputes arise some time down the line?

Making a killing
Looking to make a quick killing by buying and then selling for a profit a year or two down the line?  Think again.  It will not happen.  This was the case before the global economic crisis, and is even more certain now. 

History tells us that property tends to be a good investment over the long term, and there are sound reasons for believing that this part of the world is a good location to invest.  However, short term profits in the current property market are a remote possibility.

If you buy and sell a property capital gains tax (CGT) can be incurred.  If you bought before 2007 and you sell withing 4 years, CGT is normally payable on any gain in value.  If you bought from 1st January 2007 onwards, the period is 5 years.  Tax is calculated as a percentage of the profit you make.

Is it better to buy or rent long term?  Here are some things to consider.

Buying
  • Smile It's mine - I own a bit of paradise. 
  • Smile I can change things so that I have it exactly as I want it.
  • Smile Property is a good long term investment. 
  • Smile I can rent it out and supplement my income.
  • Smile When I die the property can be passed on to my children/family.
  • Frown I have to pay for maintenence and repairs.
  • Frown My bank balance is severley dented and I am forgoing interest.
  • Frown If I want to leave Kalkan it may take some time to find a buyer.
Renting
  • Smile It's not mine but I can treat it as my own bit of paradise.
  • Undecided I can't make any big changes so I need to be sure I like it as it is.
  • Smile I don't have to pay for maintenence and repairs (unless the rental agreement says otherwise).
  • Smile My money is still in the bank earning interest, or otherwise invested to supplement my income.
  • Smile If I want to spend my children's inheritance I can.  It's not tied up in property.
  • Smile If I want to leave Kalkan I can terminate the rental and just go.

 

Take a look at our property news report from July 2012KTLN property news article

Last Updated on Monday, 23 September 2013