To buy or resale, which method is more beneficial and fruitful in making a successful investment in Turkey?
What I should do with my property to make a suitable investment is the most frequent question we receive as real estate experts due to the several elements that might change the rule of the game, But how?
Here we are telling you about the perfect time to resale your property? Annual, monthly, or tourist renting? How to manage the property in Turkey and many more crucial details will be fully explained in this article.
1- what is the perfect time to resale for the property?
As a foreign investor in Turkey, you might face several difficulties and obstacles to resale your property; These difficulties are represented in knowing the appropriate timing based on the type of property owned, for example:
1- The under-construction property:
It's known that the value of the price per square meter within the projects that are under construction is less valuable compared to the ready-construction projects, that why we consider the under-construction project as an investment, Because when construction companies begin to launch for sale within a newly constructed project, they offer one meter at the cost price, and then gradually raise the value of the meter price by 3-5% every three months, and thus the investor makes a purchase at a low cost with a significant and successful investment opportunity Within the time factor
But the central question here is, can you make a resale for your under-construction property and still make a profit?
The answer is absolutely NO because the investor sells the property still under construction; he will have sold it at cost. Thus the investment will be without any interest with a high probability of losing part of the purchase value as a result due to change the high price and value of foreign currencies, or perhaps because of the expenses of transferring ownership contracts from one investor to another, these transactions can be complex and require a long time, lawyers' expenses and transfer taxes to the Turkish government.
Thus, we advise you, as experts, not to risk and sell the under-construction property. Instead, if you insist on selling a property under construction, we recommend you wait until the project is completed at least by 85%. Thus, the investor will have achieved a good percentage of profits due to the high purchasing value of the construction company.
2- The ready to move property:
Yeah, for sure you can make the resale with closed eyes and make a profit with high interest simultaneously, but what we're recommending you here to do is to check several crucial elements that would make all the changes of the selling values of your property:
- Make a comparison about similar projects surrounding your property to determine the sale value that guarantees you a profit and a difference in the primary purchase value at the same time.
- if you are selling the property through several specialized websites that serve in selling and renting, make sure to don't publish the same property on different websites, with other selling value, in order to don't lose your credibility. It opens the door to more bargaining in the selling price, which will lead to a decrease in the selling value.
- Please do not hire a broker to finalize the sale; we advise you to hire the trusted real estate agent you had dealt with since the beginning when you purchased to avoid any scamming or stealing bummers.
2- Is real estate renting considered a successful investment process? How should you do it?
The answer is yes, renting your property is a very successful deal; however, Let's ask the question more smartly, is any property suitable for rental and achieves a high income?
- The answer here is a big NO actually; you should draw your destination and target before purchasing the property in the first place because simply the property that has robust rental fundamentals must have general features, such as:
The location: the central location properties have a higher chance of being fully rented around the year than the suburbs ones or the properties located near the universities and financial center, which require high demand for housing, whether for students or employees.
- The Interspace of the property: the apartments with small spaces are the most suitable for renting because they have a more significant opportunity to rent in terms of demand, especially in major cities, which follow a practical lifestyle, while large spaces are less desirable and demanded.
- We advise you to step away from annual rental contracts, which generally reduce the rent value. Instead, we recommend you to rent a daily (tourist) or a monthly rental at the most, which achieves an excellent high income that may reach 9% of the property value annually.
Regarding the property management aspect, we advise you to hire the trusted real estate agent you have dealt with since the beginning when you purchased to avoid any scamming or stealing bummers. Don't deal with any local or foreign broker without having a trust-based relationship.
Eventually, we'll strongly recommend you ask for help from experts. So give us a call and ask about any misunderstanding you might have about the RESALE or RENT issue; our team will be ready and fully equipped to answer all your questions and ride the question marks off. Also, they will gladly give you intelligent options to buy, which is suitable for RESALE or RENT; provide them with a call and own what you deserve.