Real estate agents are expected to understand recent property transactions thoroughly.
This knowledge base enables them to estimate the likely selling price of a property by comparing it with similar recent sales. By comparing recent comparable sales, real estate agents can determine an appropriate selling price that is both fair to the seller and attractive to potential buyers.
As such, possessing a solid grasp of recent property transactions is an essential skill for real estate agents to have to be effective in their role.
The market prices of properties are highly dynamic and can experience fluctuations over time. As such, comparing a property with similar ones sold in the same locale over the preceding 3 to 6 months is crucial.
It is important to note that no two properties can be considered identical, and an appraisal is only a subjective opinion based on available data at a given time. Therefore, exercising caution when using an appraisal is best, especially when making significant financial decisions.
Important Terms to Know
We will translate important terms for foreign buyers:
(Raporlar) Reports
(Tapu) Title deed
(Gayrimenkul Değerleme) Real estate valuation
SPK (Sermaye Piyasası Kurulu) Capital Market Board
(Gayrimenkul Değerleme Eksper) Real Estate Valuation Expert
Property Valuation vs. Appraisal reports in turkey
A real estate valuation report and a real estate appraisal report are different and essential to be known by foreign property buyers. there is also a feasibility report that we will discuss later in this article
What is Real Estate Appraisal?
Generally, an appraisal report in Turkey is prepared by a reputable and experienced real estate agent and is used as a guide to pricing a property for sale or rent.
An appraisal is an essential process in determining the current market value of a property. It is a professional opinion or estimate based on various factors, including the market's response to the property and other relevant considerations.
This service is commonly provided free of charge by real estate agencies to their clients. The appraisal process is critical because it helps property owners make informed decisions regarding their property, such as selling, refinancing, or improving.
A reliable and accurate appraisal ensures the property owner gets the best possible return on investment.
What is The Real Estate Valuation
Return on investment (ROI) is a critical factor that businesses and investors consider before investing in a property. A Property Valuation is an essential tool that helps determine a property's actual value from an independent and unbiased point of view. Unlike an appraisal, a valuation can be relied upon from a legal perspective.
In Number One Property, a Registered Valuer carries out a valuation, which involves a comprehensive assessment of the property's physical condition, size, location, and other relevant factors.
Based on this assessment, a concise report is prepared, providing an accurate and objective estimate of the property's market value. The fee for this service is reasonable and can vary depending on the size and complexity of the property.
A Registered and Sworn Valuer conducts valuation with comprehensive criteria of the property itself.
The Sworn Valuation is the formal and scientific way to determine your property's value.
Valuation is a written report prepared on the property; a fee is charged for this service.
Property Valuation is a reliable and cost-effective method to determine a property's value. With the help of a Registered Valuer, individuals and businesses can make decisions and achieve their investment objectives.
Real Estate Valuation Reports in Turkey
A property valuation report demonstrates a property's value. It is mandatory(recommended) for all foreigners looking to purchase a property in Turkey to get a fair price.
To reduce the risk associated with foreign property, sales appraisals were introduced by Turkey's government. It aimed to ensure foreign investors could buy Turkish property at a suitable cost.
Another aim of the program was to evaluate effective prices for property tax calculations. The report was produced by two appraisers who received confirmation from the SPK.
Before finalizing a real estate purchase in Turkey, several checks are conducted to ensure accuracy and transparency. These checks cover many aspects, including the building plans, municipalities register data, and Tapu offices (title deed).
Once these checks are completed, the purchase process moves forward, and the buyer can access the property. During this process, the system monitors house prices to ensure the transaction is conducted fairly and accurately.
This meticulous approach to real estate transactions reflects Turkey's commitment to creating a secure and trustworthy market for local and international buyers.
Mandatory valuation report
Every foreign buyer must submit a written report on the property. Government officials want foreign investors to be able to acquire Turkish property at the best rates.
Two appraisal specialists certified by SPK are responsible for preparing the report. An inspector checks plans and municipal records, inspects the property, and ensures its purchase.
The controller determines whether he accurately determines the house price or the register. All are certified appraisers.
Feasibility Reports in Turkey
Valuation reports are crucial in determining the value of existing properties and upcoming construction projects. They provide valuable insights to developers and investors on optimizing their project plans for maximum profitability.
For potential productivity improvements, Turkish real estate experts can re-evaluate the valuations to conduct feasibility studies.
These studies are essential to analyze various financial factors, including project expenditure, cash flow, project income stream, and financial results, to determine the overall viability of the project.
The experts then prepare a detailed feasibility report that assists developers in making informed decisions about the project or the property.
Conclusion
Number One Property collaborates with experts in assessing approved Sermarie Piyesas Kurul. This expert has the authority of the Turkish government to evaluate properties and develop a Turkish project.
Sermaye Pijasas Kurulu is the Turkish Capital Board's most influential financial regulation body.
In Turkish, they're called Certified SPK experts. You're guaranteed accurate valuations all over Turkey.
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