Many people choose to search for a house for sale in Turkey in installments instead of paying cash, and this is because this is an ideal way to own real estate in that country if you do not have the full amount to pay once, or if you have the amount but want to use it in more than project.
In this article, the editorial team at Zoom Real Estate will put in your hands some information related to this type of ownership in Turkey. If this topic interests you, follow these lines with us to the end.
How to buy a house in Turkey in installments?
There are several ways in which you can buy a home in Turkey in installments where you can either get a mortgage from a Turkish bank, or you can find a real estate company that offers an installment plan and if you get a mortgage, the interest rates are usually around 4-5% per annum.
The down payment is usually 20-30% of the purchase price, if you find a real estate company offering an installment plan, they usually ask for a down payment of 30-50% of the purchase price and the remaining balance will be paid in monthly installments over 2-3 years.
Advantages of buying a house in Turkey in installments:
If you are looking for a country to buy a property, whether to invest or live in, Turkey should definitely be on your list. The country has a lot to offer, from its stunning coast and picturesque mountains to its vibrant cities and friendly people. There are many ways and means to own property in that country, the most important of which is (following installment plans), but what are the advantages of buying a house in Turkey in installments?
- Among the main advantages of buying a property in installments is that it allows you to spread the cost over a period of time that is likely to be rather long and this removes the barriers for buyers and leaves them the freedom to choose and buy, especially if their budget is limited.
- Another advantage of buying in installments is that it gives you time to save on the final payment and that means you don't have to take out a big loan or use all your savings at once.
- You can get the best real estate opportunities ever available.
Notes when buying a house in Turkey in installments:
When buying a house in Turkey in installments, there are some things that you should keep in mind, the most important of which are the following:
- Above all, make sure you have a clear understanding of the installment plan you will be signing up for and there are many different types of installment plans available, so be sure to shop and compare before making any decision.
- It is also important to remember that when you buy a home in Turkey in installments, you will be responsible for paying property taxes on the property so make sure to include this in your budget when considering whether an installment plan is right for you.
- You must check that you are able to pay the installments on time or you will be liable to pay fines.
- You should know that the larger the down payment, the greater the possibility of getting a discount on the total price.
Advantages of buying real estate with cash in Turkey:
If you have cash to pay for the property directly, you may be able to get a lower interest rate on your mortgage because lenders see that you are less risky when you have more equity in the property.
Mortgage interest and property taxes are tax deductible in Turkey, so you can save money on your taxes by using a mortgage to finance your purchase.
If you have the money to pay for the property directly, you may be able to buy property that is more expensive than you would if you were using a mortgage. This is because mortgages are usually only available at up to 80% of the home's purchase price.
Advantages of buying real estate in Turkey:
The Turkish real estate market has been one of the most stable and resilient markets in the world over the past decade and despite the global economic uncertainty, the Turkish real estate market has continued to grow remarkably, with prices rising at a rate of 5-10% annually. Here are some of the main reasons why investing in Turkish real estate is a good idea:
Turkey has one of the fastest growing economies in the world, with GDP growth averaging around 7% annually over the past decade and this strong economic growth has increased the demand for housing,
which has helped drive up prices:
- Turkey is a stable democracy with strong rule of law, a member of NATO and the Council of Europe and this makes it a safe place to invest your money.
- Turkey has a variety of real estate available, from apartments to villas and to other options.
- The cost of living in Turkey is relatively low compared to other European countries.
- There are many beautiful places to live, from bustling cities to quaint villages overlooking the sea.
- The value of the Turkish lira fluctuated against major currencies, making real estate more accessible to foreign buyers.
Many advantages of buying an apartment in Istanbul with Zoom Real Estate:
-Extensive knowledge and close relationships within the Istanbul real estate market.
–Cheap apartments for sale in Istanbul that satisfy all tastes.
–Buying an apartment in Istanbul in convenient installments.
-Choose an apartment suitable for obtaining Turkish citizenship and enjoying its advantages.
– Taking care of all the necessary procedures and papers for you.
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