Brand new property VS second hand property
As an investor in Turkish real estate, you may be wondering whether to buy a second hand property or a new property. Both options have their advantages and disadvantages, and the decision will depend on your individual circumstances and goals. Here are some things to consider when deciding between second hand properties and new properties in Istanbul:
One of the main advantages of buying a new property is that it is likely to be in better condition and require fewer repairs. New properties are built to current codes and standards, and are typically more energy efficient and durable than older properties. This can save you money on maintenance and repairs in the long run, and make your property more attractive to renters. New properties are also often located in newer, more desirable areas with better access to amenities and transportation. Additionally, new properties may be more likely to be eligible for citizenship through real estate investment, as they are more likely to be fully documented and meet all legal requirements.
Another advantage of buying a new property is that you have more control over the design and finishes. When you buy a second hand property, you are generally stuck with the existing layout and finishes, which may not be to your taste. With a new property, you can choose the floor plan, finishes, and appliances to suit your needs and preferences.
On the other hand, second hand properties are generally cheaper than new properties, which can make them more attractive to budget-conscious buyers. They may also be located in more established areas with established infrastructure and amenities, which can be appealing to some buyers. However, it’s important to keep in mind that second hand properties may require more repairs and maintenance, which can add to the overall cost of ownership. Additionally, it’s worth noting that the price you pay for a second hand property may not be fully reflected in the legal documentation, as some owners may wish to avoid paying income taxes by underreporting the value of the property.
This can create legal issues and may make it more difficult for you to obtain citizenship through real estate investment, as the property may not meet the required legal criteria. Additionally, it’s worth noting that many second hand properties are not eligible for citizenship through real estate investment, as they do not meet the necessary legal requirements or have incomplete documentation. This is something to keep in mind if obtaining citizenship is an important goal for you.
At Majesty Turkey, we can assist you in making the decision between second hand properties and new properties, and provide guidance on the legal requirements and implications of each option. Our team is knowledgeable about the real estate market in Istanbul and can help you find the right property to meet your needs and goals. Contact us to learn more and get started on your real estate journey in Turkey.