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Light has rained on the risky houses! Transformation investment

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New house prices have taken off as costs and demand rise. Those who will buy for investment, on the other hand, have turned to a different area; Risky residences … Hundreds of 30-40-year-old residences destined to undergo urban transformations are for sale on real estate sites. Some of them have made an agreement with the contractor, others have the expectation of a transformation. People who buy these homes are expected to make a profit by owning a new home after the urban transformation.

IT IS CALLED OPPORTUNITY

The term “great opportunity” is used for this type of homes in classifieds sites and real estate offices. Advertisements in Istanbul start at 500-600 thousand lire and go up to 7-8 million depending on the location and size of the house. For example, while 4 million and 250 thousand lire were requested for a 3 + 1 house in Beşiktaş, Istanbul, for which the transformation decision was made, it is claimed that the price will rise to 9-10 million lire after the transformation. It should be added that the construction cost will be 800 thousand lire. While in Istanbul Güngören 1 million and 450 thousand lire are requested for 2 + 1 apartments marketed as “urban transformation is upon us”, it is said that new houses are on sale for 3.5-4 million lire in the projects carried out in the region. . While 1.1 million lire is required for a residence of over 30 years in Bahçelievler, the information is shared that “the payment to the contractor will be 467,000”. 750 thousand lire requests for the house in the ‘urban transformation investment’ call for Kartal. It should be noted that the negotiations with the contractors continue for the place where the demolition was carried out. In the announcement of the “urban transformation investment apartment” in Kağıthane, the selling price for 1 + 1 is 650 thousand TL. It is located within the “urban transformation area” in the ad. It is a good investment for the future. There are similar sales not only in Istanbul but also in many cities including Ankara and Izmir. Some homeowners cannot pay the contractor for their risky home, which has undergone an urban transformation, and therefore choose the mode of sale. Others are planning to sell what they have and buy cheaper housing. The investor, on the other hand, expects to buy the old house cheaply and make a profit when it is renovated.

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Light rain on risky homes Transformation investments

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ZONED STATE AND COST OF CONSTRUCTION

However, in this process, it is necessary to pay attention to the urban status of the building, the construction price to be paid to the contractor and the titles of the contract to be made for the new house. Stating that the house that will be transformed can be an investment tool, real estate lawyer Hikmet Güngör said: “However, it is a big risk to trust what the seller says. If such a house is to be bought, a good research is a must, “he warned. Attorney Güngör provided the following information: “First, they need to know the official zoning status of the property to be purchased. In other words, you should know what rights you will have when the building is demolished and constructed. It is therefore understood whether an additional consideration will be paid at the time of the agreement with the contractor. For example, if a 5-storey building is to be demolished and will be 5-storey again, it means that there is no residence under the contractor’s quota. In this case, a construction cost will be paid to the company. In other words, you may have to pay another fee for the home in addition to the purchase price of the home. The situation of the zoning can be different for each parcel. For this reason, the presentation of a precedent for a building built in the same region should not be taken into account. It is also essential that the house you buy is located in the protected area or adjacent to the historic monument. Because this situation seriously prolongs the process. Also, very crowded sites or buildings can create difficulties. It can be difficult to reach an agreement because it has too many rights. It should not be forgotten that a majority of 2/3 is required for the transformation to take place ”. Güngör said that a risk assessment was carried out in a building that will be transformed and that a notation was made on the act if it was risky, adding: “This situation in the act does not prevent trade. It is also exempt from the act. sales tax However, in this case, the home loan cannot be used.

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ATTENTION TO SELECTING THE CONTRACTOR

A house was bought from an old building and it’s time for the transformation process. Güngör made the following suggestions for the selection of contractors both for those who will invest in the transformation house and for those whose house will be transformed: “In our country the transformation works proceed mainly through the apartment-by-floor agreement with the contractors. . In other words, the contractor is constructing the new building, after giving you the due, part of it belongs to his part. As long as the contractor does not leave the work unfinished, it is not possible to unilaterally terminate these contracts, a court decision is required. For this reason it is necessary to pay attention in choosing the contractor, to evaluate well the company’s capital, past projects and guarantees. In the contract I suggest writing the start of work and delivery times and requesting compensation in case of delay. Due to the recent increase in construction costs, we are faced with the problem of late delivery in transformation projects. “

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