Buying a new building in Turkey is one of the ways to buy real estate in the country. New buildings are buildings that are under construction or have just been commissioned. Buying an apartment in a new building has its own advantages and disadvantages, which should be considered before making a decision.
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Buying an apartment in a new building also involves some risks. Construction can be delayed due to various problems, leading to a delay in delivery of the apartment. In addition, the quality of construction may not meet expectations, which will lead to the need for additional costs for repairs and decoration.
Advantages And Disadvantages
Let’s take a closer look at the advantages and disadvantages of this way of purchasing a property.
Advantages Of Buying An Apartment In A Building Under Construction:
Flexibility in the choice of layout
- The choice of floor and window guidance
- Opportunity to increase the value
One of the main advantages of buying an apartment in a building under construction is its lower price compared to the finished property. This is due to the fact that when buying property in a new building, the buyer does not pay for the finished object, but only invests in its construction.
Flexibility In The Choice Of Layout
During the construction, you can choose the desired layout of the apartment, and determine the location of rooms, window sizes, and other parameters.
The Choice Of Floor And Window Guidance
The buyer can choose the floor and the direction of the windows, which could affect the price and comfort of living in the future.
Opportunity To Increase The Value
Buying an apartment in the building under construction can be a profitable investment since after the construction its value can increase significantly.
Disadvantages Of Buying An Apartment In A Building Under Construction:
- Risks associated with construction
The need for additional investments
- Limited Choice
- The need to wait
- Risks of the economic situation
Risks Associated With Construction
Buying an apartment in a building under construction involves certain risks associated with construction. There may be delays in delivery or unexpected costs to correct defects in the construction.
The Need For Additional Investments
Buyers of a new building may be faced with the need for additional investment in the repair and decoration of the apartment, which is not included in the price.
The choice of apartments in the building under construction may be limited because only a few options may still be available at the time of selection, which may limit the choice and impose restrictions on the desired layout.
The Need To Wait
The buyer should be prepared for the fact that the delivery of the facility may be delayed indefinitely, which may be a problem for those who are planning to move in soon.
Risks Of The Economic Situation
In case of changes in the economic situation in the country or the world economic crisis, the cost of real estate may decrease, which could have a negative impact on the investment in the new building.
In addition to the advantages and disadvantages of buying an apartment in a building under construction, there are several other important factors to consider when making such a purchase:
- Pay attention to the builder’s reputation, experience, quality of past projects, etc. This will help to reduce the risks associated with delays in delivery, poor-quality construction, etc.
- Pay attention to the infrastructure in the area, proximity to transport interchanges, stores, schools, hospitals, etc. This can affect the level of comfort of living in a new apartment, and ultimately affect its value.
- Consider the possibility of buying an apartment in installments or using a mortgage loan. This can be beneficial to buyers who do not have enough money to pay the full cost of the apartment.
- Don’t forget about the tax and legal aspects of buying property in Turkey. When buying an apartment in a building under construction, you need to carefully study the laws and tax regulations related to the purchase and ownership of real estate in Turkey.
In general, buying an apartment in a building under construction can be a profitable investment if you consider all the risks and benefits associated with such a purchase. It is important to choose a new building wisely, paying attention to such factors as the reputation of the builder, the location of the object, the possibility of buying by installments or using credit, tax, and legal aspects, etc.
If you are seriously thinking of investing in an apartment or an entire house in one of the Turkish cities, Turk. Estate has a website where you can find many options for apartments in every city in Turkey, depending on your desires, financial capabilities, and mobility. Turk. Estate is here for you to help you find the property of your dreams in any part of Turkey.