When buying a house, it is important to factor in all the upfront costs, mortgage costs and ongoing costs involved in buying and running a property. Below are the key costs that you need to include in your budget when establishing what you can afford.
Upfront Costs Ongoing CostsThe deposit is the amount you put towards the cost of purchasing your property. To get the complete choice of deals having a decent deposit amount is important. 40% is generally the optimum deposit, giving you some of the best rates that mortgage lenders will offer.
For all the taxes please refer to the table below.
An Independent valuation report is carried out, this is compulsory and is approximately 6000 TL.
You may need a solicitor to assist in buying a property if buying 'Off-plan' or a 'Payment plan'
Typically costing €20-€40, this covers the lender's cost of transferring money from the UK/Europe to Turkey.
Agents act as an intermediary between the customer and the seller, and can usually advise on the houses/flats available, thus saving the customer from having to visit numerous agents separately.
Dask compulsory government insurance covering earthquakes.
The insurance for your home and its contents is optional.
Types of cover we can help with...
Your mortgage lender will require that the mortgaged property is insured in order to protect its interest in the property. It is also prudent to take out contents insurance to protect your belongings. To protect your family you may want life cover to ensure that the mortgage is paid off should you die before the end of the loan. Other protection policies are available to help protect your investment.
The amount you will pay is based on the valuation of your property.
Ask the current homeowner what they spend on utilities: electric, gas and water to help you estimate your monthly utility costs. Also factor in costs for line rental, calls, broadband, and TV.
Your survey should have highlighted any expected costs involved with necessary repairs, but you must budget for regular decorating and DIY. These figures are presented as a general guideline only. Actual closing costs will vary for any transaction. Before signing any contract, you will have all closing costs explained to you by us. Turkish property taxes, maintenance fees and other expenses are considerably lower in Turkey, it will be around one-third of Spain and less than a quarter of France.
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Purchase Tax
|
112,000.00 ₺
|
3,783.14 € |
|
|
Estate Agent Service Fee |
%3 of the sale price |
%3 of the sale price |
|
|
Working Capital Tax |
1,297.00 ₺ |
43.81 € |
|
|
Army Clearance Tax |
2,430.00 ₺ |
82.08 € |
|
|
Dask Insurance** (For 70 m2) |
250.00 ₺ |
8.44 € |
|
|
Passport Translation |
450.00 ₺ |
15.20 € |
|
|
Translator |
1,000.00 ₺ |
33.77 € |
|
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Electric Connection |
600.00 ₺ |
20.26 € |
|
|
Water Connection*** |
600.00 ₺ |
20.26 € |
|
|
Valuation Report |
6,000.00 ₺ |
55.91 € |
|
* The final price is subject to fluctuation based on the exchange rate with the Turkish Lira. (Last updated: 22.08.2023)
** It depends on the earthquake risk (seismic risk) in each zone of a city. (See also: https://dask.gov.tr/en/tariffs-and-premiums)
*** There is an additional 3000-4000 TL for the digital water meter.
