Owning real estate is one of the exciting and also complex processes in people’s lives. Experience, which includes complicated processes in many respects, requires progress with caution and control.
After you decide to buy a house, you need to research the house you intend to buy in detail. You must have detailed information about its structural qualities. The building features of the house, in other words, the usage area of the house, its vertical height, the features of the interior area, the building components, and the whole physical structure of the house determine the value it will receive.
About the building of those who are thinking of owning a house; several questions should be asked considering the building type, quality, architectural style, and other structural elements. To avoid any surprises after the sale of the house, these questions must be noted and answered. This will give you confidence after trading.
The critical structural questions that can be asked about housing and the reasons for their importance can be listed as follows:
- Whether the house has a building permit: When you buy a house, you need to find out whether the house in question has a building permit to find out whether it has a building debt, or not.
- Is there an Urban Transformation Status for the Housing?: You should find out whether the housing you are considering buying carries a risk in the title deed information according to the urban transformation law. The houses bought without any research on this situation in the land registry may be demolished on the grounds of urban transformation in the future, leaving you with undesirable situations.
- Does the house have a building use permit?: If the residence has a building occupancy permit, it should be checked whether the establishment of this permission for the condominium is done.
- Is it Condominium Ownership?: The title deed type that you are not likely to experience any problems with is the title deed with the condominium. For this reason, when buying a house, it is necessary to ask questions about whether the house is “with immovable condominium”.
- What is the Net Square Meters of the House?: When it comes to the structural variables of the houses, the most important detail is the floor area, in other words, m². The m² of some residences, the gross m² of sales; can be expressed as m², which includes the common areas in the building, which are used by all the residents in the building. When these common areas are removed from the gross construction area, the net square meter of the house is reached. Floor area or residential area width, number of rooms, and bathrooms owned by the house positively affect house prices.
- What is the Vertical Position and Internal Use of the Flat?: The floor where the house to be purchased is located is important in terms of ease of use. The total number of floors and the floor height of the house affect the price.
- Is the Ground Inspection of the Residence Performed?: Buildings that are not inspected against earthquake risk are likely to be dangerous. You must learn about the reliability of the house and building you are considering.
- What is the Compliance of the Materials Used in the Construction of the Building with the Standards?: It should be asked to what extent the materials used in the construction of the building and the house comply with the standards, to prevent future problems.
- How Old is The Building Where The Residence is Located?: It is stated that buildings older than 50 years are at high risk in case of an earthquake. Due to this risk situation, you should reach the information of how old the building you are considering buying a house is.
1. How Many Mortgages Can Be Given?
You can become a homeowner with loans that allow you to own a house by using a long-term loan. In this process, the type of loan used in the form of deducting a mortgage on the title deed records of the house you purchased instead of the guarantee of the loan you have received is expressed as “mortgages”.
To benefit from the mortgage opportunities, the real estate to be purchased must be registered with the phrase “residence” in the land registry. As a legal characteristic of real estate, it must have a minimum condominium servitude. To benefit from this loan, the residence and the building in which it is located do not have to be completed. If the necessary conditions are met, banks provide long-term mortgages with suitable payment terms in return for giving real estate as collateral to individuals.
2. What Is Needed To Qualify For A Loan?
There are some conditions for getting mortgages. If these conditions are met, individuals may be entitled to receive mortgages. These necessary conditions are listed as follows:
- Over the age of 18, there should be no risk and the collected intelligence should not be negative.
- The income of the person should be documented.
- The installment of the loan to be taken should not exceed 50% of the average monthly income of the household.
- Mortgage of residence/workplace to be shown as collateral is taken.
- Life insurance is taken out for the person who will take the loan.
The official documents required for obtaining a loan are as follows;
- Copy of identity card, driver’s license, or passport with the original,
- If necessary, documents can be requested to confirm the current address,
- The person who will receive the loan
- A document showing the income status of the person who will take the loan is required. This document is the payroll for the paid employees or the document approved by the workplace showing the net salary amount, the tax plate for the self-employed, the tax plate for the owner and partners of the company, or the copy of the establishment announcement in the Trade Registry Gazette, the original and photocopy of the deed for those who declare real estate income and for retirees, a passbook is required.
3. Fixed Rate Or Adjustable Rate Mortgage?
Banks offering fixed-rate mortgages keep the interest rate to be applied throughout the term constant, and the amounts to be repaid in this process are equal. In this loan option, the real value of repayments decreases in the face of inflation. The differences in the terms of the loans provided to the user and the maturities of the funds providing these loans may be to the detriment of the institution providing the loan. In the face of this situation, the fact that the costs are high in terms of the lending institution, variable-rate mortgages have emerged as an alternative to fixed-rate mortgages.
The interest rate to be applied in the payment of variable-rate mortgages is calculated by adding the reference index rate specified in the loan contract to the margin rate determined in the contract. In the payment period, this rate is used as the loan interest rate. These changes in the loan interests determined during the adjustment periods are realized by changing the amount to be repaid, the maturity to be paid, or both.
4. What Is PMI?
The PMI Index is an indicator that examines the purchasing management team’s trends in purchasing goods and services. This parameter is a survey that expresses growth projections. It is seen as one of the indices that best expresses the national growth forecasts. PMI indices can be expressed as a trend indicator by expressing the direction of the change in the activities of the economy or sector in question, not the quantitative size.
In the survey conducted with the purchasing managers of the companies for the index calculation, the companies included in the survey are asked in which direction the parameters such as production, stock levels, new orders, supplier performance, employment, and price have developed from the past to the present and how they expect to develop in the future.
5. Should A 15- Or 30-Year Mortgage Be Taken?
A mortgage is a guarantee for the material amount lent by banks and similar institutions. With this method, it is a system that allows natural or legal persons to purchase the property, although not at the beginning, to complete the payments in installments within an average of 15 to 30 years, and eventually own the real estate completely. In this process, users should choose the maturity period according to their possibilities. When the payment is completed, the mortgage situation disappears.
What Are The 3 Questions You Should Ask Before You Decide To Buy A House?
Deciding to buy a house is one of the most important decisions a person will make in his/her life. At this point, we must first ask ourselves how confident we are in making this decision. As much as deciding to buy a house, the type of house you intend to own is also very important. What kind of house do you want to live in? If you are considering investing in investment property, is it a rental property or a residence located in an area that will make a premium in the future? These and many more such questions are among the questions people should ask themselves before buying a house. Three questions to be asked in this context can be listed as follows:
- Why am I buying a house in the first place?: It is very important to decide what your purpose is in buying a house. You can find out what kind of house you want to live your life in, or if you are going to buy a real estate for investment, whether you aim to make a profit with rental income or with a house that will make a premium in the future, by answering this question.
- Where are home values going? : Market research for the real estate sector should be done to get an idea about the price.
- What does this mean to you? : What does owning real estate mean to you and what are your expectations from this process you should decide on it.