Purchasing your first property is an exciting milestone, but it’s essential to approach it with careful planning and consideration. Whether you’re drawn to attractive prices, prime locations, or modern amenities, there are several factors to evaluate before making an offer. Here’s a guide to help you navigate this important decision.
1. Price Consistency
When a property catches your eye, it’s essential to ensure its price aligns with the market. Compare it to similar homes in the same area with equivalent features. This allows you to assess whether the asking price is fair. You can browse real estate listings or consult agencies to compare historical prices per square meter in the neighborhood. Proper research ensures you’re not overpaying for your desired property.
2. The Property’s Surroundings
The property’s location is just as important as the property itself. Consider the following:
- Neighborhood Reputation: Some neighborhoods may be up-and-coming with potential for future growth, while others have more stable property values. Research the area’s prospects by checking local news for information on new developments, future infrastructure plans, or notable issues.
- Proximity to Amenities: Check the availability of essential services like schools, public transportation, shops, and parking. If you’re planning for the future, such as starting a family, ensure the area meets your long-term needs.
- Potential Nuisances: Research the area for potential disturbances, such as factories, clubs, or busy roads. Google Maps can help you identify nearby infrastructure that may impact the property’s value or your comfort.
- Demographics: Consider who lives in the neighborhood—elderly residents, students, or families? Speak to local residents to understand what kind of community you’ll be joining.
3. Property Inspections and Reports
Before purchasing a property, you must review key reports provided by the seller. The most important is the Energy Performance Certificate (DPE), which evaluates the home’s energy efficiency. The DPE measures energy consumption and greenhouse gas emissions, rating properties from A (most efficient) to G (least efficient). A low DPE score may help you negotiate with the seller to reflect the cost of potential upgrades.
4. Check for Easements
Easements can affect how you use the property. Examples include shared driveways, neighboring buildings encroaching on your land, or shared utilities. These legal agreements can impact your property rights, so it’s important to clarify any existing easements with the seller or agent before committing. Additionally, ensure there are no unresolved disputes with neighboring properties.
5. Total Acquisition Cost
The purchase price of the property is just the beginning. As a buyer, you should factor in additional costs:
- Property price
- Notary fees (7-8% for older properties, 3-4% for new builds)
- Renovation or repair costs if needed
- Condominium fees (if applicable)
- Agent fees, if you hired a real estate agent
Once you have a clear estimate, consult with your bank to secure financing. Make sure the total cost is manageable in the long term before proceeding with an offer.
Final Thoughts
Being thorough and well-prepared can prevent costly mistakes when purchasing your first home in Turkey. Research the market, review reports, and account for all potential expenses to make an informed and financially sound decision.
Looking to invest in a property in Turkey? Aegean Locations is here to guide you through the process. Our team of professionals ensures you find the perfect property to meet your investment and lifestyle goals. Explore our listings today and start your property journey with confidence!