When you are planning to purchase a house and you started browsing for sale advertisements there are some factors that also effects the cost of buying a house in 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 the buying a house may be less the prices you have to pay unexpectedly. So it will be more reliable to work with an experienced real estate consultant. Here are the cost of buying a house in Turkey;
The most significant of the expenses for the cost of buying a house in Turkey is the money you will pay for the house. In spite of the fact that banks facilitate house buying 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.
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 company and compare them, you may bargain about the material’s purchasing prices. By this way, you can decrease your renovation expenses.
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 house. There are also some real estate companies that make a contract with housing projects for a year and do not take commission fee from buyers. You can also take advantage of this situation. MELARES Turkey Properties is the best alternative for you.
When the house 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.
The government takes a circulating capital charge from house sales. This fee is 162 Turkish Liras.
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.
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.
There is only one insurance that people must make when buying a house; Natural Disaster Insurance Institution (TCIP), earthquake insurance. Insurance premiums varies in accordance to the square meter size and type of the houses. The cost of buying a house in Turkey also include 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 come 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 process. 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?
It is enough to have an identity card (residence permit), rental contract and installation number in order to take the natural gas subscription.
You are supposed to pay 594 Turkish Liras + Value Added Tax, or 700 Turkish Liras in total, for houses with a subscription fee of up to 200 square meters.
If the house you are living in is more than 200 square meters, you are supposed to pay an additional amount of 516 Turkish Liras + Value Added Tax. Or it is asked to be paid an amount of 600 Turkish Liras in total, for every additional 100 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.
Cutting-binding fee 37.3 Turkish Liras Stamp Tax per transaction 9, 48 per thousand of the total assurance fee is determined according to the file cost Assurance.
Assurance fee is counted for residential subscribers over at least 5 kilowatts contract power. In this way, the amount of assurance to be paid would be at least 165 Turkish Liras. But, since the electricity institutions commonly compute the installed capacity over 6 kilowatts per hour, the Electricity Subscription Assurance cost is taken as 198 Turkish Liras. Electricity Subscription Assurance Fee is taken as 843.3 Turkish Liras.
How much is the Water Subscription Fee? / Cost of Buying a House in Turkey
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 2020. 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 waste water 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 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 process.