Calis Beach and Fethiye Turkey Discussion Forum
Property For Sale in Calis Beach & Turkey => Moving To Turkey => Topic started by: Scott and Lisa 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!
-
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
-
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. :)
-
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)
-
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.
-
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 !!!)
-
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!
-
Thanks Kevin thats the way i think we should do it, it just goes against the grain not to buy!
-
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 !!!!!)
-
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.
-
It might sound naive, but surely the responsiblity for building maintenance should be written into your rental contract.
We intend to rent through an agency so would hope that they would sort all of that out ?
-
i could imagine telling my tenants that!
-
You are correct Kevin, you sound naive ;)
No seriously, contracts can say what they like - once people are in, my experience is (often, not always), they are on their own. Things simply don't get done as the landlord knows in a waiting game the tenant will crack long before he does.
-
Well we've done both, owned and now renting. We didn't really have any problems with the actual purchase it was the constant hassle with neighbours who were renters not wanting to pay their share of the costs for the pool/garden etc. It was always "ask the owner", who would then say "ask the tenants", you just couldn't win.
As others have said at least if you have problems with a rental it's much easier to just move than if you need to sell up first. And if for any reason you need to return to the UK to live there is nothing quite so portable as cash.
As Scunner says though a Turkish landlord is not nearly so accommodating as an English one, ours showed us everything working when we moved in and said "I give it you working, you give it me back working". However we had only been in the place a month when the hot water tank started leaking into the attic bedroom, we knew he'd had the problem before (as evidenced by the water marks on the ceiling) so we called him out and he did get a plumber to sort it at his expense.
The only downside to renting is that you can never feel that your home is permanent. Lots of things would need to change in Turkey in relation to inheritance laws etc to temp us to buy again.
-
And agents here tend to be let only, so repair issues would be between the landlord and the tenant.
-
Move along, nothing to see here, don't mind me....
I'm commenting so that this shows up in my 'new replies to your posts' tab, because I'm really interested in the thread.
Not because I've got anything intelligent to add.... :o ;D
-
The head told me to rent. The heart said 'Yeah, right .....'
Apart from a brief time whilst at Unis in Leicester and Manchester (rent for a 2 bedroomed maisonette in the delightful Hulme, was £5 a week plus bills), we haven't really rented a home anywhere.
I think everything Kevin says is spot on and VERY sensible. But personally I would hate that temporary feel and of it not being our own place. What if the landlord decides to rent it out to his/her cousin or demands a ridiculous rent increase? (this is currently happening to people we know in Calis)
It is true that those of us over 30 in the UK are conditioned into thinking that owning our own home is the only real option. It most certainly isn't the norm in the rest of Europe. But that is rapidly changing and I suspect we will have an entire generation growing up renting, initially at least because they have no choice.
I researched the property market in Turkey for a good 12 months prior to buying and I would say I saw a change even in that short period. The asking price in Turkey, in my experience, is simply a guide. It's very much a buyers' market at the moment and don't worry about putting in what seems like a really silly offer.