In this article, you will find five property trends: going digital, millennials as a market, shifting to second-tier cities, listing your property, and how to safeguard your real estate. Read on.

1. House hunting has gone digital

With the development of technology trends including the internet, house hunting has gone digital. The traditional process of house hunting, which involves a series of steps such as visiting multiple locations, researching and comparing properties and neighbourhoods, can now be done online. 

According to Forbes: “44% of buyers start their home search online.” 

There are tools that provide detailed information about homes, neighbourhoods and local amenities. These tools allow you to filter your search results to find a home that meets your requirements. 

To add, virtual tours help buyers such as yourself get an immersive experience of houses without having to visit them in person. By using this digital approach to house hunting, you can save time and money while finding your dream property.

2. Millennials are buying homes

There is a big market for millennials in the United States who buy residential real estate. Those of this generation have been able to secure steady employment and their household incomes have risen. According to Finances Online, millennials, who make up 38% of the market, favour middle and upper class homes the most.

Millennials conduct online research first before making purchases. If you are a seller, you might want to consider offering sustainable homes with lots of usable space for this market. 

Additionally, think about promoting homes in populated areas where living expenses are lower. For those who are buyers, the present market means being open and honest with sellers about what you are looking for in a home, as well as enlisting the help of a property lawyer or real estate agent.

3. People are moving to second-tier cities

According to Real Assets Adviser: “In 2022, second-tier cities such as Atlanta, Austin, and Charlotte  have seen 10-year population growth of between 10% and 30%, outpacing the 2010-2020 US population growth of 7.1%.”

There is a noticeable trend of individuals and families relocating to second-tier cities due to the following: 

• cheaper cost of living
• cheaper business costs
• tax load
• employment growth 
• more affordable housing.

Large corporations have also been relocating to second-tier cities from first-tier cities. These capital transfers are thought to spur economic development and raise the value of real estate assets in second-tier cities.

It is anticipated that the influx of money into second-tier cities will roughly equalise capitalisation rates in both markets, increasing the value of real estate in those areas.

4. Listing your home as an Airbnb

Airbnb is a popular platform for homeowners who want to rent out their homes on a short-term basis. It is becoming a popular choice for homeowners due to the many benefits it provides, such as increased income opportunities and flexible rental terms.

Using Airbnb, homeowners can easily attract guests from all over the world. As a homeowner, you can take advantage of traveller ratings to make your properties more attractive.

Homeowners like yourself have the freedom to set your own rental rates and availability schedule, which allows you to maximise your earning potential. You might want to make sure that you get the best price for your rental. 

In addition, Airbnb also offers marketing and customer service support, as well as tools that help you manage their rentals more efficiently.

5. Protecting your property

Protecting your real estate is becoming more and more important in today’s world. As the value of land and buildings continues to increase, homeowners are looking for ways to protect their investments. If before, people would agree on renting spaces through word of mouth, this is no longer the case. 

Here is how you can protect your property…

Working with a property lawyer

Engaging a property lawyer from the onset can help avoid any disputes and property litigation cases down the line. Property law is a complex field, with many important laws and regulations that must be taken into account, such as ownership rights and zoning laws. 

Property lawyers will be able to provide advice on how best to protect your interests when transacting with another party in relation to real estate. By working with a professional lawyer you will be able to reduce your risk of being involved in costly litigation proceedings.

Getting landlord insurance

Landlord insurance is a type of insurance that protects landlords from financial losses due to damage, liability claims and other risks associated with rental properties. It covers the structure of the building, the contents of the house such as furniture and appliances, and also offers personal liability protection. 

Generally speaking, landlord insurance policies cover losses due to natural disasters such as storms or flooding, as well as accidental damage caused by tenants or their visitors.

Wrap up

Real estate trends have been changing in recent years. This has created opportunities for both buyers and sellers to capitalise on these changes. One of the most significant trends is the rise of technology, which has made it easier for people to buy and sell properties with greater convenience. 

Ultimately, these trends are creating an ever-changing environment that requires buyers and sellers to stay informed in order to make the best decisions when it comes to their investments.

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Costs When Acquiring It.

By the time we are going to buy, the vast majority of people need a mortgage loan. To acquire this mortgage loan, the first thing we need is to go to the bank and have a study done. Some banks charge for the study, other banks do not charge for this. But if they charge it, it is the first expense we have to do. Assuming that the study is correct, that you have the sufficient credit profile and the necessary debt capacity, you will be able to take the house. But if not, it is likely that you will have to pay off debts first and that represents an expense that perhaps you were not thinking of doing. Or that you have to cancel credit cards and suddenly that also represents a disadvantage in other ways, as it happened to me.

Then we talk about what you do the business and then as such comes some expenses from closing the business:

• The down payment, which of course is part of the price of the house
• Registration fees
• Notary fees
• Mortgage registration

And everything that has to do with a certificate of tradition, and many expenses associated with the fact that the property is really in your name. Additionally, in the banks to be able to lend you money with your house, or apartment, or real property as collateral, the bank will want to make sure that the value that you borrow, really equals what you are buying.

