Calis Beach and Fethiye Turkey Discussion Forum

Calis Beach Forum => Expat & Property Owners Q and A Forum => Topic started by: markcromp on January 08, 2011, 14:21:06 PM

Title: rent or buy
Post by: markcromp on January 08, 2011, 14:21:06 PM
hello
everyone here seems very keen to buy and there has certainly been a lot of new development in recent years. Without being there I don't know, but it seems likely that a whole lot of lies empty for 9-10 months of the year. True?

I know numbers visiting are rising - strong Euro and all - but most seem to be on packages as they often cost little different than flights, so I can't imagine the holiday rentals market nets spectacular yields.
Which leads to the next thought, if you're coming out to live here, why not rent, then someone else gets all the grief, you can just move, either move complex, town, region, country or continent.

So what's the going rate, on and off season, for a nicely kitted out villa with a shared pool?
ditto for a typical 2bed apartment with balconies £ airco?
What would and wouldn't that include?
cheers
Title: rent or buy
Post by: peecee on January 09, 2011, 08:54:57 AM
In theory I would agree with you.  However, I think 99% of the properties you're talking about are owned by expats who would probably want to stay in it for the holidays etc.  So, chances of finding a very long term rental is minimal, 6 months or maybe a year, and you then have the hassle of having to move again (as opposed to moving for a change)
Building 'buy to lets' hasn't happened here because Turkish families tend to either live together and wack on another floor, extension etc.
Maybe it happens more in the big cities.
Title: rent or buy
Post by: Scunner on January 09, 2011, 11:22:06 AM
quote:
Originally posted by markcromp

if you're coming out to live here, why not rent, then someone else gets all the grief


I think you pretty much answered your own question. Long term rentals in Turkey can be grief ridden for the owners, who are mostly thousands of miles away.
Title: rent or buy
Post by: markcromp on January 09, 2011, 15:52:21 PM
So you're saying the only rentals are by the week in peak season and no-one rents for say six months at a time, leaving the management to an agent?
It's common enough in every other location where there's lots of holiday homes. Looks like people are missing a trick.
Title: rent or buy
Post by: Scunner on January 09, 2011, 15:57:45 PM
quote:
Originally posted by markcromp

So you're saying the only rentals are by the week in peak season and no-one rents for say six months at a time, leaving the management to an agent?

No, I didn't say that or anything remotely close to that.
Title: rent or buy
Post by: Jacqui Harvey on January 09, 2011, 18:00:13 PM
We own a Villa and would not dream of renting it out whilst we or our family are not using it.  We like to leave our clothes in the wardrobes and are personal items around the house, so in effect, it's our home in Turkey and not a place to rent to strangers.  We are not missing a trick. As you say yourself.. we don't want (or need) the grief.  
Title: rent or buy
Post by: markcromp on January 09, 2011, 19:29:32 PM
Just trying to be clear, if that's not what you're saying, are you saying there are lots of people renting that way? If so, could you send me a couple of agent names?
Ta
Title: rent or buy
Post by: Scunner on January 09, 2011, 20:23:39 PM
I didn't say nobody does it and I didn't say lots of people do it. Please stop telling me what you believe I am saying, it is all getting rather tedious. I also don't have any names for you, sorry.
Title: rent or buy
Post by: slartibartfast on January 09, 2011, 20:55:13 PM
quote:
Originally posted by markcromp

hello
everyone here seems very keen to buy and there has certainly been a lot of new development in recent years. Without being there I don't know, but it seems likely that a whole lot of lies empty for 9-10 months of the year. True?

I know numbers visiting are rising - strong Euro and all - but most seem to be on packages as they often cost little different than flights, so I can't imagine the holiday rentals market nets spectacular yields.
Which leads to the next thought, if you're coming out to live here, why not rent, then someone else gets all the grief, you can just move, either move complex, town, region, country or continent.

So what's the going rate, on and off season, for a nicely kitted out villa with a shared pool?
ditto for a typical 2bed apartment with balconies £ airco?
What would and wouldn't that include?
cheers



Can't fault your assumptions and generalisations :D
Title: rent or buy
Post by: Eric on January 09, 2011, 21:05:41 PM
Is there a hidden agenda here?
Title: rent or buy
Post by: Scunner on January 09, 2011, 21:08:20 PM
It sure feels that way Eric.
Title: rent or buy
Post by: slartibartfast on January 09, 2011, 22:14:38 PM
Agenda or not,  from a devil's advocate position I can see the logic in a question.   As it is posted in the "Property Owners Forum - Views, Questions, Answers" you would have to assume the bulk of the readers will be owners or prospective owners.   The way the questions have been put this possibly is not the best section to use as at could come across as poking owners with a sharp stick.

