Issues to be considered when rent out a house in Turkey

Issues to be considered when rent out a house in Turkey

Every day, thousands of people in Turkey succumbing to the flurry of setin up a home for various reasons. As the demand for a change of house increases, property owners are also increasing their rental rates. Landlords must pay attention to certain points when renting their property. Here are the issues to be considered when rent out a house...  

• Accurate determination of rent purchase

The rent is determined by taking into account the exchange rate increases and decreases. Turkey, a country with a lot of inflation due to an increase in prices is observed every year. For these reasons it is recommended to sign a year of lease contracts. Turkey rents in cities, neighborhoods and can vary depending on the housing type. In determining the rent value, the sales price of the apartment can be based on 1 per 180 or 220. As an example of this account, the rent of an apartment in the amount of 350.000TL can be around 1700TL on average. However, precedent rents may change the rental value considering the current status and location of the property to be rented. However, in the lease agreement to be renewed from year to year, the raise is set at least 10%.

• Determination of deposit value

One of issues you should pay attention when you are renting your house, is the deposit. Deposit; the amount that the lessee gives to the owner as collateral for damages arising from the person who may occur in the property in the future. According to the Turkish Code of Obligations, no deposit can be received for more than 3 months rent. For example; If the monthly rental price of the house is 1000TL, the highest deposit that the landlord can receive from the tenant is 3000TL.

• Taking on invoices

One of the things that the landlord should pay attention to when renting out his/her property is to take the invoices on himself/herself. When the property is leased, the tenant is responsible for electricity, natural gas and water bills, which are the most important expenses. The bills of all kinds of services that the tenant benefits, must be paid by the person making use. For this reason, whoever is paying the invoices must be taken on his behalf.

• Rent Insurance

Rent insurance covers the loss of the landlord between the start and end dates of the policy in case the landlord is unable to receive the rent from the tenant and the legal expenses related to it. Rent insurance is not compulsory due to its usefulness in some cases, as well as an additional financial burden. This issue is determined by the lanlord's preference.

• Submitting a declaration of a rent tax

One of the issues to be considered when renting a house is rent tax. Pursuant to Article 193 of the Income Tax Law, income from rented goods and rights must be subject to taxation. The income obtained according to this law is called real estate capital. For example; the rent declaration for the property rented from 1 January to 31 December must be paid within the first 25 days of March.

• Working with a Real Estate Expert

There are two options when renting a house. Owners either move out the processes either by following all the processes themselves or by working with a real estate agent. It is considered more beneficial to work with a real estate agent in order to realize the works in a more professional way. Such services are provided for a certain commission. The task of the people working in the real estate area is known to ensure that all matters between the landlord and the tenant are completed in the shortest and most accurate manner. It is advisable to seek the support of a real estate employee to ensure that the required formal procedures can be carried out in an faultless and controlled manner.

• Highlights of the rental contract

  One of the most important points to consider when renting the property is the rental contract. It is said that rent contracts with a lawyer will give better results. In this way, both parties get information about their rights and areas of authority from the beginning. Rent conracts, there are some points that should be considered when signing;

1. Lessees should pay attention to the person who signed the lease. The contract must include the main elements such as the full name of the tenant and the owner and the surname and ID numbers of the landlord. For foreign nationals, passport number must be written.

2. The contract should be signed with the signature of the owner or his / her representative (notarized). Not only the last page of the lease agreement, but each page is signed with the name and surname.

3. The full address of the leased property must be included in the contract. It is stated that the address details (floor, apartment, number etc.) should be written.

4. The pre-determination of the annual rent increase may prevent disputes that may arise. Details of the periods and amounts in which this increase will be made are counted from the details required in the contract.

5. It is important that the bank account to be determined and the date on which the rent is to be paid is clearly stated in the agreement. Payments must be sent by the consignor as rent and the expenses incurred during the delivery must be settled by the lessee.

6. The contract should include details of the amount of the deposit and the conditions under which it will be recovered. It is more appropriate to include these details in the contract as much as possible, since this is the most controversial issue between the landlord and the tenant.

7. Information such as the condition of the rented goods at the time of renting and the current status of inventory stocks should be included in the contract. In cases such as the termination of the lease agreement or the termination of the agreement as a result of the agreement of the parties, this agreement helps to determine the deposit to be requested back. The details of the conditions such as how the goods are used and the final condition of inventory stocks are bear a torch on the amount of the return of the deposit.

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