When it comes to investing in property, it can be a daunting task to decide where to buy and whether or not to buy at all. In Turkey, there are countless estate agents vying for your attention and promising you the world, but it’s important to take a step back and consider whether buying property in Turkey is the right choice for you. In this essay, we will explore the advantages of renting over buying, and provide reasons why it might be wise to hold off on purchasing property in Turkey.
Renting Over Buying in Turkey
First and foremost, renting a property lets you get a feel for the area before making a significant investment. This is particularly important if you’re considering moving to Turkey long-term. By renting, you’ll be able to try out different neighbourhoods and get a sense of what it’s like to live in the area. If you find that you’re not happy with your first rental property, you have the flexibility to pack your bags and move to another rental property. This isn’t an option if you’ve invested in a property, as it can be difficult and costly to sell a property quickly.
Furthermore, depending on the location, you can rent a beautiful property for a reasonable price, especially if you decide to pay upfront a significant amount, such as six months’ rent. This can be much more appealing than investing much money into the unknown. When you purchase a property, you’re taking a considerable risk, as there are no guarantees that the property will appreciate in value or that you’ll be able to find renters if you’re not living in the property year-round.
Another advantage of renting is that it allows you to get to know the locals. When you’re on holiday in Turkey, it’s easy to be taken in by the glitz and glamour of tourist hotspots. However, living in Turkey is a different experience altogether. By renting a property and living like a local, you’ll be able to immerse yourself in the culture and get to know the people who live in the area. This can be a great way to make new friends and build a support network, which is especially important if you live in a foreign country.
If you’re considering purchasing property in Turkey to let it out, it’s essential to be aware that only a few people make money from rentals. In many cases, the costs of maintaining and managing the property outweigh the income generated by rent. Furthermore, being a landlord can be a stressful and time-consuming job, especially if you’re not living in the country full-time. By renting a property, you avoid the hassle of being a landlord and can focus on enjoying your time in Turkey without the added stress of property management.
In summary, there are many reasons why renting might be a better choice than purchasing property in Turkey. Renting allows you to get a feel for the area before making a significant investment, can be more cost-effective, can get to know the locals, and avoids the hassle of being a landlord. Of course, whether or not to rent or buy ultimately comes down to personal preference and financial circumstances. However, we advise that you speak to many foreigners in the area before you make your big move. They can provide invaluable insight into what it’s like to live in Turkey and help you decide whether or not to buy property.