How to rent out real property in Turkey correctly?
The question of how to rent real property in Turkey correctly and safely concerns a lot of people. What risks it may involve, how to rent out your real property and to receive a guaranteed income?
Many foreigners who own real estate in Turkey do not use it all year round. They live there mainly in the tourist season, and sometimes even just a few weeks of summertime. The rest of time their housing is empty, and this fact not only does not eliminate the need to pay aydat (monthly fee for maintenance of the complex), but also leads to difficulties related to the supervision of the property. You should agree, it isn’t very pleasant.
That’s why more and more people start thinking not only about buying real estate, but also about its following competent and safe renting. Here it is important to avoid making mistakes and do everything correctly and securely!
What risks you may face when renting real property in Turkey?
• Because of incorrectly prepared rental contracts and, which is no less important, accompanying documents, which must be signed along with the contract, it will be very difficult for you not only to receive a monthly rent, but also to evict a tenant not paying the money.
• The undamaged condition of the finish and furnishing of the housing may be at risk if you do not protect yourself with necessary procedures and documents.
• And finally, not only may the tenant not pay you money, he or she may also move out at a most unexpected time leaving too you unpaid bills for electricity, water and maintenance of the complex.
It means you not only wouldn’t get the expected profit, but you would also be left with debts!
So, what should you do to avoid possible difficulties and problems when renting out housing?
The most important thing is to choose correctly a professional real estate agency, which will help make everything safely and securely. Services of such an agency will cost you much cheaper than covering losses after dishonest tenants.
A professional real estate agency will do the following:
• it will prepare correctly a lease agreement and all necessary related documents;
• it will arrange a tenant’s moving in and monitor the housing in your absence;
• if you want it, it will receive a monthly rent for you and transfer it to you abroad;
• it will ensure that bills for electricity, water and maintenance of the complex are paid in full and on time;
• it will look after your housing when a tenant is moving out and will find a new one.
And what is “guaranteed rent”?
This is a new and very interesting service, which recently appeared in the market.
One of the most common types of investments in Turkey today is the acquisition of real estate and providing it for guaranteed rent.
A company that manages real property, without the need of your participation, pays all necessary bills for complex maintenance, for water and electricity, and also monitors the safety of property and selects tenants. The owner simply delivers an apartment in trust and receives a constant net income from the property.