I quite agree if you want to live in the area renting sounds a good option.  No big capital outlay and , no worries about looking after your "investment" and no hassle when you want to move on.  The downside is having to move on when you may not want to.  

From an owners perspective (well this owner) holiday rentals will attract higher rates than long term rentals and give owners the flexibility to only book the weeks they want to book out and keep weeks free form themselves.   I have never seriously considered long term letting over winter as it could well be more trouble than it's worth  ... even with a very good tennent who looks after your property and who doesn't expect perfection for a winter pittance in a non perfect world.  I would need to ensure the property was in tip-top condition for  holiday rentals from May onwards.  Doing a winter lett just adds more risk and potential grief.

"but most seem to be on packages as they often cost little different than flights, so I can't imagine the holiday rentals market nets spectacular yields"   The importance of this is related to whether this is the main motivation for buying or not. The other side of this statement depends on what you are comparing it to.  Savings and Investment rates are very low and a lot of people do very well on their rental occupancy as not everyone is looking for a package holiday.  A family holiday in a nice villa or apartment is a different thing altogether and it isn't an expensive option.

There are probably lots of owners out there in different situations so some may be keen for longer term rentals so good luck.     As Scunner has said, as this is an "Owners" section you have posted in you may need more luck than if you hadn't posted the rather naive  "why not rent, then someone else gets all the grief" ..... unless there is an "agenda" ;-)
Title: rent or buy
Post by: Scunner on January 09, 2011, 22:24:31 PM
I'm not really interested in the topic to be honest. I made a small and general observation and Jacqui as an owner confirmed it to be the case. I have been on the net a while and when I make a comment and have a ridiculous interpretation of it thrown at me I feel rather weary. When I deny that interpretation and the opposite ridiculous interpretation is rammed into me, I tend to smell a rat, as Eric did.

Nobody needs to put words in my mouth, if you know me you will know I have plenty words of my own.
Title: rent or buy
Post by: Scunner on January 09, 2011, 22:32:06 PM
To get back onto topic, if we must.

A two bedroom apartment in Calis can (and with the right support will) achieve £300 per week in the 6 months of the summer season. It won't make £300 a month for the other six - or anything like it - quite simply, it will cost more for the full internal repaint to get rid of 6 months of grubby fingerprints around the all the light switches and wear and tear and broken this and that - that is why many Brits avoid off season, long term renting.

Just to be entirely clear, this does not mean that I am saying that nobody rents their property long term, or that lots of people do.
Title: rent or buy
Post by: slartibartfast on January 09, 2011, 23:08:51 PM
Sorry Scunner .... I didn't mean to put more words into your more than capable mouth :-)
Title: rent or buy
Post by: Scunner on January 09, 2011, 23:11:30 PM
My apologies to you Mr Bartfast, I didn't for a moment think you did!
Title: rent or buy
Post by: slartibartfast on January 09, 2011, 23:41:59 PM
Glad to hear it ... just wanting to be sure :-)
Title: rent or buy
Post by: markcromp on January 14, 2011, 13:52:27 PM
Under £300 a month, cheers.
That was my agenda: finding that number, and I posted here because all the potential renters are owners.
Any suggestions of typically how far under £300 for a let of say Sept to April/May?
ta
Title: rent or buy
Post by: hillside on January 14, 2011, 15:30:25 PM
Under £300 a month Nov - April is fine - if you can find an owner willing to bother renting off season for all the reasons Scunner has given . But then what are you going to do in the summer months. Keep moving , paying £300 a week? I wouldnt want to rent a property short or long term - my Turkish home is just that, my home and I would never have the same attachment if I rented.
Title: rent or buy
Post by: markcromp on January 16, 2011, 14:30:12 PM
Wasn't worrying about later. Just trying it out. Spent months all over Turkey over the years, but never living, always travelling.
Seems to make sense to try it out at the cheapest time of year. I could always go to Istanbul for Summer, teach in Summer school, accomodation often included.
Thanks for the info.