Buyers Guide – Step 2
You have looked at a few properties and answered a lot of questions, now its time to make sure you know everything before making any offers. We have broken down below all the financial factors you need to take into account when buying your Dalyan Dream:
Not all of us have the spare money to buy a second home outright therefore often additional finance is needed. Many European banks will not offer you finance on a property in Turkey therefore it is worth talking to a Turkish bank about a personal loan or Mortgage here. Many banks will give foreigners a mortgage on a property here in Turkey however they do insist on a higher rate of deposit than we are used to (normally 30-40%) and they do have high rates of interest (around 6%) The maximum mortgage term you can take out is 15 years, but they can do short term mortgages for 2-10 years if you just need a top up. Ask for more details.
2) Additional costs involved in the purchase.
The additional costs of purchase in Turkey are by general rule of thumb 7-8% of the purchase price and include the following:
Estate agency fees 3% – this is the standard rate paid by the buyer in a purchase
Military search fees (500TL) – if required
Purchase tax at completion –4% of the value of the property (as decided by the local council)- this can be split between buyer and seller however the common practice is for the buyer to pay this in full. Cost: dependant on council valuation and property
Stamp duty – paid to the government with taxes. Cost: currently 175tl
Cost of taking meters in your name– charged by the utility companies for setting you up as the new holder. Cost: dependant on property
Council Registration fee– charged by the council when changing the official records to show you as the new owner for council tax. Cost£30
DASK earthquake insurance- an annual insurance to cover you in case of a large earthquake. Legally required for the first year of ownership. Cost: dependant on size of property
Solicitor property search – optional search that can be complete by a solicitor on the property you are buying. They check that it has been legally built and that there are no debts registered against the property. Cost: £250
Translator – Official translator for the day of title deed transfer so you know exactly whats going on. Cost: £30
Solicitors Conveyancing Fee:- Optional. İf you wish for a solicitor to represent you, draw up sales contracts, mediate between us and yourselves. This is normally a fee of £1000
Personalised costs of purchase available on request
3) The annual running costs.
Although these are lower than running a home in the uk- its always something to factor in as a consideration. The bills to pay are:
Electric – Your meter is read monthly and you are charged by usage. There is no standing fee so if you dont use any you dont pay. Tends to be our most expensive bill
Water – Your meter is read Bi-monthly and you are charged for usage. İn this area water is quite cheap depending on how much you use. Again- no standing fee.
Council Tax – Payable in January and June. The cost of this depends on the size of the property. On average this will cost around 600tl a year for a small private villa
House & Contents insurace– Payable either monthly or annual. The cost depends on how much cover you have.
DASK earthquake insurance– payable annually. Cost depends on size of property. Average 2 bedroom apartment is 120tl per year.
İnternet- Varous options are available from Mifi boxes to dongles. Annual packages to pay as you go. These cost between 30-300tl per month. Talk to us for specific quotes.
Pool & Garden maintenance – Average cost for complex villa £650 per year, Apartment £400, Private villa £1500. Prices do depend on size of pool and garden, level of maintenance agreed, number of properties on the complex etc etc.
Specific annual costs can be given upon request.
4) Rental İncome and costs
Please see our rentals website for out rental package. Specific income estimates can be given on request.