Buy-to-let is a popular route for investors to take, investing in bricks and mortar is psychologically more reassuring for newcomers to the art of investment; stocks and shares tending to be looked at for the more adventurous of investors. No investment is without its risks but sensible planning, research and professional input can balance the scales. More and more investors are looking outside their own countries for investment properties and popular tourist destinations are high on the list for consideration. Turkish properties offer an investor plenty to choose from be it in a city, sun and sea tourist destination or mountain retreat you can find a whole range of choice here in Turkey. Do your homework and you will have an excellent property to add to your investment portfolio.
Tips when considering Buy-To-Let
- Research the market. Investing in property has brought about some big returns and continues to do so, but you need to ensure you have all the information to hand and you are aware there can be pitfalls amongst the profits. If using a mortgage to secure your investment, make sure that your outgoing amount is covered comfortably in the event of no rental monies coming in for some reason. Hard facts and information are the cornerstone of any investment; just falling in love with a place is not enough! That is just the start.
- Choosing the area. You need to match the property with what you can afford and somewhere people will rent. Turkish properties offer a wide range of housing from exclusive villa’s to a range of apartments and studios. There are also Turkish properties that require renovation but are in excellent areas. If considering the tourist trade then certain areas are more popular in summer than winter. It could be you have chosen the area because you find it attractive, the next step I to completely investigate what the area already offers and what it needs in terms of accommodation to rent.
- Tenants. These are the people who will give the return on your investment and need considering prior to purchasing. Questions need to be asked about the type of tenant that is around to what Turkish properties you are considering. Do you want to rent all year, with a guaranteed rental income? Do you want to try for the tourist trade – taking in more money but also a risk of low occupancy?
When looking in the cities at Turkish properties, who are you considering for tenants? The rental pool in a city like Istanbul is huge, foreign professionals, business men, local and foreign families and students. Information is the key to choosing the right property in the right place.
- Remember the costs
- No property is without its running costs and these must be in your calculations. Rent return is the key to buy-to-let and you really have to do your maths.
Haggle the price and this is where is pays to know the market of the area you are looking in.
- How you purchase Turkish properties. There are many attractive projects all over Turkey with various options on how to buy. Complete ready to walk into might be more costly but you can rent out immediately. Do you want to buy off plan? Currently this is an attractive option with Turkish properties. On the other hand can you afford to wait for completion before getting a rental income? Renovations are another option but again make sure you do all the calculations when costing this to include potential for unforeseen costs and possible delayed rental monies.