Buying a house is an exciting process, but unexpected costs can come up. Besides the price of the property, you need to consider factors like the building’s age, materials, location, and payment options. If you’re not working with a real estate agent, the process can become more complicated, and your budget might not cover all the expenses. So, what are the additional costs you might face when buying a house?
Renovation and Maintenance Costs
If you’re not buying a move-in ready home, you’ll need to budget for renovation and maintenance costs. The age of the building and the condition of the apartment will greatly affect these costs. It’s a good idea to consult with a real estate professional or property advisor before finalizing your purchase so you can anticipate any necessary repairs or updates.
Title Deed Fees
When buying a house, you’ll encounter several mandatory payments, including title deed fees. According to Turkish law, a 4% title deed fee is split equally between the buyer and seller. This fee is based on the property’s sale price.
Property Tax and Subscription Fees
After buying your home, one of the main expenses you’ll need to cover is property tax. This tax must be paid yearly and applies to land, apartments, buildings, and shops. The amount varies each year depending on your property’s characteristics.
Earthquake Insurance (DASK)
In Turkey, every homeowner is required by law to have earthquake insurance, known as DASK. This insurance covers damage to the building’s main structural elements, like foundations, walls, ceilings, and staircases, caused by an earthquake.
These additional costs can make the home-buying process more complex. At Aegean Locations, we specialize in helping foreigners purchase property in Turkey. Our expert team can guide you through every step to ensure a smooth and safe transaction. Visit our website to learn more about our services and find your dream home in Turkey.