The question of what to consider when buying a house involves many crucial factors, starting with financial planning. Especially in earthquake-prone areas, evaluating seismic risks, checking title deeds, and verifying zoning regulations can make the home-buying process quite complex. Therefore, a systematic approach is essential for making the right decision.
In this comprehensive guide by Antalya Development, we’ll cover every important step from budget planning to evaluating the property’s condition, reviewing title records, and analyzing the area’s future potential. We’ll also shed light on often-overlooked aspects that can have long-term implications.
Identify Your Needs and Priorities
The first step in the home-buying journey is to clearly define your own needs and priorities. Since each individual and family has unique requirements, home selection is a deeply personal decision.
Choosing the Right Type of Home for Your Family
Your family structure directly influences the ideal type of home. For large families or those who often host guests, a spacious living area makes sense. For families with children, a villa with a garden may be ideal. Conversely, if you want to benefit from urban living, a large apartment near the city center will offer easy access to social amenities for your children.
Apartments are a more practical choice for busy professionals and those who want to be at the heart of city life, while villas are better suited for those seeking tranquility in nature. Ultimately, your answer to what to consider when buying a house should align with your family’s dynamics.
Home Size Based on Future Plans
When choosing a house, consider not only your current needs but also your future ones. Career changes, family growth, or aging may alter your requirements over time. Selecting a property that meets both present and future expectations will enhance your quality of life.
For instance, a 300-400 m² lot may suffice for a single-story home, but larger families may require more space. Always check the net and gross square meter measurements. Also, remember that larger homes often mean higher costs for maintenance, cleaning, and heating.
Choosing a Location That Suits Your Lifestyle
Location is one of the most crucial factors that directly affects your daily life. Research shows that the most valuable properties have these key features:
- Proximity to major roads and public transport
- Easy access to essential services like hospitals, schools, and shopping centers
- Nearby amenities for daily needs like banks, grocery stores, and pharmacies
If your job or social life is centered in the city, a centrally located apartment may be ideal. South-facing homes are typically brighter and easier to heat, while north-facing homes are often more affordable. These considerations should be on your checklist of what to consider when buying a house.
Choosing a home that aligns with your lifestyle means investing in a place that brings you daily happiness. Once you’ve clearly identified your needs, you’ll have a major advantage when making this critical decision.
Budget Planning and Financial Readiness
Financial preparation is perhaps the most critical phase in the home-buying journey. Taking steps without a proper budget plan can lead to serious financial difficulties in the future.
Income-Expense Balance When Buying a House
The first step in financial planning is to analyze your income and expenses thoroughly. Regardless of your income level, you must act prudently. Experts recommend allocating 50% of your income to essentials, 30% to wants, and 20% to savings. This balanced approach helps ensure you can continue paying your mortgage without disruptions.
The key to managing loan repayments is maintaining income-expense balance and planning your budget accurately. Banks generally prefer that your monthly loan installment not exceed 50% of your income. Therefore, before buying a home, review your annual expenses and calculate how relocating will affect your budget.
Loan Eligibility and Interest Rates
Basic requirements for a mortgage include:
- Being at least 18 years old
- Having a tax certificate or active social security registration
- A good banking history
- Proof of income with official documents
Your credit score based on past loan usage, payment habits, and current debts plays a crucial role in the bank’s evaluation. Mortgage approval usually takes 5–10 days.
Interest rates vary depending on the type of loan and market conditions. You can opt for fixed rates for long-term planning or variable rates for initially lower payments.
Down Payment, Title Fees, and Other Expenses
Typically, a down payment of 20% of the home’s value is recommended. According to BDDK regulations, banks can finance up to 80% of the home’s appraised value. A higher down payment means borrowing less, increasing your chances of loan approval.
Additional costs include file fees, appraisal charges, compulsory earthquake insurance (DASK), home insurance, and life insurance. File fees depend on the loan amount and can be up to 0.5%. For example, a loan of 5 million TRY may incur a fee of up to 25,000 TRY.