The lawyer is in charge of analyzing that your property can really be bought, that it is not seized, that it is not in trouble, that if the bank needs to keep it as collateral because you do not pay or anything, it is not going to get tangled up and not are going to have problems.

Expenses When Having the House:

Once the house is ours, now everything depends on us.

If you have to install curtains, buy furniture, if what you had in the previous house is not enough to fill the spaces in this house, and suddenly there is a room where there is no television, or something like that … Those expenses also occur. They are very emotional, they depend on each person, but in general we do not take them into account and it is always an expense of these. Even at the time of finalizing your mortgage payment, you have to pay again to remove that mortgage from the notarial registry and set your house free . And guess who has to pay that expense. Once you have your mortgage credit, you will have to pay monthly interest, which can be deducted from your income statement, freeing you a bit in terms of tax deduction interest. However, obviously that is an expense that you may not have thought or calculated in the correct way, depending on your credit profile. There are people who go to one bank and offer them one rate, and then go to another and offer them a different one; And perhaps at the moment when all the laps are being made, the risk profile may decrease, or increase for example. What this means is that the value of the interest rate can go up, it can even go up according to inflation.

And the rate that is agreed in the long term could mean large expenses as such in interest. That’s why I always recommend building and strengthening a pretty solid credit history. Credits usually have other associated costs as well, such as insurance. In this case, life insurance, which in case you die, pays the debt to the bank and does not pass to your heirs. And also fire and earthquake insurance, which is the basic one, in the sense that if the house is destroyed by some type of accident or loss, the guarantee for the bank continues to be there.

Once again: it is a guarantee for the bank and we have to assume that expense.

So, you have to be very discerning when selecting an investment, and of course houses, properties, apartments in general; they depend on its location, its benefits, and many variables when it comes to selecting it, so practically over time, with experience and perhaps with expert advice, I realize when it makes sense and when it doesn’t.

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Table of contents

1. Where do you start buying a house for the first time?
2. Can you buy your first home as an investment?
3. How do you buy a house when you already own a house?
4. What should you not do before buying a house?
5. Is it better to buy a cheap house first?

Where Do You Start Buying a House for the First Time?

To buy residential property is a dream of every person on the planet. Once you are set to buy a property, money is not the only thing which you need to have in the pocket. Multiple other things come along with it to make a square deal.

First of all, you need to ask yourself if you are ready to buy the property right now. Then you should be aware of the area where the property is located. You can find many options of land for sale around you, but you need to select the best one according to your taste and personality.

You need to be very steady and patient when you are finding residential property for sale. It means that be loyal to your resources and never tell a lie to the agent. When you come up with the plan, keep ready your down payment and request for the inspection.

Once you finalize the place, you need to pay the down payment to make the deal confirm. Moreover, you can take your time to pay the rest of the amount as per the contract.

Can You Buy Your First Home as an Investment?

Residential properties are among the best investments in real estate in terms of rents. You can invest in residential properties to get the benefits in the shape of rent and the annual increment on the property.

Moreover, this the wise decision to make an extra room to make the tenant happy. You further need to renovate it well to attract the maximum clients to hold your property for rent. The vacant places are not liked by many due to several reasons.

Similarly, if you invest a certain amount of the income on maintenance and renovation, you will not lose your tenant at any cost.

How Do You Buy a House When You Already Own a House?

If you are already own a house and want to buy another one, it all depends on your budget. For example, if you are having enough resources to manage and keep the second property, you should go ahead.

On the contrary, if you do not have much-needed money in the pocket, you should not go ahead with this plan because it will destroy your peace of mind and your capital will also be bounded. If you want to change the residential property for sale, you need to hire an agent and ask his opinion.

The sincere one will guide you to overcome the trouble. The best possible option is to set your current house on sale, get the advance payment and make a commitment with the buyer that you are looking for the new one. Make it very clear that once you will get the new one, you will vacate the property you have already sold.

What Should You Not Do Before Buying a House?

You should avoid certain things before you make a plan to buy a house. First of all, you should not take the extra loans which will be difficult to repay. Similarly, you should avoid quitting the job because if you buy the property without a job it pushes you in a blind ally which will cause you frustration.

Likewise, if you are running for a loan, you need to control the extra expenses. For example, if you are looking for a property for a loan, and on the other hand, you are planning to buy a car, it will ruin the internal peace.

Is It Better to Buy a Cheap House First?

Experts suggest that you should start your investment through cheaper houses. The reason they say that you can renovate the cheaper houses over time and can sell it again at a good price. Similarly, you can sell the house and purchase a new one according to your comfort.

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What are the procedures of inheritance and related laws in Turkey?

How will the property of the deceased be handled and who will get them? And what is its future?

Can the government acquire the foreign investor’s property after his death?

Are there inheritance taxes? Does the Turkish citizen differ from a foreigner in the tax’s value?

And other questions of interest to every investor about the legacy of real estate in Turkey, we review the information, facts, and laws related to this article, to serve as a comprehensive guide includes answers to the most pressing questions about inheritance law and inheritance tax in Turkey.

Inheritance of property in Turkey

The inheritance law in Turkey includes foreigners, and a foreign can bequeath his property to his heirs according to the law governing it.

