Resale property Sales

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patmore

New Member
What is the difference between new build and resale properties apart from the obvious.
Are resale properties typically lower, less sort after than new build even thugh they ae furnished and ready to move into with established gardens and services and all 'snagging' sorted?

I was wondering if anyone had any advice on this or thoughts as to which they prefer as i am selling my 2 villas in Kalkan and wondered about values or the market.

Also does anyone know if the procedure is different and what the costs are.

I am sure I read that after 5 years ownership, there is no capital gains tax to pay.

Any advice and info or experiences welcome.
 
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ozsubasi

ozsubasi

New Member
My understanding of the situation re capital gains tax is that to be exempt from it the property must have been owned four years if it was bought prior to 1 January 2007, and five years if bought after that date.
I can't comment on the property market in Kalkan, but can on resales in general.

Since ealy this year, new building regulations are in place so that new properties must have insulation built in to the outer walls and the ceilings. For those looking for holiday homes this may not be a major consideration, but for those looking for a permanent one it could be considered a distinct advantage. Where I am in Altinkum the standards and design have improved markedly over the four years that I have been here, so that homes which are only a few years old can appear very "dated".

However, there is a huge amount of new building work going on here, and it may not be the same where you are. Here, given the choice of a new or used property people are choosing the new ones unless there is a substantial price incentive to buy a resale.

Furniture etc can be an advantage in presenting the property, but it does not add value.
For example, what we have in our homes is to our own taste and it isn't going to be to every one else's. A buyer may actually have to pay money to have unwanted items removed.
But at the lower end of the market, where a buyer is looking for the most they can get for their money, having everything already in place could be a distinct advantage. So really it can go either way, it depends on the individual buyer.

What I would advise if you are selling furnished is that you pack away anything that isn't to be included in the sale, as buyers will tend to assume that if it is there when they view, it is included and this can cause unnecessary disputes. If this isn't practical, prepare a list of what is included, get it translated into Turkish and make sure you (or your agent if you are using one) presents it to any prospective buyer.

The procedure for selling a resale is basically the same as for a new property. However, you will normally have to be present at the relevant offices to have the utilities transferred from your name.

Your costs will usually be limited to commission paid to an agent (if you use one) and the settling of all household bills up to the date of transaction. Here the property tax is often paid in full by the buyer, but sometimes it is shared. This is something you can either stipulate beforehand or include in your negotiations.
 
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knightrider

New Member
you would still have to pay capital gains in the uk though
 
ozsubasi

ozsubasi

New Member
you would still have to pay capital gains in the uk though
Yes, I can only advise on what happens in Turkey. However, it would presumably only apply if you were selling at a profit, which at present is certainly not always the case.
I believe that it also depends on how much time (in a tax year) you spend in the UK, and whether or not the proceeds of the sale would be taken into the UK.
It would best to take advice from an accountant or tax expert in the UK for a definitive answer to this.
 
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