Don’t forget to factor in moving and furniture expenses as well. This comprehensive financial plan will help you prepare for unexpected costs during the home-buying process.
Assessing the Property’s Physical and Legal Status
Once you’ve found your dream home, it’s crucial to examine its physical and legal condition in detail. Doing so can prevent many future problems.
What to Check in the Title Deed?
The title deed is the most important document proving a property’s legal status. First, ensure the information in the land registry matches the property you’re buying. You can check the property’s registration at the land registry office. Investigate whether the property has any mortgages, liens, easements, or sales restrictions. Also, verify whether it’s registered as a family residence, as such properties cannot be sold without spousal consent.
Construction Easement, Occupancy Permit, and Building License
A construction easement shows ownership shares in an unfinished building. Once completed, this should convert to full ownership. An occupancy permit indicates the structure is suitable for living. If you’re buying a property with a construction easement, visit the municipality to verify whether an occupancy application has been submitted and whether the construction complies with the approved plans. Deviations may lead to demolition orders.
Earthquake Resistance and Building Age
Given Turkey’s location in a seismic zone, earthquake resistance is vital. After the 1999 earthquake, building regulations were updated to improve structural safety. Check the condition of columns and beams, cracks in the walls, and the general structure. It’s also important to verify if the building is under structural inspection. Consider getting an earthquake assessment for added safety.
Condition of Utilities, Roof and Insulation
Waterproofing directly affects earthquake resistance. In buildings without proper insulation, steel reinforcements can rust and corrode, weakening the structure. Look for signs of water damage like stains, peeling plaster, or cracks. Check the condition of the electrical, plumbing, and gas systems, as well as roof and insulation quality. Good insulation not only improves comfort but also saves energy.
Long-Term Value and Investment Potential
A well-analyzed home purchase can be a financially rewarding investment. Real estate remains one of the most reliable investment vehicles.
What to Consider When Buying a Home for Investment?
Location is the most critical factor for investment properties. Homes in developing areas with good transportation links tend to appreciate in value and offer high rental yields. Calculate the rent multiplier to estimate your return period. For a profitable investment, this should be as short as possible 20 years is generally considered too long.
Smaller homes are increasingly popular among investors. These properties typically generate higher rents without needing major renovations. Newly built homes have lower wear and tear and require fewer changes. For such opportunities, you may consider investment properties in Antalya Altıntaş.
Development Potential of the Area
The future development of the neighborhood directly affects property value. Therefore:
- Research local infrastructure projects
- Evaluate urban transformation prospects
- Review the status of nearby neighborhoods
- Check population growth rates and migration trends
Experts advise considering sales velocity in potential investment areas, particularly in Istanbul. While emerging areas offer long-term value increases, central locations remain stable investment options.
Rental Yield and Resale Value
Calculating rental income is key to assessing profitability. Divide annual net rent by the purchase price to find the return rate. Given Turkey’s average amortization period of 20 years, a rental multiplier below 240 months indicates a worthwhile investment.
For strong resale value, social infrastructure is crucial. Proximity to schools, business centers, shopping hubs, and social amenities increases rental demand and liquidity. Access to transportation also boosts resale value and accelerates the sale process.
The Home Buying Process
Buying a home is a significant investment that requires careful planning and thorough research. Choosing the right home starts with clearly defining your needs and planning your budget realistically. Understanding market trends and timing your purchase can significantly boost your investment’s value.
A detailed review of the property’s physical and legal status is essential to avoid future problems. Given the seismic risks in Turkey, structural integrity and legal compliance are paramount.
To ensure long-term value appreciation, assess the development potential of the area and calculate rental yields accurately. A wisely chosen home can serve both as a safe haven and a profitable investment. By following the criteria outlined in this guide, you can make more informed decisions during the home-buying process.
