Various costs may arise during the home buying process. It is necessary to know all the details in order to be efficient in budget management in the home buying and selling process. The costs that can be incurred in the home buying process are as follows:

House Fee

The cost of the house is the amount demanded by the buyer and this is the biggest expense item you will make when buying a house.

Real Estate Consultancy Service Fee

Another cost that may arise in the process of buying a house is the real estate agent service fee. In accordance with the Regulation on Real Estate Trade, real estate consultants can request a service fee of 2% + VAT (20%) separately from both the landlord and the buyer of the house, this is the lowest rate. The real estate agent may also receive a different amount of service fee by agreeing with the buyer and the seller. The service fee may increase within the scope of the service provided to you by the real estate consultant.

Expertise

In sales to foreigners, an appraisal report stating the value of the real estate before the title deed transfer is mandatory. The cost of the CMB approved appraisal report is approximately 11.000 TL. (CMB is the Capital Markets Board, in Turkish it is the Capital Markets Board.) Completion of the appraisal report takes 2-3 days.

Title Deed Fee/Fees

The General Directorate of Land Registry and Cadastre collects 4% of the real estate value when you sign the title deed. Property values ​​declared in Turkey are usually lower than the selling price.

Translator and POA Fees

When signing your deeds, you will need a sworn translator. Translator and Power of Attorney fees vary according to the language and length of the content. Passport translation averages 750₺ per person, and the attorney fee varies between 550₺ and 1,000₺.

Electricity, Water and Telephone Connections

When you buy electricity and water subscription for the first time, you pay connection fee, deposit amount, stamp duty and file fee. The amount of payment you will make for water and electricity subscription will be below 2000₺ as of 2023.

Property Insurance (DASK)

By law, every house must have "EARTHQUAKE INSURANCE". The amount of property insurance depends on the size of your property. The TCIP insurance, which is mandated by the state, covers only the damages caused by the fire, explosion and landslide caused by the earthquake. While the square meter price is determined for the TCIP fee, which differs according to the region, it is calculated as 3.016TL for reinforced concrete structures and 2.080TL for other structures.

Property Tax

The type of tax levied on the land or building owned by the person is called property tax. According to the Real Estate Tax Law No. 1319, all buildings within the borders of the country are subject to building tax and lands are subject to land tax. The first installment must be paid in March, April, May, and the second installment in November. Tax payment can be made by going to the municipality where the real estate is located. It is also possible to make online payments through the systems of municipalities providing e-municipal services. The real estate tax is determined by the municipalities every year over the current market value of the real estate.