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Author Topic: Buying a new villa in Kalkan  (Read 13828 times)

Offline Browncoffee

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Buying a new villa in Kalkan
« on: May 16, 2011, 04:57:47 PM »
I'm looking into buying a villa in Kalkan as an investment and have found one I'm interested in. We're at a stage where we would like to make an offer and start negotiations. However, being very new at this, I would appreciate some advice/responses on the following:

- is it common practice to negotiate and ask for a discount?
- could it be considered insulting if I went too low (for instance, 50K off a £450k) on initial offer?
- what's realistic in terms of payment plans (that is, request to pay in installments until building is completed)?

I appreciate most people wouldn't want to give details of their purchases and negotiations on this forum, but would really appreciate if anyone who's recently purchased a villa, perhaps of similar value, could pm me and provide some guidance, lessons learned etc. If you are okay to respond to this thread, that'll be even better.

Thanks in advance for any responses/help.

Linkback: https://www.enjoykalkan.com/forum/index.php?topic=7752.0

Offline Bdancer

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Re: Buying a new villa in Kalkan
« Reply #1 on: May 16, 2011, 06:01:07 PM »
Hello Browncoffee
I have sent you a pm
Isis

Offline clooneyrooney

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Re: Buying a new villa in Kalkan
« Reply #2 on: May 16, 2011, 08:40:26 PM »
My only advice to you is to make sure you instruct a solicitor / lawyer from outside of Kalkan .I can highly recommend Everything Legal in Fethiye.... Run by two females Dilek & Melek... who were very professional throughout the buying process and unearthed a few things that certainly ruffled some feathers in Kalkan !

Their contact details are ... everythinglegal
TRANSEUROPEAN LAW COMPANY.
Cumhurit Mah. Ataturk cad.
likya  Is Merkezi Kat 2 d.209
Fethiye Mugla 48300.
tel/fax 0090 252 612 9711
Dilek.   (sworn notary english translator) mobile direct. 0536 253 0936.
Melek. (qualified licensed lawyer) german/turkish.        0537 209 0288.
Stuart. (associate)                                                0535 599 8538.
everythinglegal@hotmail.co.uk

Hope this helps and good luck with your purchase.

Offline misty

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Re: Buying a new villa in Kalkan
« Reply #3 on: May 16, 2011, 09:27:31 PM »

I would worry just how much of an investment it would be...........I've looked into buying a villa and decided in the current climate I would not see a decent return on my outlay.....before I get shot down thats just my humble opinion..... ;) ;)

Offline Browncoffee

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Re: Buying a new villa in Kalkan
« Reply #4 on: May 21, 2011, 10:17:40 PM »
Thank you so much for all your invaluable responses. This has been an amazing learning experience so far.

Offline Javonnah

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Re: Buying a new villa in Kalkan
« Reply #5 on: May 25, 2011, 09:42:35 AM »
Hi,
I'll advice to you is to make sure you instruct a solicitor lawyer from outside of Kalkan.I can highly recommend, everything Legal in Fethiye.Run by two females Dilek and Melek... who were very professional throughout the buying process.
Javonnah

Offline tonik1945

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Re: Buying a new villa in Kalkan
« Reply #6 on: May 25, 2011, 05:27:37 PM »
Javonnah
Why are you copying from other peoples posts? ???

Offline Blue Lizard

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Re: Buying a new villa in Kalkan
« Reply #7 on: May 25, 2011, 06:33:36 PM »
Methinks little wum Javonnah was on here last week under a different name......school must be boring
People Of Britain.. When your missus asks "Does my bum look big in this? Never say "Dunno your blocking the light."... just sayin ????

 ta ta for now
Lizard

Offline Cheesecake

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Re: Buying a new villa in Kalkan
« Reply #8 on: May 26, 2011, 02:48:25 AM »
Hi Browncoffee, It's intersting that you use the word 'investment' and yet you are willing to pay such a lot of money, I only hope for your sake, that you have had a lot of sensible advice, via pms, about the realistic situation in kalkan re the housing market.  Otherwise you look set to lose a lot of money.
  This is one of those threads where the silence is deafening.

