I have a wonderful friend who recently complained in her hearts about the inability to buy an apartment. She earns in foreign currency, saves money, but because of inflation, currency surges, apartment prices are constantly growing and she does not know how to buy an apartment and not throw money away for rent.
Let's analyze the situation and assess the strength of buying an apartment for a young woman in Antalya.
First, the pluses of the situation:
She has accumulated about 30% of the estimated cost of the apartment (she actively monitors the market and has an idea of how much she is ready to earn for an apartment).
She earns, as I said above, not in Turkish lira, i.e. leap in currency, it seems to be good for it. But not everything is so obvious. Let's not forget about inflation.
Her income is stable, in her opinion, for several years.
She lives in a rented apartment, the payment for which, as well as minus the living expenses, allows her to save up for an apartment. Those. we have a surplus in income to make contributions to the apartment upon purchase.
Cons of the situation:
Jumps in the exchange rate lead to inflation, which means that the cost of building materials rises, the developer raises the price. If the housing is secondary, which in Antalya shares the palm in sales with construction sites, then the owners do not want to “lose” on inflation and also raise prices for their homes.
Any accumulated amount postpones the moment of purchase, because the market price rises, but not the cadastral price. Namely, the cadastral price affects the size of the loan that the bank can give.
The bank does not lend the full amount for the purchase, an initial payment is required. About 50-60% you need to have funds to go to the bank for loans.
Trying to save up for an apartment, it is impossible to “fix” the price of an apartment.
The bank does not issue loans for projects under construction, only ready-made housing.
What to do in this situation?
We offered the option of buying an apartment in a long-term installment plan for a period of 3 years. Currently, such a long-term installment plan can be found in Antalya only in a few projects that are developing a new elite microdistrict in the central part of the city. Buying such a project provides very significant advantages:
The price is fixed in the contract, it cannot be changed;
The contract is notarized;
Down payment 30%;
Payment by installments for 3 years;
Long-term construction insurance;
The money put aside is not depreciated, but is used to pay off the debt for the apartment.
After the completion of construction, it is possible to negotiate with the developer and get a loan for the missing amount to close the remaining payments.
You can get detailed advice on the choice of an object, payment plans from our specialists by ordering a call on the website or write me directly +90 539 254 04 45 Inna Danilova Head of INEST HOMES.
