Overall Budget
To establish a budget for purchasing a home, you should consider the following;
The best way to establish a budget is to determine how much money you will need as a down payment and how much you feel comfortable spending, based on your gross income, for monthly payments.
Cost Per Square meter
When purchasing new construction, the favoured method of comparing value is cost per square meter. This is the method used by developers to initially price their developments. With the cost per square meter in mind, you will be able to compare different properties on an equal basis and determine whether you are purchasing at a favourable price.
Also to be considered when looking at the cost per square meter price is whether the developer has included such items as granite counter tops, marble bathrooms, and black or stainless appliances as standard features. In Turkey the price per square meter range from 225 to as much as 1000 per square meter on the Coast.
Finishes
Be sure to ask your agent to get a detailed list of specifications in writing from the developer, indicating the brand and model number of each appliance. Don't be confused by the finishes and appliances that are shown in the models you see- they may not be the same as those included in the quoted price. Models are typically finished with granite and marble, under-mount sinks and hardwood laminated floor laid diagonally but such features may not be considered standard, particularly in smaller or less expensive units.
Upgrades
As you can imagine, the cost of upgrades can vary considerably. Developers commonly charge their cost plus a 20% mark-up for upgrades; others may charge even more. Try to determine the costs when you and your property agent are writing up the initial offer. By determining all costs during the contract period you reduce the chance that upgrade costs will exceed your budget. If you keep in mind that many new construction units are not ready for occupancy for a year or two, you will understand the importance of having all upgrade costs in writing as part of the initial contract – at today's prices rather than at costs calculated at inflated prices one or two years later.
Parking and Swimming pool
One of the essential elements of resale value is parking and swimming pool. In a loft conversion or a high-rise building, parking can vary depending upon the level of luxury of the building and the availability of parking in the area.
Since parking spaces have dramatically increased in value, you should seriously consider purchasing a space whether or not you currently own a car. Without parking, the later sale of a unit may be more difficult than that of a comparable unit for which parking is included in the price.
Delivery Date
Although your contract will specify a delivery date, provisions in the contract will often allow the developer to deliver your unit later than the specified date, However a negotiated compensation will occur in this event.
Working With Us
Purchasing a new construction residence can be a rewarding experience and a wise investment. It can also be a daunting experience for a new investor or to those who are expanding their portfolio to a new area or country. This is where we come in.
Before we sell anything to our clients we personally visit the areas ourselves, more times than not we will already have invested there personally and through the company before we start selling to our investors. This is why we feel investors work with us time and time again because we have built up a trust with them and feel that we are working together to make our money work for us.
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