Offline kevincat99

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Re: Buying a new villa in Kalkan
« Reply #9 on: May 26, 2011, 06:58:44 AM »
Perhaps a better investment is to put your cash in a bank here - get your 8.5% [  less tax ] and sit back and enjoy it
You still have liquidity, a fairly guarantted incomee and no worries about running costs, advertising or will you get any bookings etc etc
I am sure that many villa owners who let wish they had done that as the competition here for letting must be very fierce
Or is it ??
« Last Edit: May 26, 2011, 07:02:26 AM by kevincat99 »

Offline Pete

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Re: Buying a new villa in Kalkan
« Reply #10 on: May 26, 2011, 12:11:52 PM »
The property market in Kalkan is a classic 'bubble'. It is driven by the British and maintained by them. Prices are now very, very high compared to the most other areas in Turkey. The problem will always be when you come to sell, will you be able to sell with a profit, will you simply get your money back or worse will you sell at a loss, and also how long will it take to actually sell. I would suggest that you look at resale properties for a while and get an impression of the market. I know of some properties that have been up for sale for over six years and are still advertised as being new!! In my opinion the resale market operates more like a second hand property market, as most people want to realise a life long ambition and have a brand new property, which they can have the pleasure of input during design and construction and then fitting out when complete. 
I agree with Kevincat, there is an awful lot of villas for rent in Kalkan with more being built all the time. Have a look at villa rental sites and look at the actual 'lets' that each villa has, my impression is that the really good villas in the right locations, which have good marketing, do tend to get more bookings than others. However, there are a lot that only seem to get bookings in the peak months of July and August, I doubt that this would cover the annual running costs. As an investment I don't think it makes sense, as a holiday home with the added bonus of some income it is down to personal choice.

Offline Tinkabell

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Re: Buying a new villa in Kalkan
« Reply #11 on: May 28, 2011, 07:06:07 PM »
My advice to you is location location location !! Best re sale property are always in one of the bays or a position in very close to the centre of town. Re rentals I let my properties in Kalkan and again location is paramount !! I agree with some of the previous comments sometimes new builds are not the best investments as the location of them in some cases can be secondary. There is a definate dip this year in some properties rentals due to the fact that they are too far out or in some cases too expensive. case history I have one friend with a property in Komerluk which is fully booked and another with a beautiful Villa in Kiziltas which only has five weeks. Be VERY wary if you are looking for a definate return on your money re rentals as the market can be very fickle and competition is fierce I agree look at some of the rental websites and at the bookings that some of the Villa's have this year. Re: Villa price it is a buyers market and most people make offers it is up to the seller wether they feel they can accept it or not. There are a lot more International buyers around this year and Kalkan is still cheaper than Cesme or even Kas so dont be put off by all the negative comments good luck !!

Offline Tinkabell

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Re: Buying a new villa in Kalkan
« Reply #12 on: May 28, 2011, 07:24:14 PM »
With regards to a payment plans if your Villa is off plan then this is crucial. I did one project a few years ago and paid lump sums every few months depending on how the building work was progressing and to a time scale. It was all written into the contract and my advice to you would be to get a good impartial solicitor who will draw this up in the intial contract. You would be advised to get a separate solicitor from the one the developer is using and find one who will look after your interests.

Offline Painter Man

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Re: Buying a new villa in Kalkan
« Reply #13 on: May 30, 2011, 06:10:20 PM »
Hi Browncoffee

If you are looking to buy in Kalkan primarily as an investment then pehaps you should look at alternatives. Property prices in Kalkan are in a state of suspended animation in that little property is actually selling but vendors are unwilling to reduce the prices asked despite properties being on sale years. Just look at the number of properties that are for sale it seems to be about 20% of the total property stock.
Some vendors are reducing their prices for example a £320,000 villa in Kiziltas has had the price recently reduced by £44000, others are not putting their properties on the market but waiting for the upturn. Thus if you purchase now at, or near the asking price  you may not see a capital return until the market turns up again: some time 2013 -  2014 is the view a number of owners are taking.
If you are looking for a rental return based on the indicated purchase price I would think that you will achieve a gross yeild of 6-7% if your property in in a prime location. From this you will need to deduct running costs which will vary depending upon what you require.
I appreciate there are property owners achieving 20% gross yield on purchase price but they purchased their properties some years ago.
If you just want the property as a holiday home and wish to achieve some rental return to off set running costs then Kalkan is a good place to be, but if you are looking for investment returns I would strongly suggest you look at alternatives
Good luck.

