The importance of buying old apartments in Istanbul

There are many ways to invest, including buying old apartments. You can make a lot of profits from that investment. We will learn how to benefit from that investment

Istanbul is one of the most prominent cities in Turkey, distinguished by its ancient history and cultural and economic diversity and in Istanbul, there are exciting opportunities to invest in real estate, including buying old apartments and you may be wondering about the importance of buying old apartments in Istanbul and why you should take care of them, so continue reading on to find out more details.

How to benefit from buying old apartments in Istanbul?

1. You can renovate and improve the old apartment to bring more value and you can update the interior design and add modern facilities and high-quality fixtures and this will help in increasing the attractiveness of the apartment for potential tenants or buyers and increase its value

2. After renovating and improving the apartment, you can resell it at a higher price and make a profit from the investment and renovating the apartment and making it modern and attractive may attract potential buyers and increase demand for it.

3. If you do not want to sell the apartment, you can rent it out to get additional income, as Istanbul is an active tourist and economic destination, and therefore there is a constant demand for residential rentals and you can take advantage of this demand and rent out the apartment to tenants to make a stable monthly income.

4. There are many old apartments in central and sought-after areas in Istanbul and you can take advantage of the excellent location of the apartment and invest it in commercial or residential businesses and the apartment may have a high value because it is close to services, facilities, and public transportation.

5. Buying old apartments may be an opportunity to take advantage of fluctuations in the real estate market and you may find an apartment at a reasonable price due to the owner’s need for a quick sale and in the future, when the demand for real estate in that area rises, you can sell the apartment at a higher price and make a large profit.

Advantages of buying old apartments in Istanbul

1. Old apartments are often more available and less expensive than new ones, as you can have the opportunity to buy an apartment at a lower price compared to newer properties in the same area.

2. Old apartments are often characterized by unique architectural designs and historical character and you may find apartments that bear the elegance and traditional charm of traditional Turkish architecture. If you are looking for a residence with heritage and historical beauty, buying an old apartment gives you this opportunity.

3. Many old apartments are located in central and vital areas of Istanbul, which may be close to basic services such as shops, restaurants, schools, and public transportation and this can bring you convenience and convenience in daily life.

4. You can turn the old apartment into a successful investment project, by renovating and improving the apartment, you can increase its value and the possibility of selling it at a higher price in the future and you can also rent it out for a fixed monthly income.

5. Istanbul embraces many famous historical and cultural monuments, by buying an old apartment you can enjoy living in a place that carries a rich cultural history and is close to famous tourist attractions.

6. You can renovate the apartment and customize it to suit your personal needs and desires and you can make internal updates and modifications to improve the spaces and designs to suit your own taste.

7. Instead of building a new house or buying a new apartment, you can buy an old one and save the time and effort needed to build or search for a new property.

8. You may get a chance to negotiate the price with the previous owner of the apartment, old apartments can let you get a good deal and save more money.

9. There are a variety of old apartments available in Istanbul, including different sizes and styles to suit your needs and budget.

Cons of buying old apartments in Istanbul

1. An older apartment may need renovations and improvements to be in good condition and additional costs may be incurred for repairs and renewals to the substructure and interior finishes.

2. Older apartments require regular and continuity maintenance, as they may face challenges with regard to plumbing, electrical, heating and ventilation systems, and this may require additional expenses for maintenance and troubleshooting.

3. Sometimes, old apartments may have outdated designs that are not suitable for modern tastes and interior modifications may be necessary to update the design and make it match your current needs.

4. You may encounter some real estate restrictions and regulations when purchasing an older apartment, such as restrictions on structural alterations or local legislation regarding historic buildings.

5. Some older properties may have infrastructural challenges such as the sewage system or old electrical cables and this may require additional repairs and updates to improve the infrastructure.

6. Sometimes old apartments lack some modern fixtures such as modern electrical appliances or smart home technology and you may need to replace or upgrade these fittings.

7. Old apartments are smaller in size compared to new apartments, and this may hinder your desire to have more living space.

8. You may have difficulty obtaining comprehensive insurance for your old apartment due to factors such as age, condition of the structure, and renovation risks.

Which is better to buy modern or old apartments in Istanbul?

Whether buying a modern or an old apartment is the best in Istanbul depends largely on the needs and preferences of each individual, each with their own advantages and disadvantages, and this comes down to what the buyer is looking for and their personal circumstances.

Buying a modern apartment in Istanbul:

1. The modern apartments reflect modern designs and feature modern fixtures and smart home technology.

2. Modern apartments are part of integrated residential complexes that include facilities such as gardens, swimming pools, gyms, entertainment, shopping, and restaurants.

3. They are usually built to modern standards and use high quality building materials.

4. Modern apartments can include technologies such as solar energy, a central air-conditioning system, and enhanced thermal and acoustic insulation.

Buying an old apartment in Istanbul:

1. The old apartments have a unique historical and cultural character, and may be part of the historical buildings that reflect the city's heritage.

2. Old apartments are located in central historical neighborhoods overlooking beautiful landscapes or near tourist attractions, commercial and entertainment centers.

3. Old apartments may increase in value over time, and are considered a good investment for the future

4. Generally, the price of old apartments is lower than modern apartments, which provides an opportunity to get a property at a lower cost.

Common questions

Is it possible to achieve a financial return from buying old apartments in Istanbul?

Yes, it is possible to achieve a financial return from buying old apartments in Istanbul by renting them for housing or commercial purposes.

Is it possible to obtain bank financing to buy old apartments in Istanbul?

Yes, it is possible to obtain bank financing for the purchase of old apartments in Istanbul, according to the terms and conditions of the bank.

Are there risks in buying old apartments in Istanbul?

There may be risks such as real estate legislation restrictions or challenges in maintenance and renovation, so the buyer should do good research and verification before making a decision.

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