Video: Istanbul Real Estate renovation costs – exact breakdown
One of the trickiest aspects investing in international real estate is the renovation process, not just in Istanbul.
Back in February I spent a few weeks in Istanbul looking at real estate investments, and trying to find the best way to obtain Turkish citizenship.
Keith, a Canadian buyer’s agent based in Istanbul, had reached out to me in 2020. One of the properties he showed me was in a pretty cool area called Kurtulus. It was an attractively priced top floor apartment, with great views. However, he had just finished the demolition, and was going to start the renovation process. International real estate investors would pay for such content.
Overview: Istanbul Real Estate Renovation Costs
In June I decided to contact Keith to ask him how the renovation went, whether he had met the deadlines, and if he was over/under budget. I also asked a friend of mine to take a video of that very apartment.
– we do a quick rehash of the previous video
– we see the “new” apartment with the renovations now complete
– finally, we then go into an exact cost breakdown of the whole renovation
You’ll see the cost breakdowns for:
– Demolition
– Cement rendering of walls/floors, smart screed of flooring
– Plastering and painting of walls
– Electric, complete renewal
– Lighting
– Windows
– Doors
– Ceramics for kitchen/washroom
– Flooring laminated parquet in the living room, corridor and bedrooms
– Water pipes/plumbing (complete renewal) + kitchen/ washroom/ radiators pipes
– Kitchen
– Washroom and kitchen accessories
– Heating system
This is the sort of information I WISH I had before making all these deals abroad. Proper due diligence, and an exact cost breakdown of the whole renovation process.
This sort of information is worth its weight in gold. Anyone who does real estate deals overseas will immediately understand this.
Keith can help you purchase great value real estate in Istanbul, and obtain Turkish citizenship, not just manage your apartment renovation
If you are looking to:
– Invest in deep value Istanbul real estate
– Renovate your existing Istanbul real estate
– Obtain Turkish citizenship through the purchase of real estate in Istanbul
then please get in touch with Keith here. I also wrote a long piece earlier this year on where & how to invest in real estate in Istanbul, and what to watch out for.
I fundamentally believe that the Turkish citizenship by investment programme, whereby buying $250,000 worth of local real estate entitles you and your family to Turkish citizenship, is currently the best deal amongst all citizenship by investment programmes.
Yes, Turkey and the Lira are volatile, but as you get to buy great value real estate, in a very liquid market, with minimal processing fees, much of the volatility is priced in. Ride it out, be patient, and get the free passport.
This deal won’t last forever.
Having a second citizenship has never been more important than nowadays.
To a World of Opportunities,
The Wandering Investor
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Other articles on Turkey:
- Is investing in Turkey viable?
- Making a Real Estate Investment in Istanbul, Turkey – Overview and what to watch out for
- Don’t fall for this Real Estate and Citizenship trap in Turkey
- Investing in a city of 15 million, with decent yields – and get a free passport
- One of the world’s easiest second residency programmes -Turkey
Available services in Turkey:
My favourite brokerage to invest in international stocks is IB. To find out more about this low-fee option with access to plenty of markets, click here.
If you want to discuss your internationalization and diversification plans, book a consulting session* or send me an email.
*a consulting session is a discussion about your portfolio and objectives. It does not constitute legal, financial, tax or investment advice.
