I didn’t buy a carpet in Turkey!
22/03/2007
Mature Times reader Lynn Campbell describes her experience of buying a property overseas
I had always been Greek Island fan when it came to holidays. But continually hearing and reading about Turkey what good value it was… friendly people… more ancient sites than you could shake a kebab at and the “it’s like Greece used to be 20 years ago” line, prompted me to take a holiday there. Everyone told me that I would end up buying a carpet. I eventually bought rather more than that!
Keen to ensure that we didn’t go anywhere boasting the phrase “Traditional English”, or which catered for the 18-30 crowd, I undertook some in-depth research. Not to be found in most of the holiday brochures (often a good sign) I came across Kalkan, located in SW Turkey, on what is known as the Turquoise coast and the Lycian Way, listed by the Times as one of the top ten walking routes in the world. Consistently described as the St Tropez of Turkey, it seemed unspoilt, laid back but sophisticated, and renowned for its selection of great restaurants with roof top terraces overlooking the harbour. Sold!
We fell in love with Kalkan very quickly and it certainly lived up to all its claims. On our daily stroll down to the harbour, we found ourselves casually glancing in the windows of estate agents checking out property prices.
We certainly had no plans to buy a property - our reason for being there was purely holiday. But we ended up chatting with Sue, the owner of the management company that looked after the villa, about how there seemed to be a lot of Brits, mainly 40+ living/visiting Kalkan; and how reasonable prices appeared to be, with small apartments starting at £30k and 3-bedroom villas at £120k. Sue explained how some prices had doubled over the last 12 months and rentals could yield from £250 per to £1,000 per week depending on the property.
We decided to take a look at a development that was under construction. The location was great and the views tremendous, but we were still only at what I would describe as “the dreaming stage”. When we arrived back in the UK we decided to re-visit Kalkan in September, to have a more serious look at property, as we felt there could be a real investment opportunity plus we really liked it there.
We did as much research as possible – looking at websites, comparing
prices etc. I also personally contacted owners who were advertising
properties to rent asking them how easy/complicated it was to buy
property and did they know anything about the developer of the complex
we had viewed. He seemed to have a good reputation.
My advice is do as much research as you can, talk to people who
live/work there and who have gone through the process themselves (they
are usually only happy to talk to you), find about the developer, ask
to view other properties he has built – is he part of the community,
how long has he lived/built there etc - and go back a few times and
don’t buy on impulse. Walk away and think about it.
Back in Kalkan we viewed a number of properties and, as in the UK, the
agents’ descriptions can be sometimes ambitious! A big pool in the
photo can be quite different in real life and as for that great view…
is it possible that someone could build in front you in the future?
Laws are different in Turkey. Also what are the roads and utility
services like?
One thing we discovered that when you mention you are looking at
property you will find that everyone and their granny wants to sell you
one. Once you make that decision to buy you will be expected to provide
a deposit immediately, the amount can vary, but typically 5% -10%. If
it’s new build /off plan there will then be a timetable of payments at
regular intervals with the balance on completion and, in Turkey, both
buyer and seller have to pay 3% of the purchase price to the agent.
The actual buying process is really quite straightforward - albeit on
the slow side. Your estate agent can do the paperwork or, if you
prefer, a solicitor will draw up a contract with the buyer detailing
the agreed terms and conditions of the purchase. Many people we spoke
with had not used a solicitor, just the agent, and with no problems.
But if in doubt, use a solicitor. Your agent or solicitor takes copies
of your passport and a copy of the title deed and submits them to
various official departments and the land registry office for military
clearance, which may seem a bit odd to us Brits.
Once the application has been approved by the various government
offices and Land Registry Office (it takes at least two-three months
for the security and property location checks), the deed transfer takes
place following the payment of the purchase and sale tax (stamp duty).
You can give power of attorney to solicitor/agent to exchange Title
Deeds or Tapu as they call it, but if you are there in person it takes
place at the mayor’s office and (I believe) often with a bit of
ceremony, officially welcoming you to the community - quite a nice
touch really.
Now I’m not saying I didn’t have a few sleepless nights - you are
taking a leap of faith and you feel so far away. So, if you are not the
patient type you may find yourselves having more than a few Victor
Meldrew moments. But remember: one of the things that may have
attracted you in first place is the laid back lifestyle.
For us it was worth it. In 18 months we have seen our initial
investment of £60k almost double. By renting it out we cover our
running costs and we have a holiday destination we adore. You get a lot
for your money.
Other costs you need to budget for are maintenance. Rental management
companies charge between £1,000 - £2,000 per year, depending on the
level of service you require. This will include cleaning, pool
maintenance, point of contact for guests and arranging transfers.
With regards to marketing, we use several routes - the owners direct
website and good old word and mouth through work colleagues and friends
and family. We also produced a brochure. For us it’s our home from
home, and therefore it’s furnished as such and not as somewhere just to
rent.
For further information on Lynn’s apartment please contact Lynn & Neil
Campbell, telephone 07764 645550,
email:neil@njfcampbell.wanadoo.co.ukor go to the link below and type in
property reference box TK200.