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Off plan properties vs ready properties
Table of Contents:
What is Under-Construction Property?
The term "under-construction property" refers to properties that are still in development. Also called "off-plan properties," these are great for long-term real estate investment in Turkey. They come with various benefits and attractive prices.
Types of Under-Construction Properties:
1. Residential Properties (including apartments and villas):
- Studio Apartments: Single-room units connected to the kitchen.
- Duplex Apartments: Two connected residential units with an elevator or stairs.
- Triplex Apartments: Three interconnected floors with an elevator or stairs.
- Other types like penthouses, townhouses, and more.
2. Industrial Properties:
- Factories and warehouses, considered secure real estate investments.
3. Commercial Properties:
- Administrative buildings, retail buildings, offices, shopping centers, restaurants, hotels, etc.
Advantages of Under-Construction Property:
- Competitive Prices and Payment Facilitations:
Under-construction properties often come with competitive prices compared to ready properties. Flexible payment plans and incentives from developers attract investors.
- capital growth
Off-plan properties often see an increase in value once they're finished, offering a chance for capital growth.
- Search for Modern Design:
Lots of investors and business pros want to enjoy modern living in homes that showcase the latest in architectural design. It's all about making the experience super comfy for the residents.
Negatives of Under-Construction Property:
As we discussed the positives of under-construction properties, it's essential to highlight the negatives:
- Complications in Delivery Timelines:
The main thing to think about is possible delays in finishing the project on time because of different reasons or unexpected events.
Therefore, obtaining real estate consultations from reputable companies like Damas Group is crucial. These top companies ensure investors have a seamless experience by partnering with trustworthy real estate developers. These developers have a good reputation for finishing projects on time, reducing any potential harm to investors.
- Non-Conformity and Discrepancies at Delivery:
Frequently, initial plans and models may not align with the final product upon delivery. This requires buyers to be open to potential modifications. It's crucial to stress the importance of getting expert help when picking a construction company or developer before investing.
- Time Gap Between Purchase and Title Deed (Tapu) Ownership Document:
You won't obtain the property's ownership deed until you complete all installments. Therefore, this property may not be useful if you're seeking Turkish citizenship.
What's a ready property?
Ready properties, as the name implies, are fully built, finished inside and out, and ready for immediate living or renting. No waiting around like you'd have with properties still under construction.
Types of ready properties
Ready properties, much like those under construction, come in a wide range of options. There's variety in size, design, and price. In a single residential building, you'll find different models to suit diverse investor needs.
Pros of ready properties
1. Quick and ready to go:
The best part? You can move in or rent it out right after purchase. Instant living or immediate rental income!
2. Property inspection in real-time:
Unlike properties under construction, ready properties are done deals. Buyers can assess and inspect the final finishes on the spot, comparing them to their standards and expectations.
3. Thriving and lively:
One major perk is that ready properties come with a complete social atmosphere and infrastructure. Everything you need, from shops to recreational areas and healthcare facilities, is already there. No need to wait for an unfinished project to be completed along with its facilities..
4. Quicker path to citizenship for many foreigners:
Ready-to-move-in properties are the go-to choice for those aiming to buy property in Turkey for citizenship. To qualify for Turkish citizenship, it's important to meet the least property value, which is set at a total of at least $400,000 for all purchased properties. Choosing a ready-to-move-in property in Istanbul or other Turkish provinces can expedite the process of obtaining a Turkish passport. You'll be able to get the title deed as soon as the full amount is paid. Cool, right?
Here are some ready-to-move-in properties in Turkey. Click here...
Downsides of ready properties
After covering the positives of ready properties, it's important to point out their drawbacks.. This helps investors make a well-informed decision.
1. Price Hike:
While ready properties offer many advantages, it's worth noting that their prices are often higher compared to properties still under construction in the same location with similar specifications.
2. Limited Options:
The available choices might be limited, especially when it comes to views and floors.
This is where getting specialized assistance from trustworthy real estate companies becomes crucial. They assist you in finding a balance between your personal preferences, financial capacity, and investment objectives.
It's about carefully deciding on the best investment that matches your goals, considering the advantages and disadvantages of each property type.
Properties under construction vs. Ready properties for investors
For investors:
There are some steps recommended for investors to mitigate risks when buying a property under construction. The key step is to document all the agreed-upon details, like the number of rooms, location, price, payment schedule, and delivery date, in the buy contract.
