These 5 Features Adding Value to Your Properties in Turkey
Domestic and foreign investors in Turkey have enabled properties to be turned into a tool by conducting trade in the property market. Foreign investors, in particular, should carefully investigate additional features that adding value to properties in Turkey and which features should be taken into account while investing in property in Turkey. Knowing the dynamics of the property market will be beneficial while investing and learning the value of the property afterwards. These factors will be of great importance when determining the sales value of the property.
Elements That Determine Value for Properties
There are some factors that domestic and foreign investors who will buy property for investment or residence primarily need to pay attention. The investor usually aims to gain commercial income from the property purchased or considers what benefits it'll provide functionally.
Two questions that should come to one's mind are how to determine the value of property in Turkey and what features adding value to properties. It is important to consider the factors that determine the value of a property, before the features that add additional value to properties are taken into account. The value of a property purchased for investment is determined by the value assigned to it in the market. For this reason, conducting a market research on the asset will help determine its value. Apart from that, the second value determiner is the income approach.
This income approach is determined by the cash flow, that is, the monthly rental income of the property or the value of dwellings in the same location. Determining the value of a property is vital for the investor and the landlord. For this reason, the features that properties should have depending on these factors will be discussed. The value of a property should not be overestimated or underestimated.
Price Valuation by Monthly Rent
Valuing a property by monthly rent is the most appropriate method to value a property. The rent gives the purchase and sales prices of a property in the clearest way. A property is sold based on its rent and thus the value of the property varies at the rate of this amount regardless of when the property is sold. In other words, if the rent of the property is high, it'll be sold at a higher price.
If you are going to buy a property for investment, your income will return based on the inflation values. Investing for a property is a huge investment decision. Its return cost varies depending on the value calculation and many factors. There are many factors such as the economic conditions of Turkey, money value and environmental factors. In general, the investment return period determined in Turkey is 18 years. However, this period will vary by the change of environmental factors or economic conditions.
For this reason, the development of the region where the investment is made, environmental conditions and inflation values should be taken into consideration. While the rent of a property is being established, an expert should be consulted, where necessary. Resolution by valuation expert is highly important.
Property Valuation By Environmental Factors
The most important criterion that establishes the value of properties is environmental conditions. Increasing the value of a property is a factor that depends on changing the structure around the property. These conditions should also be taken into account when the rent of a property is being established.
What are the features adding additional value to properties in Turkey?
It is possible to list the answer to this question in 3 items. A wide range of means of transport around the property is the most important factor based on which the value is assigned. Everyone's dream is to live in a property close to his/her workplace. For this reason, one of the environmental factors is a wide range of means of transport.
Therefore, in terms of factors adding additional value to properties in Turkey, projects built close to a central location are assessed as a great advantage. Another feature that adds extra value to a property is its central location or connections with the environment.
The fact that a property has many facilities such as its proximity to the sea, that it's close to public buildings, hospitals, shopping malls, universities and educational institutions is a determining factor that adds value. Another feature is that the building is new. The age of the building is among the most important features that adding value to properties in Turkey.
Advantages of the Internal Structure of the Property
While features adding additional value to properties in Turkey are considered, advantages in the internal structure of a property should also be taken into account. Apart from the fact that the building is new, the advantages inside a property, even if it is an old building, emerges as a factor that adds value. That a flat is located on the south facade or a facade getting day light is a feature that gives additional value to properties in Turkey.
Apart from that, that the flat is located in the front facade is a feature that adding additional value to the properties. It is a disadvantage that a flat is located on the attic or in the ground floor. For this reason, the flats between the aforementioned levels are mostly preferred. Today, almost all new buildings have elevators.
Buildings without elevators affect the preference level. For this reason, buildings with elevators are considered as additional value. Another factor that is among the features that adding additional value to properties in Turkey is having a view or open front.
The last one among the advantages that adds additional value to new properties in Turkey is the presence of common areas. Presence of a sports center or social facilities is a feature that adds additional value to the property.