Istanbul Real Estate > Should I rent or buy a Istanbul property

Istanbul Real Estate ...

Istanbul Real Estate Calculator
Finding a Home In Istanbul If you plan to rent or buy a property in Istanbul, finding your property will be a major step in your relocation to Istanbul. If you have not lived in Istanbul, you should rent rather than buy your property in Istanbul, at least for six months. If you would like to rent or buy a real-estate property in Istanbul you may email us at webmaster@turkey-travel-guide.de with your real-estate questions. It is the best way to know not only if Istanbul is the place you want to live or retire for the next few years, but also if Istanbul is suited for you. Apartments & Houses in Istanbul If you are planning on living in Istanbul, it is likely that you will be living in an apartment/condo versus a house. Please make sure that modern equipments, such as electricity and water should function to the maximum. Please double-check and make sure electrical outlets are located in every room and functioning. Make sure you turn on the water and make sure that hot and cold water is functioning and flush the toilet, turn on the shower. Don't count on real-estate agents in Istanbul to point out the negatives of a place they're trying to rent or sell you. Istanbul Agencies Real-estate agencies in Istanbul advertise in local Istanbul newspapers and as well on their office windows. You should be able to notice a real estate agency in Istanbul by the window full of ads for the different apartments or houses they have available for rent or sell in Istanbul. Before you begin working with an agency in Istanbul, check that their fees are acceptable and that they are a member of the Istanbul Real-estate Assocation. In most rental agreements in Istanbul most agencies charge a month's rent for a twelve-month rental agreement. When selling a property in Istanbul, real-estate agents in Istanbul usually charge between 2.5% and 3% of the final sales price.
Monthly rent Istanbul:	$
Monthly Istanbul rental insurance:	$
Expected annual inflation rate in Istanbul:		%
Purchase price of property in Istanbul:	$
Down payment amount:	$
Length of Istanbul mortgage term (years):	#
Istanbul Mortgage's annual interest rate:		%
Discount points on purchase of home in Istanbul:		%
Origination fees:		%
Other loan costs in Istanbul:	$
Mortgage Insurance (PMI):		%
Istanbul Homeowner's insurance rate:		%
Monthly association dues in Istanbul:	$
Average monthly maintenance of Istanbul property:	$
Istanbul Annual property tax:	$
Istanbul plus government income tax rate:		%
Interest rate you expect to earn on savings in Istanbul:		%
Expected percentage your Istanbul home will appreciate by each year:		%
Number of years you will stay in Istanbul:	#
Istanbul Realtor commission rate:		%

Total estimated cost of renting a property in Istanbul:	$
Total estimated cost of buying a property in Istanbul:	$


After coming to an agreement on a rental or purchase, both parties in Istanbul sign the contract. However, it is not a legal agreement until the appropriate seals of the city of Istanbul with a tax stamp has been purchased and affixed to ther agreement. You have to make sure before finalising the lease or purchase that the official seal of Istanbul will be affixed to the agreement. Renting Real estate agencies in Istanbul are the safest way if you want to rent or buy a property in Istanbul. Please make sure they are a licensed agent in Istanbul and very familiar with the Istanbul property market. Local newspapers in Istanbul also advertise apartments and houses for rent, but word of mouth is the best way in Istanbul. If you are currently an academic in Istanbul, you could check local at local universities in Istanbul, where apartments or rooms for rent are commonly posted. In general rental rates in Istanbul, increase by a small percentage each year in accordance with the government's annual cost of living reports in Istanbul. You can find yearly leases in Istanbul, and more short-term housing is available near academic institutes or around tourism areas within Istanbul. Short-term tourist housing in Istanbul is fully furnished and most of the time fully equipped. If you have the budget, you could rent a serviced apartment in Istanbul. If you want to buy a property in Istanbul, I would highly suggest you to have the property checked out by yourself and hire a lawyer in Istanbul to check how much debts the property has currently registered and if those numbers matched with the seller of the property in Istanbul. If you are buying a brand new property, you'll need to pay property tax in Istanbul. If your purchase is a luxury property, you may have to pay local taxes in Istanbul and possible stamp duty. Even as a non-resident homeowner in Istanbul, you may become liable for all kind of taxes in Istanbul, including income tax. Istanbul Mortgages If you plan to take a mortgage in Istanbul you need at least a 20% downpayment of the purchase price of the property in Istanbul. Even if you generate rental-income from renting your Istanbul property out, it is not considered by most lenders as you may decide to move in, at a later time. The Istanbul Real Estate calculator will help you to compare the costs of renting a house or condo in Istanbul to the costs of buying a house or condo in Istanbul. Since there are all kinds of forces at work behind the scenes such as the current interest in Istanbul, Istanbul property taxes, tax savings, appreciation in general to investments in Istanbul, comparing the cost of renting to the cost of buying in Istanbul is a lot more complicated than just comparing the monthly mortgage payment to the monthly rent payment. The Istanbul Calculator attempts to forecast the net effects of all the hidden forces so you can make an informed decision before buying or renting a property in Istanbul. Help Buttons: For pop-up explanations of any of the entry fields, click the radio button next to the description. NOTE: Be sure to enter "0" (zero) in any entry boxes that don't apply to you. Also be sure that only numbers and decimal points are entered into the fields. Property Types in Istanbul Istanbul Multi-Family Traditional, multi-family residential complexes located in Istanbul and suburban markets of Istanbul. Istanbul Mixed-Use Properties in Istanbul that integrate and combine residential with different uses, including retail and office spaces. Istanbul Office Traditional office or office type properties in Istanbul. Istanbul Retail Properties in Istanbul with a mix of tenants that meet the convenience needs of neighborhood residents, including video stores, grocery, and financial services companies within Istanbul. Istanbul Light Industrial Single- or multi-tenanted spaces in Istanbul used for warehouse, manufacturing, distribution, or research and development in Istanbul.

Istanbul Real Estate Calculator