Purchase costs

Investing in Turkey for foreigners is seen as an increasingly valuable option. As currencies such as the dollar and the euro strengthen against the TL, it becomes easier for foreigners to buy property. So, what costs do foreigners have to bear, whose currency is more expensive? Let's take a closer look!

Costs incurred in the process of researching real estate in Turkey

Considering that foreigners do not live in Turkey, they would like to stay here and continue their real estate studies. So what are the costs involved in this process?

Accommodation fee

While you can buy property all over Turkey, you need to stop somewhere and check out the research process. Because even if you are in control of the process through a Real Estate Consultant, it is only natural that you want to see the property. It would be beneficial to complete the real estate processes while keeping the listing process as short as possible to reduce costs.

Your period of stay is a minimum of 1 week, including property search and completion of the purchase process. For this reason, it is important to plan your stay for 1 week and determine the costs accordingly. Otherwise, additional fees may reveal some negative aspects of the process.

Transport fees

When looking for a property in Turkey, you need to provide transportation by public transport or a rental car. Although a transportation problem can be solved with the help of a real estate consultant, it would be wrong to ask others for help with transportation at any time. For this reason, you should facilitate the process of buying a property by supporting transport with various solutions.

It is a very valuable item for you to consider this item which is effective on purchasing costs. Because when you put the costs together, you need to know that transportation will be an important expense for you. In addition to transport within the city, air tickets and other transportation costs should be carefully calculated.

Real estate purchase costs

For foreigners, the biggest expense when buying property is, of course, the property itself. You must properly plan your budget and determine the fees, which vary depending on the characteristics and location of the property you are purchasing. Purchasing a property that is well over your budget will not make sense to investors and will cause problems in managing purchase costs.

You can get support from a real estate consultant to determine the value of the property, which will affect the buying process from start to finish as you wish. It should be noted that you can get better results, especially if you want the property to be located at certain intervals.

Loan costs

It is also known that foreigners sometimes use loans when buying property in Turkey. It is possible that loans in Turkey offer favorable interest rates and that foreigners want loans with low interest rates instead of using their capital.

When obtaining a loan from financial institutions, both interest payments and insurance costs on the loan are included in the purchase costs. Since it is known that these costs can vary from bank to bank, it will be more useful to find out the exact figures by contacting the bank.

Legal costs

It can be seen that foreign investors sometimes cannot wait for the end of the process when buying property in Turkey. After deciding to buy a property, he authorizes a relative or real estate consultant to buy it. This authorization, given in the presence of a notary public, results in attorney's fees.

You can contact your real estate consultant for up-to-date information on attorney fees that cause various differences in purchase prices. Current fees can be found by obtaining information from the notary. Since attorneys' fees are updated every year, it will be more useful to obtain information directly from the notary, rather than looking for information on the Internet.

Fee for certificate of ownership

During sales transactions, 4% of the title deed fee in excess of the "declared value of the property" must be paid to effect the transfer. Although your Real Estate Adviser agrees to cover this price in full, this price may sometimes be paid in half. As part of the agreement that you enter into with your consultant, you can achieve the best result in terms of the fee for the title deed.

Although the rate of 4% of the title deed fee is usually flat, the deed fee is different for each property because the declared value of the property is different. For this reason, it will be very important to make a calculation according to the value of the property when evaluating costs.

Real estate consultation fee

The most significant payment after the cost of the property in the purchase price is the payment to the Real Estate Consultant. It is important for foreign investors to find a consultant in order to find a solution that will meet their expectations when buying property in Turkey. Otherwise, you may run into problems due to the language problem and the distance from the procedure.

Since real estate consultants will charge different fees, it is important to agree on an alternative that offers the most ideal solutions. Thus, it will be much easier to manage the costs of the purchase. Both the investor and the advisor will benefit from entering into a proportional agreement or setting a fixed fee at the initial stage. In this case, there will be no surprises in the purchase price.

Tax and service fees

During the process of buying a property, you will probably have to deal with various fees such as stamp duty, revolving fund contribution and additional service fees. You can leave behind a successful buying process by evaluating these costs that affect the purchase price. You can contact us for any other questions that may arise during the purchase process.