When you are planning to purchase a house and you started browsing for sale advertisements there are some factors that also affect the cost of the property Turkey.
In this process, which can be difficult for many buyers and investors, you may encounter many unexpected expenses.
For that reason; in addition to the price of the houses for sale, you should take into consideration many different issues such as the year of construction, building material, location and payment options and adjust your budget in accordance with these factors.
If you are not working with a reliable real estate company or property consultant, all these processes may become much more complicated for you. Furthermore, the budget you determined for buying a house may be less than the prices you have to pay unexpectedly. So it will be more reliable to work with an experienced real estate consultant.
Here is the cost of buying a house in Turkey;
1. Price of the House
The most significant of the expenses is the money you will pay for the house. In spite of the fact that banks facilitate buying a property with loans for many people, this is not 100 percent.
Mostly mortgage lending covers the price of the house up to 80 percent. The remaining balance is paid as advance payment directly to the seller by the real estate buyer.
2. Costs Regarding the Renovation of a House
One of the most widespread situations when purchasing a house is tedious renovation works which are also costly. In some cases, it is feasible to spend almost as much money as you pay for the house. It is beneficial to compute the renovation costs before buying a house. But if you get the prices of the materials from a few companies and compare them, you may bargain about the material’s purchasing prices. In this way, you can decrease your renovation expenses. Buying new build properties may be more advantageous.
3. Real Estate Commission
If you work with a real estate consultant and buy a house, you will pay a specific commission fee at the end of the transactions. Often this cost corresponds to 3 percent of the sale price of the real estate. There are also some real estate companies that make a contract with housing projects for a year and do not take a commission fee from buyers. You can also take advantage of this situation. MELARES Turkey Properties is the best alternative for you.
4. Title Deed Costs
When the property is bought, an expense called title deed costs should be paid to the government by everyone both foreign and local people. This is 4 percent of the sales price of the house and is shared between the buyer and seller. The title deed charge per share of the purchaser is 2 percent of the price of the house. In some conditions, the buyer pays the full price in agreement with the seller.
5. Revolving Fund Cost
The government takes a circulating capital charge from house sales. This fee is 171,25 Turkish Liras for 2021.
6. Property Tax
Property tax is a kind of tax that should be paid for the properties that are owned. When you purchase a house, you are supposed to pay a property tax for your property one year after you bought the house.
7. Subscription Charges
How much is the cost of buying a house in Turkey? Another type of cost that can be said for those who wonder is about subscriptions. It is essential to subscribe to water, electricity, boiler, natural gas, etc. Natural gas subscription is a bit expensive than the others and it is possible to pay it in installments as well. The costs of the subscriptions are not concluded the purchase price of a house.
8. Earthquake insurance/ Cost of Buying a House in Turkey
There is only one insurance that people must make when buying a house; Natural Disaster Insurance Institution (TCIP), earthquake insurance. Insurance premiums vary in accordance with the square meter size and type of the houses. The cost of buying a house in Turkey also includes the premiums to be paid for this insurance.
As you can see, the costs incurred when buying a house are very different. The amount of money paid while purchasing a house is not only the price of the house. Those who are aiming to buy a house in Turkey should consider each of these costs; or else, when more surprise costs are coming across than expected, you may face some budget problems.
Even though the idea of moving or buying a new house is exciting, it may have some tiring processes. You are supposed to find a reliable transportation company, cleaning the home, move the furniture, placing and decorate the furniture.
But there is a very important subject in this process and if feasible, you are needed to deal with it before moving to the house such as electricity, water, natural gas subscriptions.
Every citizen is liable to receive the water, electricity and natural gas subscriptions of the real estate (a house or workplace) he/she is living in it, no matter he/she is the owner of the house or the tenant. Subscription charges and necessary documents must be submitted individually for electricity, water and natural gas.
How much is the Natural Gas Subscription Fee in Turkey 2021?
It is enough to have an identity card (residence permit), rental contract and installation number in order to take the natural gas subscription.
Natural Gas Subscription Fee in Turkey 2021: 749 TL + 18% VAT = 883.82 Turkish Liras + revenue stamp up to 200 sqm, 651 Turkish Liras + 18% VAT = 768.18 Turkish Liras + revenue stamp for every 100 sqm after 200 sqm Tax will be charged additionally.
You are supposed to pay 749 Turkish Liras + Value Added Tax, or 883.82 Turkish Liras in total, for houses with a subscription fee of up to 200 square meters.
Also, the good news can be said is that you can complete your payments in two installments or request that they be reflected on the invoice. It is an important issue to be counted in cost of buying a house in Turkey.
How much is the cost of the Electricity Subscription when buying a house in Turkey?
In order to be taken over the electricity subscription; it is essential to have a rental contract, Natural Disaster Insurance Institution or TCIP policy, installation number and residence permit. Contract power is 33 Turkish Liras per kilowatt for the Assurance Housing as a guarantee.
The electricity subscription fee in Turkey 2021 is calculated on a contract power of at least 5 kW for residential subscribers; Thus, the security deposit to be paid will be at least 165 Turkish Liras. The average power for residences is around 6kW (198 Turkish Liras).
How much is the Water Subscription Fee in Turkey 2021?
To take over the water subscription; it is necessary to keep the identity card or residence permit, the rental contract, TCIP policy and the installation number. The cost of the water subscription is assigned as 196.50 Turkish Liras for 2021. The subscription fee can be paid in cash as well as invoices.
Except for the Value Added Tax as Channel connection and Wastewater Projects inspection fee for Channel Connection document in the housing projects are like (Number of houses / 2) * 166.74 Turkish Liras.
Project Approval Fee:
An amount of 554.66 Turkish Liras / kilometers except for Value Added Tax as Project approval fee of wastewater channels and drinking water lines to be established by private and legal persons and get ready by them.
Water and Sewerage Participation Share Fee:
In accordance to the 23rd article of the zoning law numbered 3194, Water and Channel Participation Fee to be taken from the constructions to be constructed in the reconstruction areas without the Value Added Tax:
If you are dreaming to buy the most reasonable house in a reliable way and be the one smartly get rid of the cost of buying a house in Turkey you can contact us. MELARES Turkey Properties as an experienced real estate consultant gives the best services to satisfy their customers in all sales processes.