Statcounter

Wednesday, 1 September 2010

Buying property in Turkey - the hidden costs

So you've found your place in the sun - in the right place and at the right price. But is that it? Any homebuyer knows there are a slew of costs related to buying a home. Here we'll investigate the costs associated with buying a home in Turkey worth £100,000.




You wouldn't buy a car without a test drive, so it goes without saying that you shouldn't buy a home without having a good look around. You can get to know the local area, see a good few properties and decide if this is really somewhere you can call home - even if it is a temporary home during the summer. Some companies offer inspection trips as low as £99 - no matter what your budget. These include flights, a stay in a 5-star hotel, transfers, viewings and even a night out so you get a feel for the social side of the area.

Solicitor's fees

It's imperative you find an independent solicitor to look over your contract, check if the title deeds are legit and, in short - ensuring you're not buying a property that will cause you heartache down the line. Approximate cost: £750.



Notary fee

You will need to have a few documents verified by a notary, including the title deeds, your visa and your passport. This adds up to around £300.

Stamp duty

This is 3% of your property value and must be paid by the buyer.

Military clearance

All property purchases in Turkey must be checked by the department of defence to make sure that the land is not owned, or will not be owned in the future, by the military. This costs around £900 and is valid even if you're buying in a development.



Utilities

Of course, when you move into your new property, you'll probably want your water, electricity and gas to be running. The cost of setting all these utilities up is around £200.

Estate agents' fees

It's hard to find property in a foreign country on your own. That's why this fee is money well spent. Agents can often knock the price of a property down if they have good relationships with the developers, so often you'll make this money back in the reduced cost of your property.

Ongoing costs

Once you're set up, there are still a number of ongoing costs to consider:
  • 0.3% annual Turkey property tax
  • £60 annual council tax. This is usually paid in two installments (May and November).
  • £250 annual Turkey property insurance (depending on size and location)
  • Communal charges for your development (if applicable). For example, if you have a 2/3 bedroom apartment you can expect to pay between £400 - £600 per annum. This includes pool and garden maintenance and building insurance.

2 comments:

  1. I have been to Turkey many times and so atlast I decided to get a holiday home with all the luxury features so that there can be a better choice.

    ReplyDelete
  2. Want to go to Turkey too to see this beautiful places.

    Paula M

    ReplyDelete