Offline kim21

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Re: Buying a new villa in Kalkan
« Reply #14 on: May 31, 2011, 01:20:20 AM »
Hi Browncoffee,
  At the moment the banks are giving 9.5% interest on short term savings, looking at the 6-7% return you might get on rentals, plus all the hassle that goes with holiday letting, it might be better to put your villa purchase money in the bank and rent long term. Long term rentals are fairly low.
never buy a house anywhere without an independent surveyors report

Offline Painter Man

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Re: Buying a new villa in Kalkan
« Reply #15 on: May 31, 2011, 09:08:51 AM »
Hi Browncoffee,

Kim21 is right about interest rates but you can do even better with Turkish Bonds issued by the European Investment Bank -10.5%+, these are ISA-able.
One point if you do decide to buy; ensure that you have a large water storage tank installed, enough for a weeks supply of water. Water cut offs are a problem in Kalkan (read the postings) and getting buckets of water from the swimming pool is something you really want to avoid. 

Offline Browncoffee

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Re: Buying a new villa in Kalkan
« Reply #16 on: June 01, 2011, 11:06:51 PM »
Thanks again for all your responses. I re-read my post and realised that I left out one very important detail - we're looking to use the villa as a rental investment but also a holiday home for us as a family (outside the busy periods).

Can anyone clarify the process/stages for me please. Looking for something like (as I currently understand it):

1) Decide on villa to buy
2) Decide how much willing to pay
3) Hire solicitor before agree to anything
4) Get property valued (would still like to do this as still not convinced the price I'm willing to pay is the right one & really want someone else to help validate this before I agree to anything). Can this be done on uncompleted villa & by who? Any recommendations?
5) Confirm/agree white goods, furniture etc so know what I'm paying for (incl. checking large water storage tank is included, as advised by another forumite).
6)....etc etc

I'm so confused! Please help...

Offline Choy Lin

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Re: Buying a new villa in Kalkan
« Reply #17 on: June 02, 2011, 09:19:57 AM »
is zeylintik a good area for rental?

Offline Cosetta

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Re: Buying a new villa in Kalkan
« Reply #18 on: June 02, 2011, 11:53:11 AM »
A good solicitor will take you through all the steps to buy and to know what you will be getting.  He/she will check that the proper building permissions have been obtained, that there are no liens against the builder, that the contract is correctly written and legally registered.  Into that contract you can write specific requirements for white goods, category of surfaces (marble, travertin, tiles) and bathroom fittings. 

After receiving your deposit, the current owner must apply to the military to obtain permission to sell, this is a normal procedure and takes about 4-6 months to get back the authorization.  When the building is actually finished the builder will apply for a Certificate of Habitation, this gives you the right to own the building and live there.

Your only -- and perhaps biggest -- problem is to decide what the proposed property is worth -- to you and potentially to a future buyer.  Since there are no appraisers anywhere within hundreds of kilometers of Kalkan, you option is to go around to see other properties on offer. 

Go to various estate agents and view their properties.  At a minimum, view the photos in the window but best is to visit them personally.  Photos tell a very different story from reality.  From this comparison you can get a reasonable idea of the value of the one you want to buy.  An acquaintance of mine found himself in the same situation last spring.  He was just on the verge of buying a new property without really having seen what else was available.  Fortunately, he followed advice given, went to see several other villas and ended up with exactly what he wanted for 2/3s of the price of the first-chosen villa (which is still unsold).
Villa Incantata - http://kalkan-turkey.com

Offline yardan

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Re: Buying a new villa in Kalkan
« Reply #19 on: July 28, 2011, 07:38:47 PM »
if you contact with Gonca at www.kalkanexclusiveproperties.com she can give a professional advises. what ever you want to know about properties and laws in Kalkan just simply ask her. she has an office in old town called same name KEP (kalkan exclusive properties


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