Law of real estate inheritance in Turkey

The issue of inheritance is a fundamental legal concern for investors. It is considered one of the most important things that an investor needs to gather enough information about before investing in any foreign country and ensures the ability to preserve immovable property in order to preserve his property.

In Turkey, the state clearly describes all aspects of inheritance law, inheritance tax, and property transfer, because of the many legal aspects, different situations, and sometimes exceptional circumstances.

The principle followed in Turkish inheritance laws:

At first it must be known that the principle governing the laws of Turkish inheritance is the “location of the property”, that is, what regulates the mechanism of legal dealing with the property is its location, the Turkish law is applicable when dealing with ownership of a property located within the territory of the Turkish Republic, including real estate and immovable property.

In addition, what foreign investors must know when buying a property in Turkey is that the movable property is subject to the laws of inheritance in the country the deceased hold its citizenship, while Turkish law is followed in respect of real estate and immovable property.

Who are the immediate heirs of real estate in Turkey?

In the absence of an officially certified will, the legal heirs of immovable property in Turkey are determined in the following serial order:

• The first heirs of the deceased person are the children and the husband or wife who get a specific share.
• If the deceased person does not have children, his family will be his heirs (father and mother).
• In the absence of children and parents, the spouse/wife shares the inheritance with the grandfather of the deceased or his brother.
• If the deceased person does not have relatives alive, the entire property goes to the husband or wife.
• In the absence of any heirs, all the deceased’s properties will go to the Turkish government.

The deceased’s properties shall be distributed to the previous categories after the discharge of the inheritance, if any, the debts of the deceased are paid to banks, installments, or any mortgage.

According to Turkish law, half of the property will be for the wife and the other half for the children equally, as the male and female quotas are equal. This leads investors to question whether their country’s inheritance laws can be followed, which is permitted, provided that it is applied to all heirs.

Papers required for transferring the property to heirs in Turkey

The following papers must be submitted to each of the heirs in order for the properties to be transferred:

1. The family statement “inheritance inventory “shows heirs and kinship, certified and translated to the Turkish language.
   2. Registration in the tax register in Turkey and obtaining tax numbers.
   3. Valid passport.
   4. Providing personal photos.

Are there taxes on inheritance and properties’ transference?

Foreigners are subject to inheritance and transfer tax if the funds inherited or transferred within the borders of the Republic of Turkey; also whether the heir is living in or outside Turkey, in the event of receiving funds through inheritance or free transfer.

In comparison with other EU countries, the value of inheritance tax in Turkey is relatively low and varies depending on the value of the investor’s property, where a lower tax rate is deducted whenever the property price falls.

The inheritance tax rate varies from 1% to 30%, depending on the residence status of the heir and location of the property.

Thus, when foreigners’ properties are subject to Turkish law, it will inevitably be subject to inheritance and transfer tax. The tax is divided into two types of properties. Each property has a different ratio. There are properties that can be transferred to the owner at no charge through prizes or gifts or donation and so on, including what was obtained through inheritance.

The tax rates mentioned in Article 16 of Law No. 7338 have been determined by increasing the rate of re-evaluation provided. Accordingly, inheritance and transfer taxes imposed on the value of the property (tax brackets) are calculated in transfers through inheritance, or through free transfer (donation, prizes, etc.)

Applying taxes on foreigners in Turkey:

Turkey’s tax system is applied to both Turks and foreigners, according to the senior adviser of the Investment Promotion and Support Agency of the Turkish Prime Minister Dr. Mustafa Kukso Pointing out that the citizens of all countries are treated as Turkish citizens for tax equally and there is no difference between the foreign nationals and Turks.

When should the Turkish inheritance tax be paid?

Under Turkish law, the inheritance tax should be paid within a maximum period of 3 years and is to be paid in May and November each year.

Can you write a will in Turkey?

As in many countries of the world, anyone in Turkey can write a will explaining for whom he/she wishes to leave the properties after death, and the competent courts will consider the will of the person after his death.

The Turkish Civil Code clarifies how to deal with the will: for foreigners, the will must be prepared in accordance with Turkish law in this regard, to be a legally recognized will.

The conditions provided for in Turkish law on the writing of the will, the person should be over the age of fifteen and to have full mental strength.

The will must also be written in the handwriting of the owner, and the date must be mentioned in detail in the day, month, and year, also must be accompanied by his signature. The person concerned must submit the will either to the court or to the clerk of justice, signed before two witnesses so that the proceedings proceed properly.

In this regard, the Court of Peace or the Court of First Instance shall hear cases relating to inheritance. Each case may require different time, depending on the complexity of the case and the functioning of the Court itself.

Can one of the heirs be prohibited from getting his inheritance?

One of the heirs may be prohibited from obtaining his share of the estate in special cases, but the person concerned must explain why he or she is doing so before the court when he wishes to withhold the inheritance from a legal heir, and the person deprived of the inheritance cannot sue the person concerned.

In the end, after all the contents of the inheritance system in Turkey and inheritance and transfer tax have been clarified, you can be assured of the safety of laws and procedures related to the purchase of your next property in Turkey in a reliable and safe manner, and to ensure the future fate of your investment.

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