ceemac

Shake It Baby...
Factoring in the Full Cost
Something to bear in mind when buying your place in Turkey (or anywhere for that matter), are all the various fees which will be on top of the property purchase price.

The fees to consider are;

Estate agent’s commissions
Legal fees
Mortgage fees
Local purchase taxes
Survey costs
Admin charges
Transfer taxes
Land registry fees
Notary costs and
Company establishment costs (I believe this loophole though may now be closed?)

These fees will probably be in or around 7% of the purchase price so if your property costs £100,000, then expect to have to pay about £7000, so it is best to know these costs prior to entering into any arrangements.

I was slightly caught out with these charges (ie I hadn't realised just how much they would be), and if I were to do it again, my ceiling would include everything.

Hopefully though, people are much more aware now of the 'extras' through great sites like this.


C
 

bobthenob

Non Active Member
Factoring in the Full Cost
Even though these prices are really based on averages.Some will charge a lot more then what has been stated.
Estate agent fee's range from 3% to 25%

Legal fee's seem to be charged spasmodically without any set price

Mortgage fee's are sometimes a hit and miss on what is the best deal[watch out for the small print]

Taxes have been known to rise while in the process of buying and later on you will be told to pay the extra

The survey,search and other processes to be dealt with can turn out to be completed when in fact it hasn't [all depends on the solicitor you have]

"So",there you have it,A policy of made up prices to rip the client off,with the added ongoing bonus of another expense to come from the extortionate charges the physiatrists will send you that will send you over the edge.

Equivalent to the price of the property you have bought
 
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ceemac

Shake It Baby...
Factoring in the Full Cost
Could be worse Bob - you could have bought in Greece, where the fees are astronomical.

You're right though, the figures I quoted are averages although I paid around 6-7% fees when I bought in 2005, and Which magazine carried out a study into fees for foreign property purchases where Turkey also came in at around 7%.


C
 

babsgood

Deemon in disguise
Factoring in the Full Cost
there is also additional cost if you buy new, solar panels or boiler for hot water, water storage tank, mossie nets if you want/need them, security metal work....we added about an extra 4000TL for these on top of all the legal fees etc. I would never buy new again!
 

ceemac

Shake It Baby...
Factoring in the Full Cost
there is also additional cost if you buy new, solar panels or boiler for hot water, water storage tank, mossie nets if you want/need them, security metal work....we added about an extra 4000TL for these on top of all the legal fees etc. I would never buy new again!


I was really concentrating on fees that you must pay but what you mention is something people should consider as well.

When I was negotiating my purchase, I threatened to walk away if I had to pay for aircon and a water heater - the emlak eventually capitulated and put them in for me as part of the deal.


C
 

giglets

Member
Factoring in the Full Cost
Ceemac,

I noticed, in a recent post about "Foreigners evading property taxes", that there is a real estate (vat?) tax of 1% on properties under 150sq m and 18% on those over that size, when they are bought/sold.
Is this the case, as 18% of the value of a villa is one hell of a sum of money!

Excuse my ignorance if I have picked this up wrongly, but it would certainly not tally with your assertion that the total cost of buying, tax and expenses wise, is approx 7% of purchase price.

Thanks in advance,



Dave
 

Gin&Tonic

Member
Factoring in the Full Cost
Most Emlaks charge around 3% if they sell a property but for the first time last week I heard of one that charges 3% but if you advertise your property with another agent at the same time then they charge you 5%. Anyone else heard of this.
 

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