Visiting the property site and inspecting it personally is necessary. Additionally, ensure the location details, proximity to public services, and transportation options.
Seeking help from a specialized real estate company ensures that your payments are coordinated with construction phases and completed work.
As for ready properties:
Ensure the legality of the title deed and check for any legal issues on the property.
Ensure the property is built with a sturdy, earthquake-resistant system by obtaining a construction guarantee certificate from the relevant authorities.
What do investors prefer?
When an investor is aiming to get their dream home, it's crucial to ask themselves a set of questions. Which type of property meets their required standards? Which one can help them achieve their investment goals and fits their budget compared to future aspirations? Let's quickly summarize the answer with a few examples to clarify:
You might lean towards a property under construction if you're thinking long-term investment with a return over the long haul. You can sell it after the project is complete, making a profit of at least 25%.
If your aim is citizenship or settling with your family, ready-to-move-in apartments for sale in Istanbul and other Turkish cities are your best option.
Read more about real estate investment - Comprehensive Guide for Investors 2023. Click here...
Search Keys for Related Properties
- Apartments for Sale in Istanbul
- Government-Backed Properties
- Properties with Special Installment Plans
- Properties for Sale in Basin Express
Summary of the differences between the two types
In conclusion, the Turkish real estate market is brimming with options and projects that cater to various requirements, boasting the highest quality standards. Turkey's exceptional location and charming nature further enhance its appeal. For investors, it remains essential to compare their preferences, whether leaning towards properties under construction with advantages like lower prices and flexible payment plans, aiming for long-term returns and high profits. However, they should consider potential drawbacks such as expected delays in final delivery schedules and variations in specifications and final finishes from the initial plans.
On the other hand, ready properties are seen as a safer option, steering clear of the risks of delays in delivery. The buyer, upon signing contracts and completing the purchase process, promptly receives the property. This enables the buyer to quickly generate income through renting or reinvesting, although the profit is often lower compared to properties under construction. Opting for ready properties also protects the investor from falling into the trap of changes, as they receive exactly what they see on-site, choosing in reality rather than through plans and preliminary models. However, there may be occasional maintenance needs for older ready properties. Additionally, the higher cost is a significant drawback compared to properties under construction.
Damascus Real Estate Group
Get your free consultation today from our specialized team at Damascus Real Estate Group. We provide comprehensive information about the differences between ready properties and properties under construction in Turkey, helping you make the most appropriate decision, whether you're looking to expand your investment portfolio or are a new investor aspiring to step successfully into the world of Turkish real estate. Contact us now.
Get your free consultation today from our specialized team at Damascus Real Estate Group. We provide comprehensive information about the differences between ready properties and properties under construction in Turkey, helping you make the most appropriate decision, whether you're looking to expand your investment portfolio or are a new investor aspiring to step successfully into the world of Turkish real estate. Contact us now.
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"Investing in Hotel Apartments in Turkey. Click here..."
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"Economic Situation in Turkey. Click here..."
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"The Future of Real Estate Investment in Turkey 2023. Click here..."
FAQ
Buying a ready property for residence provides speed in completing the purchase procedures and obtaining the title deed, which is one of the requirements for obtaining citizenship, along with other conditions such as the property's price.
Delays in delivery schedules, variations in final finishes from the agreed-upon plans, and the non-receipt of the title deed until all property payments are completed can be common issues. This highlights the need for assistance from specialized real estate companies that connect investors with the most reliable construction firms.
The ability to obtain the title deed immediately and quickly, thereby achieving an immediate return on investment. The investor can personally verify all the details and final finishes on-site without relying on any models or drawings, finding all the necessary infrastructure and facilities alongside transportation means.
The property under construction might be a dream home, as construction companies provide the highest standards of comfort with the latest decorations and architectural designs. All of this comes at competitive prices and convenient installments that suit the investor's financial situation, along with many facilities offered by the developer. Additionally, the value added to the investor's capital upon the completion and delivery of the project.
This is due to the investor not needing to wait for a period that can reach up to 3 years in some projects. This period contributes to increasing the property value upon project completion, as unsold ready properties are then offered at a higher price. This increase represents the added value that the investor gains from under-construction properties.
