Buying a New Home: Key Points

The question of what to consider when buying a new home is crucial for anyone planning to make a real estate investment. According to experts, the location of the property is one of the primary factors directly affecting its value. Additionally, the building's age and the size of the house also play a critical role in determining its worth. Learning what to pay attention to when purchasing a new property is the first step in securing the future of your investment.

During periods of low-interest rates, properties with a rent multiplier of 240 or below are considered advantageous, while during high-interest periods, properties with a rent multiplier above 200 may be deemed expensive.

In this article from Yükselen Mimari, we will cover in detail all the aspects to watch for when taking possession of a newly built property, the legal and financial processes involved, and the answers to the question of what to look out for when buying an apartment. Remember, if first-time buyers opt for used properties instead of new ones, they must allocate an additional budget for possible documentation costs and renovations.

Key Criteria to Consider When Choosing a New Home

The key to success in real estate investments is knowing the fundamental criteria to consider when choosing a new property. The first and most significant factor that will catch your eye is the property's location. Indeed, location is the primary determinant of a home's value.

For instance, proximity to transportation options like subways, buses, and main roads directly impacts your daily life. Similarly, easy access to schools, hospitals, supermarkets, and social spaces is a crucial criterion that enhances your quality of life.

Especially for families with children, closeness to educational institutions becomes a significant preference. Additionally, living near healthcare facilities offers peace of mind, providing quick access in emergencies.

Proximity to business centers is another important consideration. In densely populated cities, long hours spent in traffic may prompt you to prefer a residence close to your workplace, thus enhancing your overall quality of life.

When purchasing a newly built home, the reliability of the construction company is critically important. Reviewing the company’s past projects will give you insight into its credibility. Furthermore, examining the technical specifications and the quality of materials used in the construction can prevent long-term problems.

Legally, it's essential to verify whether there are any liens or mortgages on the property. Checking the title deed and confirming the existence of a building permit will prevent potential legal issues in the future.

Thus, when selecting a new home, reviewing the location, evaluating the reliability of the construction company, and checking the legal status form the foundational pillars for achieving long-term satisfaction.

Inspections to Perform When Taking Delivery of a New Home

When realizing your dream of homeownership, the inspections you perform while taking possession of a newly built property can help you avoid many future problems. Acting with detective-like diligence ensures you won't overlook factors that could directly affect your living standards.

When checking the walls, pay attention not only to visible areas but also to ceiling junctions. Particularly, paint quality, color inconsistencies, and surface flaws might not be immediately noticeable. Using good lighting to inspect the overall wall quality helps you detect dents and defects that might otherwise be missed.

During flooring inspections, ensure there are no flexing issues in the parquet and no color discrepancies, cracks, or breaks in the ceramics.

It’s also important to check if doors rub against the frames when opening and closing and whether the locking mechanisms work properly.

In bathrooms, carefully inspect sinks, basins, and shower fixtures to ensure drains are not leaking. Testing the functionality of electrical sockets and lighting switches is essential to avoid being left in the dark on your first day.

If your home includes a balcony, ensure that the slope is directed toward the drain. This small detail will prevent your pleasant balcony experience from turning into a headache.

Key additional checks include:

• Inspecting the electrical system (grounding, fuses, meters)

• Verifying the existence of an occupancy permit (building usage permit)

• Ensuring all promises in the purchase agreement have been fulfilled

• Recording the meter readings (electricity, water, gas)

It is crucial to document any defects you discover during the delivery process. Remember, under the law, you have four options when delivered a defective property: rescind the contract, demand a price reduction proportional to the defect, request free repair, or ask for a replacement with a non-defective property if available.

Legal and Financial Processes When Buying a New Home

Purchasing real estate is not just acquiring a physical space but also assuming significant legal and financial responsibilities. Before achieving your dream of owning a new home, understanding the legal procedures and financial obligations in detail is crucial for securing your future.

The Sales Contract is the foundation of your real estate journey. Before signing, you must thoroughly read every clause and seek legal advice for anything unclear. Defined under Article 207 of the Turkish Code of Obligations, this contract outlines the parties' rights and responsibilities, preventing potential disputes.

Financial obligations when buying a new home go beyond just paying the property's price. Additional costs such as notary fees, title deed fees (2% from the buyer and 2% from the seller), and VAT must also be considered. Importantly, avoid underreporting the declared property value, as doing so can result in fines and legal interest if detected by the Revenue Administration.

If you plan to use a housing loan, comparing the interest rates and payment terms offered by different banks will provide a significant advantage. Generally, banks offer terms up to 120 months, and the loan amount is determined based on the property's value assessed by a Capital Markets Board (CMB) licensed appraiser. A mortgage is placed on the property being financed, and additional collateral may be required if necessary.

Another critical point is reviewing warranty conditions when buying a new property. According to the Consumer Protection Law No. 6502, the contractor is responsible for defects for five years after the delivery date. Gaining detailed knowledge about construction warranties and maintenance services will help protect your rights if any issues arise later.

By managing legal and financial processes carefully, you can confidently step into your dream home. Working with a professional real estate agent or legal advisor could be the smartest investment in your home-buying journey.