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Teacher home owner

 
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kanjizai



Joined: 29 Jun 2003
Posts: 69

PostPosted: Thu Dec 12, 2013 1:05 pm    Post subject: Teacher home owner Reply with quote

I will be offered a contract in the coming days from a school in Turkey, and I was wondering if there are any teachers who actually own their home or does everyone rent. I ask because I was thinking with some money I have saved, coupled with a housing allowance, I would be able to own rather than rent.
So if anyone has a story, please let me know.

Thanks.
p.s. Also if anyone has any recommendations about the best places for buying a home, that would be great. It doesn't have to be Istanbul, but it would be good to know it is a stable environment.
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PC Parrot



Joined: 11 Dec 2009
Posts: 380
Location: Moral Police Station

PostPosted: Thu Dec 12, 2013 2:27 pm    Post subject: Reply with quote

I know many people who own their own homes in Istanbul, but they are married to Turks, are long timers, and bought before property prices went up so much. We ourselves used to own but we sold up several years ago.

If you are thinking of owning just to make it more profitable than renting bear in mind the following:

    Fluctuations in the Turkish Lira could earn you or lose you more money than you save by not renting.

    If you are not long term and you are forced to sell up quickly, you would probably take a hit.

    As a foreigner, you will likely have to pay slightly more than a Turk and sell for slightly less than a Turk.

    In addition to other smaller costs you will have:

    * Buying costs = purchase tax %x of council book value + buyers share of estate agent's fees (2 to 3%)
    * Selling costs = 2 to 4% estate agent's fees

    You need to make sure your estate agent thoroughly investigates that there are no unpaid bills for services/council fees, government taxes & fines.

    You need to make sure your estate agent can confirm that the Tapu (title deed) is clean.

    Istanbul is due a large earthquake. After the quake of 1999, scientists predicted there would be a quake closer to the city in the region of a magnitude 7 within the next 30 years. 14 years of that 30 have passed. In this regard:

    * You need to make sure it is not in one of the high-risk earthquake zones of the city. Check google for a geological map of the city.
    * You want to see a certificate stating that the building is OK for earthquakes.
    * If the certificate is several years old, you might want to check that there have been no alterations at the ground level since the certificate was issued. Some buildings have shops in the ground floor, and some of these shops have been known to tamper with the layout, weakening the load bearing structure of the whole building.
    * Obviously check the exterior of the building for cracks.
    * If in doubt, either walk or get a test done. In the west, you would get a comprehensive survey done. A quick earthquake report is the least you should do.
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kanjizai



Joined: 29 Jun 2003
Posts: 69

PostPosted: Thu Dec 12, 2013 11:34 pm    Post subject: Reply with quote

Thanks Parrot.

Seems that you know a lot about the situation. Were you and your friends only able to buy there because you are married to Turks? Or, was it just helpful when trying to get through the process? Also, is there a way to get around what seems like a foreigner tax? Lastly, I just went through a pretty bad Earthquake in Tokyo a couple of years ago, and not looking to go through that madness in an area with poor building regulations. Do you think the buildings, on the whole, are adequate for another large earthquake?

As for housing prices, you mentioned that they have gone up. Is a regular 2or 3 bedroom house very expensive these days? I've heard that one needs to put down an initial investment of 10-30%, is that correct? Also, does a bank or the home owner hold the note? If it is the bank, is there also an in crease for foreigners in that situation?

Thanks is advance for any info.
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PC Parrot



Joined: 11 Dec 2009
Posts: 380
Location: Moral Police Station

PostPosted: Fri Dec 13, 2013 2:52 am    Post subject: Reply with quote

I think non-Turks can buy. There was a law a few years ago restricting foreign purchases, but I have a feeling that it has since been removed. Not sure. Google it.

Buying can be a very, very quick process. You view one day and buy the next. But if you buy anywhere within a few miles of a military area, you will have to wait for a few months while they clear you.

Earthquakes - The newer buildings are better regulated, but if they are built very close to a building put up in the 60's, 70's or 80's, they could be brought down by it.

In the 1999 quake, a whole compound collapsed near the epicentre, Golcuk, due to the developer's using sand from a local beach to save money. The buildings literally crumbled to the ground. Between 20,000 and 30,000 died in that quake. Had the epicentre been further down the fault line, which passes just off the Istanbul coast, those numbers would have needed an extra zero.

Prices - depending on the area, property that cost $30,000 in 1999 sells for $150,000 today. Bank loans are generally two or three times as expensive as the rates in the West. Everyone I know paid cash, so I don't know much about it.

There are many large projects underway involving a compound of several high-rises, a communal pool, tennis courts etc. With these, financing is often built into the deal. However, you would need to know something about the city, or just get lucky, to make sure you didn't buy into a white elephant.
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sixthchild



Joined: 18 Apr 2012
Posts: 276
Location: East of Eden

PostPosted: Fri Dec 13, 2013 11:45 am    Post subject: Reply with quote

PC does paint a bleak Picture, to be fair it is not the best or easiest place to buy a home, yet I have done it no less than 4 times and I still have property that has grown significantly in value since it was bought.
ıf you want to save Money,do not repeat DO NOT use an estate agent (emlak) at best they are lazy and do bugger all to earn their commission, do invest in a lawer, preferably someone WHO is bi-lingual they will tell you if the property is fit to buy or has any outstanding debts to be passed on to the unwary buyer.
Istanbul prices are higher than most cities,also has the threat of impending doom and gloom with earthquakes hanging over it, pity really its an amazing city. Ankara is a little cheaper, colder and not the most interesting or attractive of cities. Izmir, on the other hand is the land of milk and honey and property is considerably cheaper if you know where to look and don't mind doing a bit of work to make a place habitable. prices vary enormously depending on location and size, some areas were the less well off reşide are even cheaper.
Basically you need to go and walk around areas and ask( with the help of an interperter) WHO s selling and what prices are. PC is correct, if they smell foreign Money the price tends to jump off, but there are plenty of empty places to buy and it is very much a buyers market and foreign workers have an easier time buying than before. Good luck!
BTW, we bought in the late 90's, both non-turks!
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PC Parrot



Joined: 11 Dec 2009
Posts: 380
Location: Moral Police Station

PostPosted: Sat Dec 14, 2013 4:27 am    Post subject: Reply with quote

I certainly appreciate the speed of the Turkish process. Ours took about a week to complete.

In the last 3 years, I've been through the buying process 3 times in the UK. Twice it took 2 months to complete. Once it took four.

Each time was a cash purchase, which apparently speeded things along.
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kanjizai



Joined: 29 Jun 2003
Posts: 69

PostPosted: Sun Dec 15, 2013 7:59 am    Post subject: Reply with quote

Thanks guys for the quick and informative posts.
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elliot_spencer



Joined: 26 Feb 2007
Posts: 403

PostPosted: Wed May 28, 2014 11:09 am    Post subject: Reply with quote

I am interested in buying a place in Turkey.. Does anyone know if it's possible to get a 90% LTV as a foreigner? If not what is the highest amount one can get and also can anyone recommend a good bank or broker?

Thanks
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