What are additional expenses by purchasing a house in Turkey and the points pay attention
purchasing a house in Turkey is often seen as the last step of the major changes in your life. Every day, from different countries specially over middle age people decide to live in Turkey by purchasing a house.
Mick and Trudie YouTube channel from Fethiye, run by a couple that settled in Fethiye a long time ago, offers valuable information about this theme.
The preliminary information we will give in this article will help you understand the issues you need to pay attention to when choosing a real estate agent and house by predicting the average expenses you will encounter in the home purchase process, except for the house price.
House selection and budget determination
The first issue you need to decide when choosing the house you will live in should be the needs of the people who will live in the house. After decide your budget, writing the following criteria in order of importance will greatly facilitate your work in determining the house that will be looked for.
- House Location
- Detached or in a complex
- Number of bedrooms
After explaining your list determined in order of importance to your real estate agent with the reasons, finalizing the listing with the advisor's recommendations will simplify the process of finding and buying the house that suits you.
The new law to regulate agencies engaged in real estate trade in Turkey.
The real estate trade law, which entered into force in 2021, later than in European countries, aims to minimize the negativities experienced in the home buying process in the country.
With this regulation, all agencies engaged in real estate trade have received the necessary educations, have been registered and a professional standard has been brought.
It is very important that you only get the consultancy service you will receive from agents registered in this system.
You should check whether the authorization document number of the consultant firm you want to work with is valid from this link:
This control process alone will prevent many negative situations you may experience. With the new regulation, the mistakes made by the companies that are registered in this system are recorded, and in case of repetition, sanctions up to the cancellation of the authorization certificates can be applied. Studies show that 82% of the complaints from real estate agents are made against unregistered employees.
Determining the real estate agent to work with
The issues to be considered in the selection of the consultant you will work with, with the prerequisite of being registered in the real estate trading system;
- Companies that advertise abroad.
Companies that advertise on portals such as Rightmove.co.uk are generally accustomed to the culture of people from abroad and can better understand their aspirations, as well as employing consultants who speak foreign languages. Besides, since posting ads on these sites is quite expensive compared to the sites in Turkey, it is an important indicator that this company is committed to its business.
- Punctuality for appointments.
The consultant who comes to the appointments you make on-time shows the same pattern in many matters in his business life. A second thought is needed before working with a counselor who is late for more than one appointment.
- Knowing the region well.
Finding a consultant who knows the area well will help them find a house that suits your wishes or direct you to a better location that you will like.
- Recommendations of other customers.
The recommendations of the people who worked with that company before you give a lot of information about that company. The easiest way to search for the name of the company on Google and the notes and explanations that are given there should be satisfactory. More precise results can be reached by talking to the people working with that company. For this, people in the Facebook groups created in that region may be asked to provide advice.
There are many groups of British and German citizens living in the Fethiye area, some of them are:
- A company with which you will communicate well.
It should not only be a consultant with whom you speak the same language but a consultant who understands your wishes well, listens carefully to you, and cares about your interests.
- Making good use of the advantage of buying a house with cash.
Cash and smooth sale of houses to foreigners in Turkey are of great importance for the owner of the house and for the real estate agents. It should be ensured that the real estate agent understands this opportunity well and by taking advantage of this situation during the negotiation phase.
- Company portfolio advertisement review.
The fact that the company has an up-to-date web page, that it broadcasts clearly in other languages, that its portfolio pictures are beautiful and detailed, and that it has written expressions shows that the company gives priority to its work.
- Signing a place-showing document.
Although it is not very common in Turkey, the fact that your consultant asks you to sign a placeholding document in portfolio display is an indication that he is someone who does his profession according to the rules, even if you do not like it at first.
- A company that has a good command of the whole process and explains them well to you.
It should be a company that can anticipate problems that may arise during the purchasing process, produce reasonable solutions even in difficult situations, and that you can reach out in case of need.
Buying and selling expenses that must be paid in house purchase:
In general, if a certain amount is needed, it can be said about 7-8%.
- 4% Trading tax.
Purchase and sales tax, which %2 of must be paid by the buyer and %2 by the seller, imposed these costs on the buyer side in effect with the phrase "unless otherwise agreed" in the law.
- 2% + VAT real estate agency fee.
With the newly enacted law, it is strictly stated that a total service fee of more than 4% is not collected from the buyer and seller, 2% each.
- 1500-2000 TL (150-200 GBP) Appraisal.
By law, if the buyer or seller is a foreign citizen, the real estate to be purchased or sold is required to be appraised by a licensed and impartial expert. If both parties are foreign nationals, this amount is paid in half.
- 1000 TL (100 GBP) Fees.
Revolving fund and fee expenses paid at the land registry.
- 600 TL (60 GBP) DASK
Compulsory earthquake insurance is the mandatory insurance for all houses purchased.
- 300 TL (30 GBP) sworn translator.
By law, the application of a sworn translator is required to ensure that the foreign citizen understands the transactions made during the deed transfer.
An example calculation; The purchase and sale expenses of a house worth 2.500.000 TL (250.000GBP) amount to a maximum of 200.000TL (200.000GBP).
Political and cultural ease of setting up a new life in Turkey.
As can be seen, although the political administration in Turkey has been in a right-wing structure for the last 20 years, the administration attaches importance to foreign citizens buying property and living in the country. The government, with the regulations it makes in the law, minimizes the bureaucratic difficulty of such transactions and imposes serious criminal actions against those who gain unfair earnings from these situations.
Likewise, this approach, which has been shown in practice by local governments, institutions, municipalities, and governorships, has been increasing the immigration received from outside for years.
The local people living in Fethiye and its surroundings have adopted foreign citizens over the decades and have seen the coexistence of different cultures as a cultural and socio-economic gain.
The settlement of Turks living abroad in Fethiye helped to spread the social life in the city with European values.
Faralya Real Estate Agency in Fethiye
As an experienced real estate company in Fethiye, specialized property for sale in Fethiye. Our priority is, listen to customers carefully, working with regional experience and business discipline.
As the top goal, we make all our agents adopt the ability to produce original and analytical solutions for customer needs without generalizing.
We closely follow the new laws and regulations and inform our customers about possible problems.
We provide professional assistance during the deed transfer, real estate purchase and sale with foreign customers, and ensure that the entire process is completed in accordance with the legal and ethical rules.
Our company is the strongest threads, long-term work with, Fethiye real estate agency, real estate agency in Turkey, and European real estate companies, we set up cooperation with them and use this knowledge for the interests of our customers.