Advantages and disadvantages of buying resale apartments in Istanbul
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Many buyers tend to buy resale apartments in Turkey instead of buying new apartments, whether these apartments are within separate buildings or within residential complexes, as it is the ideal solution for those looking for apartments for sale at cheap prices in Istanbul, as they can find various options in Istanbul at reasonable prices, and this is why the resale market of used apartments is popular with many investors, as it has a significant share in the total volume of apartment sales in Turkey, it is also one of the main options offered to investors looking for buy apartments for sale in Istanbul, especially if the investor is looking for an apartment in the central areas of Istanbul with a reasonable price for them, but unfortunately many of them are exposed to be fraud by some companies that sell them old apartments whose condition is dilapidated and bad, and the investor does not realize that until after the title deed is transferred to him.
Although there are general tips for investors before buying real estate in Turkey, there are special tips for them when buying resale properties, and the investor must know the most important basic features before purchasing process of the used apartment, especially if the purpose of buying the apartment is to obtain Turkish citizenship or real estate residence, and therefore in this article we will present everything related to resale apartments, the definition of resale property, the conditions that must be met in the resale property, and the standards that the investor should follow when buying used apartments.
Definition of resale apartments:
It is the apartments that were built some time ago and purchased by a citizen and legally registered in the government departments in his name, and he lived in it or left it without settling in. it are owned by individuals and not by a construction company, and it may be in a separate building or within a residential complex.
Advantages of buying resale apartments in Istanbul:
- Prices of resale apartments are affordable and cheaper than new apartments in the same area.
- Readiness of the apartment for immediate housing once the purchase process is completed.
- The possibility of buying two resale apartments at the price of one new apartment.
- The possibility to get the title deed “Tapu” directly once the purchase process is completed.
- The availability of various options to the investor to choose between offers at an appropriate price.
- Ease of renting it out to tourists if the apartment is near the tourist places.
- The price is negotiable or a big discount can be obtained by the owner in case he is forced to sell urgently.
Disadvantages of resale apartments in Istanbul:
1. Payment is exclusively in cash and there are no installments at all.
2. The buyer is forced to renovate the apartment from the inside and make a comprehensive maintenance of all the facilities of the house, which makes him spend money in addition to the basic apartment price.
3. If the building is old, the building is threatened with removal at any time.
4. The apartment needs maintenance periodically if it is in an old building.
Cautions that the investor should check before buying:
1- Age of the building:
The investor should ask about the age of the building, whether the building is separate or within a residential complex, if the apartment is located in the old center of Istanbul, such as Al- Fatih area, in which the age of construction exceeds forty years, while the age of construction in an area such as Beylikduzu may not exceed twenty years and here at Ramzi Real Estate Company, our consultants advise the clients should not buy an apartment that is more than 5 years old, whether the apartment is within a complex or a separate building, because the condition of the apartment will get old after five years, especially since the management of residential complexes does not give maintenance to the apartment for more than of two years.
2- Location of the apartment:
The investor must ensure that the apartment does not locate within the range of the banned 1200 neighborhoods where the state banned the purchase in, to be able to obtain a real estate residence or Turkish citizenship. as the state has closed nearly 1200 neighborhoods in Istanbul to foreign ownership for considerations related to maintaining the demographic distribution.
3- Verify the validity of the title deed:
The investor must verify the integrity of the title deed and that the apartment does not have any legal problems such as taxes or a mortgage, especially that any mortgage on the property has a negative impact on its value and makes it difficult to sell, and you will not be able to discover this matter until two months or more have passed, as it is not mentioned in the title deed, and therefore it is necessary to check with the Tapu Directorate about the apartment before buying, although the state recently stipulated that the owner of the apartment must be exist with the investor while verifying the integrity of the Tapu.
4- Checking the investor’s share in the sold apartment:
The investor must check the share of the apartment registered on the title deed, and make sure that it is written in the title deed “Tam Hisse”, which means the purchase of the whole apartment in its entirety and not a share of it.
5- Checking the building of the apartment:
The investor must check the building of the apartment at the municipal administration and be sure there are no demolition warnings on it.
6- Buying an apartment from a trusted person:
The problem of reselling lies in buying from trusted people, which is difficult to find except through the presence of a trusted real estate company from the investor, because the process of transferring money from the bank account of the investor to the owner of the apartment, and there are many victims investors has exposed to fraud by some owners as the investor transfers money and then the owner of the apartment disappears and the investor cannot buy as a result of being a victim of a scammer.
Buying from a construction company is much safer for the investor than buying resale apartments from individuals, therefore there is no guarantee of the integrity of these people except through helping of a trusted real estate company that is known in the real estate market.
At Ramzy Real Estate Company, we are glad to accompany you on the journey of buying property in Turkey and to provide you with a range of services to make the process smooth and easy , as we are always keen to present a variety of options for residential and investment properties in addition to helping you obtain Turkish citizenship for those looking for it.
Our services:
- Legal advice.
- Property Management.
- After-sales services.
- Legal services and obtaining Turkish citizenship.
- Buying and selling real estate in Turkey.
- For more details, you can contact us via the communication platforms or via the WhatsApp attached on the site.
Editing by Ramzy Real Estate Team ©
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