Keep an Eye on Your Budget First
You must first determine your budget before you begin looking at houses. Some folks hunt for their perfect dream home first, then look for ways to pay for it. However, this usually results in the buyer overstretching their finances for years to come, or disappointment when they discover that the lovely villa with infinity pool and sea views is simply out of their reach.
Make a List of All Potential Financing Sources...
To begin, establish a list of all possible sources of funding. Also, make a note of whether the funds are readily available or when you expect to get them. The majority of foreigners who purchase property in Turkey do it from one of three sources: savings, inheritance, or for investment reasons. Because house sales in Turkey are often swift, the entire process might take anywhere from 3 weeks to 3 months, knowing when the money is easily available is critical.
Mortgages in Turkey for Foreigners...
Foreigners were first offered mortgages by Turkish banks in 2007. Naturally, terms and conditions differ per bank, but in average, 50 to 65 percent of the purchase price is covered by the bank, leaving the buyer to secure the remaining funds. If you'd like a list of banks that offer mortgages to foreigners, please contact us; nevertheless, it's worth noting that repayment rates for foreigners are typically higher than for Turkish residents.