Buy to Let in Turkey

Property News > Buy to Let in Turkey Guide

A PROPERTY FOR RENTAL?

Firstly, consider and assess your reasons for purchasing a property abroad, and what you want from that property.

Are you looking for financial gain?
To make a return on your investment?

The majority of property purchasers are looking for a return on their investment, for it to effectively pay for itself, cover maintenance costs, cover a mortgage and make a profit, and in the long term, capital appreciation.

Often, you will have to throw your own personal feelings and taste out of the window and concentrate on what will give you the best return. When viewing your purchase, the idyllic village house in its own garden may look very appealing but will need a lot of initial investment of time, energy and money before you can even imagine to rent it with its ongoing high maintenance bills and specialised renters.

Be practical ; concentrate your efforts on choosing the right property and location that will give you the best rental return.

OR , are you looking for a second home to be used by yourself, friends and family?.
A survey has shown that 1 in 6 Brits plan to buy overseas, the main reason being the warmer climate and more relaxed way of life either now or in the future.

If the property is for yourselves, either for use now or in the future, to fit in a plan for retirement, then your reasons for purchasing are very different.

You can afford to be romantic and consider your own reasons for purchase and suitability of a property rather than choosing for someone else or because a property is a good investment. Don't be swayed or tempted to buy a totally unsuitable property because it is a good investment, it may be totally unsuitable and you should not worry too much about what will happen to the property in the next few years as your intention is to hold on to and live in the property rather than try to sell it in the short term.

To make the most of a property that has been purchased as a buy to rent property whilst at the same time offering a holiday home to yourselves, family and friends means, most importantly, means choosing the right location and type of property in which you would enjoy stays yourself but be aware of all contributing factors to rentals.

Buy to let has appeared due to the demand.

Why?

* One of the main reasons is that many existing home owners who have been able to raise equity release or re-mortgage their own property are buying overseas, with property prices remaining high in Europe buying abroad means getting more for your money.

* Property has doubled between 1996 and 2006 and these owners are now able to rent successfully because of changes over this time that affect peoples holiday choices.

* The opening of a second terminal at the International Airport in Antalya

* Charter and scheduled year round flights to Antalya (see latest flight news)

* Flexible low cost one way or return flight availability. This was not an option 10 years ago when the majority of people travelled to Turkey on a package holiday. In 2004 only half of holidays taken were package holidays (Office of National Statistics) and this figure continues to fall.

* Championship golf courses now attract independent travellers

* Flights are now available for travellers to book themselves through the internet at a reasonable price, people will now rent a car for travel to their rental home or be able to arrange local transfers which a few years ago was out of the question. This has created a soaring rental market with owners renting their property to those independent travellers.

Considerations
When you buy a second home – be aware that this does mean having extra responsibilities, a second mortgage or payments that have to be found with or without rental income. You need to be sure that you can cover those payments even if you don't get any independent bookings or you will be putting yourself and everyone around you in a very stressful situation.

You will also have two properties to look after and one of them will be abroad. Know that you are working with a good maintenance company to look after and maintain and do any repairs in your absence. There will also be from time to time breakages, damage that you hadn't anticipated, be prepared for it and don't get upset. Remember your reason for purchasing was rental and these things will happen.

Before you buy you need to assess what you want from the property and that buy to let does suit you. You need to be flexible to make renting out work to your advantage. If you decide to buy to let in Turkey there IS money to be made. Property prices almost always rise over the long term and a home abroad can be sold at a profit or handed down in the family whilst being used as a holiday home giving pleasure to friends and family and pay for itself at the same time! A good decision.

When choosing a property, it is important to get the right balance between both reasons. Usually there is some compromise and a property purchased on the Mediterranean coast of Turkey will offer a holiday home for yourselves, friends and family during the Summer and Winter months whilst at the same time providing an immediate return in the form of rental return and capital appreciation in the long term.