1) Running out of money!
A large number of buyers sign a purchasing contract without knowing the extra costs involved in the purchase they’re planning to make. Legal fees, title deed costs, agent commissions, annual maintenance costs and furnishing - there are several costs to consider beyond the asking price of the property. Setting a total budget and researching these costs can make sure everything goes as planned.
2) Buying the wrong house!
Making the decision to buy a holiday home or retire abroad is extremely exciting and it can be incredible easy to rush into an inspection trip and go full pelt towards the properties currently on the market. It’s not unusual to see a property come onto the market a few years after a sale because the buyer found it didn't really fit their needs. Not only is this costly with the fees for selling and a new purchase, but you could also find yourself lumped with a bill for capital gains tax. Avoid the disappointment of buying the wrong property by considering your needs and desires before you start to look at resorts and properties for sale.
3) Inheriting debts!
In Turkey Council, tax & utility account debts remain on the property even when a new account is set up. Nothing is more frustrating when you want to create a new account or pay your first bill, than finding out that a property’s previous tenants or owner haven’t cleared their account. Working with an agent whose services include checking the property for debts and that all paperwork is in place to enable the set up of utility services takes away any worries you may have come the day you want to use your property.
4) Losing money by trying to save money!
As mentioned above there are additional costs in purchasing a property. One of them as at home is the Estate Agents commission. Like any other profession, the agent works for a fee. Many a buyer has before been approached by a barman / shop keeper / taxi driver with a sure way to purchase their perfect holiday home without having to ‘use that expensive estate agent’….. ‘My brother’s the builder’ / ‘My cousin is an agent who works commission-free’…The lines might change but the result is always the same. Buyer parts with the cash and the title deeds never materialise. As tempting as a cheaper route may seem the only way to securely buy a property is with an agent who makes thorough checks on the property and works to ensure everything about the purchase is legal. An agent may seem costly as you pay your 3% but the cost of parting with your life saving on a property you’ll never own goes on forever.
5) Buying a villa - living in a shed.
Leading on from point 4, signing a contract for an incorrect property or with a person not legally able to sell the property is unfortunately heard of. Working with someone other than a reputable agent can have a devastating effect. Always ensure you are making a contract on the correct property with the correct person before signing on the dotted line.
6) Expecting like for like!
Turkey is Turkey. We drive on the right, talk a foreign language, follow different laws and likely conduct business in an unfamiliar way. When buying a property it’s important to remember this and accept the procedures and laws of the land, a good agent will explain the rules and regulations to you and make sure everything goes through without a hitch.
Likewise, if your plan to live permanently in Turkey or take holidays throughout the year it’s important to understand what a resort is like during the winter months. A number of resorts are active for 12 months of a year but many become much quieter and occasionally a ghost town. Consider booking a viewing trip or short break out of season to get a true idea of life in the resort.