Author Topic: Pros and cons  (Read 5159 times)

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Offline Scott and Lisa

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Pros and cons
« on: October 09, 2013, 11:12:01 AM »
After reading the misfortunes people have had with builders and regulations, and considering the low rental costs. And the high interest rates gained by keeping hold of your money  Is it not better to long term rent in turkey? we have always wanted to buy, but now im not so sure..... people thoughts and experiences would be appreciated

Scott

(i get fed up writing "scott and Lisa" ;) she dosent really know what a computer is!



Offline usedbustickets

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Re: Pros and cons
« Reply #1 on: October 09, 2013, 11:28:20 AM »
Not because of any bad experiences in buying on two occassions here in Turkey, but if I was doing it again I think I would rent long term for my first year here, and look around see all areas, check out all property types, and perhaps most important of all when buying (if you find the right property and place) you are around to ensure that everything is correct and is being done - rather than relying on others - and as much as possible make sure that all potential problems with buying a property are covered.

Had property since 2003/4 and have lived here now for almost 18 months and we are very happy with it .... yes there is the occasional niggle but you get that anywhere :D :D

Offline Lotty

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Re: Pros and cons
« Reply #2 on: October 09, 2013, 11:41:03 AM »
Personally, I think it's best to rent for a year or even more before making up your mind. If you rent somewhere where they build an eyesore or a building too close or you find you have troublesome neighbours, or you just decide you don't like that particular area, you can move on, money intact.

However you may be lucky and find the perfect place for you both straight away. I'd still recommend renting and learning about living here first. What have you got to loose when rents are very reasonable.  :)

Offline Kevin Sowten

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Re: Pros and cons
« Reply #3 on: October 09, 2013, 11:45:27 AM »
But what are the pros and cons of renting for ever and never buying ?
Do bank interest rates generally exceed house price inflation ? (minus your rent of course)
(Apart from never having 'your own' home and being at the whim of the landlord at the end of your contract term that is)

Offline littlereddevil

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Re: Pros and cons
« Reply #4 on: October 09, 2013, 12:43:16 PM »
You will only get decent interest rates on ytl. I would never rent but simply because I don't like living in other people's property. Many prefer to rent. I suppose if the rent is cheap you can then hold on to your money but there are always going to be risks changing it into ytl. And there is very little interest on gpb nowadays. A personal choice really.

Offline Kevin Sowten

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Re: Pros and cons
« Reply #5 on: October 09, 2013, 12:51:45 PM »
I am assuming you convert all of your money into YTL and invest it in Turkey and rent a property.
For instance, if you invest £100,000 (320,000YTL) at 10% interest - earning 27,200YTL after tax
and pay 600YTL a month rent (7,200 per annum) - you are 20,000YTL per annum in profit !!!
(sounds good to me   ;) )
And I know interest rates fluctuate - but so do property prices !!!)

Offline Scott and Lisa

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Re: Pros and cons
« Reply #6 on: October 09, 2013, 12:53:35 PM »
i suppose it comes down to personal choice, my natural instinct is to buy, we have properties in England so i always lean towards that. but there never seems much change in the property prices in turkey. i may be wrong on this.
and its the long term that interests me, do i want to be paying rent forever? if its through interest gained then why not?
if interest rates fall and property rises i will wish we bought!
all this is a long way off, but i have to keep assessing the options, one thing is for certain we aim to spend a long time in turkey!

Offline Scott and Lisa

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Re: Pros and cons
« Reply #7 on: October 09, 2013, 12:56:32 PM »
Thanks Kevin thats the way i think we should do it, it just goes against the grain not to buy!

Offline Kevin Sowten

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Re: Pros and cons
« Reply #8 on: October 09, 2013, 13:06:06 PM »
British people are conditioned to 'buy' (not helped by ridiculously high rents in UK)
In most of mainland Europe people rent (affordably) and consequently have more
free cash and a better standard of living.
We just bind ourselves in a mortgage for 25 years and leave it to our kids (NOT ME !!!!!)

Offline Scunner

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Re: Pros and cons
« Reply #9 on: October 09, 2013, 13:10:10 PM »
Kevin's figures are indicative of what can be done but I too am not one for renting. We did (had to) when we first came back to the UK and I found it alien and frustrating and never quite 'home'.

Another consideration in Turkey specifically is that often your 'profit' is in part expected to go on maintenance and the like. In the UK, if your tap drips you get the landlord on the blower and he gets it sorted. In Turkey, the rain can be gushing through the ceiling from the roof terrace and the landlord tells you that you are welcome to fix it if you want, it's not a priority in his life. Big difference.




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