Property Purchase Buy Costs In Turkey
Investing in Turkey for foreigners is considered an increasingly valuable option. As currencies such as the dollar and the euro appreciate against TL, it becomes easier for foreigners to buy property. So, what are the costs that foreigners, whose currency is more valuable, have to bear? Let’s take a closer look!
Costs Encountered in the Real Estate Research Process in Turkey
Considering that foreign nationals do not live in Turkey, they would like to be here and continue their research in real estate processes. So, what are the costs to be faced in this process?
Although you can buy real estate all over Turkey, you need to stay somewhere and check the research process. Because even if you control the process through the Real Estate Consultant, it is quite natural that you want to see the real estate. It will be valuable to complete the real estate processes by keeping the accommodation process as short as possible to reduce costs.
Your stay period is a minimum of 1 week, including finding the real estate and completing the purchase process. For this reason, it is valuable to make a 1-week planning regarding accommodation and determine the costs accordingly. Otherwise, encountering extra fees may reveal some negative aspects of the process.
During the real estate research process in Turkey, you need to provide transportation with public transportation or car rental. Although it is possible to overcome the transportation problem with a Real Estate Consultant, it would not be right to request support from others in transportation at any time. For this reason, you should facilitate the real estate purchase process by supporting transportation with different solutions.
It is a very valuable detail for you to consider this detail, which is effective on purchasing costs. Because when you bring the costs together, you should know that transportation will be an important expense item for you. In addition to transportation within the city, you should carefully calculate plane tickets and other transportation expenses.
Real Estate Purchase Expense
For foreigners, the most serious item of purchasing costs in the process of purchasing real estate is definitely the real estate itself. You should plan your budget correctly and determine the fees that vary depending on the features and location of the real estate to be purchased. Purchasing a property that is well above your budget will not make sense for investors and will cause problems in managing purchase costs.
You can get support from the Real Estate Advisor in order to determine the value of the real estate, which will affect the purchasing process from beginning to end, as you wish. It should be stated that you can get better quality results, especially if you want a real estate to be found at certain intervals.
It is also known that foreigners sometimes use loans when buying real estate in Turkey. It is possible that loans in Turkey offer favorable interest rates and that foreigners desire to benefit from loans with low interest rates instead of using their capital.
When taking a loan from financial institutions, both the interest payment and the insurance costs for the loan are considered among the purchasing costs. Since it is known that these costs may vary from bank to bank, it will be healthier to find out the exact figures by contacting the bank.
It is seen that foreign investors sometimes cannot wait until the end of the process when purchasing real estate in Turkey. After deciding to purchase the real estate, it authorizes a relative or Real Estate Advisor to purchase it. This authorization given in the presence of a notary public leads to the emergence of an attorney’s fee.
You can apply to your Real Estate Consultant to get up-to-date information about attorney’s fees, which cause various differences in purchasing costs. You can find out the current fees by getting information from the notary publics. Since the attorney’s fees are updated every year, it will be healthier to get information directly from the notary public instead of looking at the information on the internet.
Title Deed Fee
During the deed transactions, 4% of the title deed fee must be paid over the ‘Real Estate Declared Value’ for the transfer to take place. While your Real Estate Consultant agrees to fully cover this price, sometimes this price may be paid in half. Within the framework of the agreement you will make with your consultant, you can reach the healthiest result regarding title deed fees.
Although the 4% rate in the title deed fee is usually fixed, the deed fee is different for each real estate since the Property Declared Value is different. For this reason, it will be very special to make a calculation according to the value of the real estate when evaluating the costs.
Real Estate Consultancy Fee
The most serious payment after the value of the real estate in the purchase costs is the payment to be made to the Real Estate Consultant. It is essential for foreign investors to find a consultant in order to reach a solution that will meet their expectations when purchasing a real estate in Turkey. Otherwise, it is possible to face problems due to language problem and distance from the procedure.
Since Real Estate Consultants will charge different fees, it is important to agree with the alternative that offers the most ideal solutions. In this way, it will be much easier to manage purchasing costs. It will be beneficial for both the investor and the consultant to make a proportional agreement or set a fixed fee at the initial stage. In this case, there will be no surprises in purchasing costs.
Tax and Service Fees
In the process of purchasing real estate, it is likely to face various fees such as Stamp Duty, Revolving Fund Contribution and Additional Service Fee. You can leave behind a successful purchasing process by evaluating these expenses that affect the purchasing costs. You can contact us for any other issues you may encounter regarding the purchasing processes.
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