Buying a Gated Complex Apartment in Ulus: An 8-Point Checklist
Eight things to check when buying a gated complex apartment in Besiktas Ulus: title deed, building age, management plan, service charges, parking, view and comparables.
Ulus is one of the areas of Besiktas where life in gated complexes is most common. Most of the housing stock consists of complexes with extensive landscaping, open and covered parking and 24/7 security, and almost all of them were built before 2000. Owning an apartment in an established complex offers a safe and orderly way of life, but every complex differs in age, management and rules. In this article we bring together eight things to check when choosing among Besiktas Ulus gated complex apartments for sale.
1. Review the title deed and the nature of the unit
Before buying, check the nature of the unit on the title deed, condominium status, land share and any mortgages, attachments or annotations. In established complexes it is also worth checking how exclusive rights to use a garden, parking or communal areas are defined on the title deed or in the management plan.
2. Ask about building age and earthquake performance
Because most complexes in Ulus consist of pre-2000 buildings, the structural system, earthquake performance and any strengthening or renovation work matter. Asking the management for the results of any technical surveys and, if necessary, commissioning an independent engineering assessment is a sensible step.
3. Read the management plan
The management plan sets out the use of communal areas, rules on pets, renovation and letting, parking arrangements and how costs are shared. Reading it before you buy prevents disputes later and shows from the outset whether the complex suits you.
4. Clarify the service charge and operating budget
In Ulus complexes, services such as security, landscape maintenance and, in some complexes, a pool or sports areas determine the service charge. Ask which items it covers, what the recent operating budget looks like and whether major repairs are planned, and ask the seller for an up-to-date letter confirming there are no unpaid service charges.
5. Get the parking and storage allocation in writing
Although complexes have open and covered parking, the number of spaces allocated to each apartment and whether there is a storage unit vary from complex to complex. This should be stated clearly in the management plan or the sale contract.
6. See the block, floor and view in person
Even within the same complex, block position, floor, aspect, daylight and how open the Bosphorus view is change an apartment's value markedly. Because most buildings within the complexes are low-rise, up to five storeys, views tend to stand out on the upper floors; the permanence of the view should also be assessed.
7. Find out about renewal and major repair decisions
Ulus has potential for urban renewal because of its ageing building stock, yet today it is not possible to speak of renewal on the scale and continuity seen in Etiler. Renewal, strengthening or major repair decisions taken or under discussion in a complex affect the purchase decision in terms of both cost and future value.
8. Compare the price with comparables in the same complex
Area averages can be misleading in Ulus; value comparisons should be made with completed transactions for similar apartments in the same complex, block, floor and aspect. If the apartment is tenanted, remember that the new owner becomes a party to the lease and review the term and conditions of the existing contract.
Your own home or an investment?
Families buying a home for themselves usually focus on security, green space, communal areas and the school run. Investors targeting rental income should look at the tenant profile in Ulus: senior executives, employees of international companies, foreign professionals and families show interest in secure complex apartments with parking. Deciding on your goal at the outset also shows which of the eight points above matter most to you.
Our guides to Ulus
For the area's established complexes, newer projects and sales market, see our guide to Besiktas Ulus gated complex apartments for sale; if you are also considering renting, see apartments for rent in Besiktas Ulus. We also explain why Ulus is a strong location for families.
For buying, selling and letting gated complex apartments in Ulus, please get in touch with us.
Özkan ÖZEL
Strategic Real Estate Asset Management
Beşiktaş / Istanbul
ozkanozel.com
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