There are many questions that can cross your mind when buying property abroad. Even worse is when you don’t know what questions to ask because you are unsure of the buying procedure. In Turkey it is always best to ask any questions before you put in a bid on a property, as once you say yes the process will move very quickly. Below are just a few of the questions that may cross your mind mainly concerning finances, however feel free to post any more below and I will answer as soon as possible.
What are the extra costs involved when purchasing?
This varies depending on the property. A rough guideline is
- 3% commission if it is a re-sale property or by another builder
- Solicitor’s and legal fees. Starting price is normally £300.00.
- New property then approximately £450.00 water and electric connection fee, if it is a resale property then approximately £150.00
- Buyers tax is 3%. Very often if buying a new build or off plan then the builder will pay half.
Optional extras if not included with the property.
- Mosquito nets, approximately £300.00
- Security grills, Starting in price from £650.00
- Air conditioning. The small units start in price from £250.00.
- Furniture. To furnish a one bedroom apartment with basic furniture is approximately £2000.00.
- Water boiler, approximately £600.00
What are the yearly running costs of a property?
- The yearly maintenance fee. This varies but starts in price from £250.00
- Electricity. Starting from 70YTL ( £30.00) for one months usage
- Water. One months usage is approximately 20Ytl (8YTL)
- Gas is delivered in bottles.One bottle costing 80YTL ( £35) will last about six months.
- Council tax and property tax. Approximate starting price 200Ytl ( £80)
- Earthquake insurance is compulsory by law and starts off at 1YTL per sq metre. Content and building insurance is optional.
What are the payment terms for a property?
This varies really and most of the time is open to negotation. For a re-sale property 10% deposit and then full payment within a month. For off plan properties a 10% deposit and then the payments are staged according to the building progress. If you wish to hold any amount back until you receive your title deeds then you should request this before signing the contract.
I want to know more about mortgages for Turkish properties.
Contact us here for more information on mortgages for Turkish Properties and we will arrange for our recommend company to send you a full information pack or for an advisor to call you at a suitable time and date.
