Owning a commercial property in Turkey is a privilege. A prudential investment can get you a valuable asset that grows over the time despite vicissitudes in the economy. Here are top things to consider before closing a property deal in this widely preferred European nation.
- Purpose
Before you invest, it is important to define the purpose. Is it for official use, hospitality business (serviced apartment, hotel, etc.), warehouse, or something else? Break the factors into sub-factors – type of office, type of guests you want to target – tourists, expatriates, or students.
- Price
Checking affordability saves time in property search, as you don’t have to waste time on exploring something that is beyond your budget. Use your time wisely to evaluate other aspects that matter in purchasing a commercial property in Turkey.
- Rental Value
This one factor is enough to reveal the worth of the commercial properties for sale in Turkey. Rental property is a passive recurring income that contributes to your gross income. The rental factor varies from one city to another. Commercial properties in Istanbul and Antalya are likely to fetch you more as rental income than that are in Alanya, Belek, and Bursa.
- Built-in Amenities
Mind the availability, capacity or efficiency of parking lots, drainage systems, fire-alert or extinguishing system, elevator, pavement, etc. The price of properties varies accordingly.
- Connectivity Options
Discover various public transportation means from buses to trains to flights connecting the location with the rest of the state, country and the world. Connectivity matters to everyone, whether it’s the business owner or customers.
- Approved Built
Ask the property management company to show you properties with construction design as per the Turkish Law on Land Development Planning and Control. The municipality is the relevant administration that issues a certificate for valid design.
- Architecture
Keep in mind durability, convenience, and elegance while assessing the interior and exterior architecture of the commercial properties for sale in Turkey. Foundation, structural masonry, structural steel, and roofing are critical aspects that investors often ignore. It is hard to ascertain the quality of material used. You may hire a construction material testing company for the task.
- Mortgage Facility
Buying a property on mortgage has three advantages. First, the financing institution does a thorough legal or compliance verification. Second, you don’t have to invest in one go. And, third, you can claim income tax benefits. However, it is important you avail loan on property from a reputed institution.
- Neighbourhood: Pay attention to the quality of neighbourhood. It is better to avoid investing in places where people encroach common areas, and stay at loggerheads on trivial issues. Pay attention to cleanliness or hygiene.
- Maintenance Cost
Routine maintenance aids to the life of the property. Know what would be the annual cost of maintaining appliances for lighting and comfort, HVAC (Heating, ventilation, and air conditioning), equipment like elevator, etc.
It is easy to find commercial properties for sale in Turkey but what matters the most is how informed your selection or decision is. These 10 points that will help your investment shine and grow. Your investment will also boost your citizenship goals and help you live an enhanced lifestyle. So invest wisely!
