Smart Strategies for Saving Money on Buying Property in Turkey

General Expenses of Buying a Property in Turkey

The main expenses when buying a property in Turkey consist of two parts: the price of the property itself and the costs associated with its registration. The specific costs associated with registering property in Turkey vary depending on the type, size, and value of the property. Here is a general list of the main expenses:

Sales Tax: There is a total sales tax of 4% on property purchases, sometimes split between the buyer and seller.

Annual Property Tax: Approximately 0.2% of the property's value as stated in the TAPU per year.

DASK (Mandatory Earthquake Insurance): This is an annual cost, generally between 175 to 250 Turkish Lira.

Sworn Translator Services: The service of a translator for obtaining the title deed costs about 50 Euros.

ISKAN (Occupancy Permit) Registration: A one-time fee (400-500 Euros), paid when the house is ready for occupancy.

Utility Subscriptions: The cost for connecting to these utilities is typically between 50 to 100 Euros.

Aidat (Monthly Maintenance Fee): Starts from 250 Turkish Lira per month and varies depending on the shared facilities in the complex. 

These costs can vary based on the property's location and other factors, so it's important to get detailed and specific information from your real estate agent.

What Not to Save On

When considering buying property in Turkey, it might appear more straightforward and less expensive to do it on your own. However, engaging a professional real estate agency is highly recommended. Major agencies typically do not charge any commission to buyers, which is a significant advantage. Moreover, they play a crucial role in significantly reducing the risk of fraud and financial loss.

A licensed agency provides a range of essential services, such as finding properties that suit your needs, negotiating with sellers to secure a fair price, and introducing you to reliable construction companies. They also offer unbiased evaluations of each property, advise on financial options if you don’t have the full amount upfront, assist in gathering all necessary documents, and support you through all stages of the transaction. Furthermore, they provide comprehensive after-sales services.

Where to Buy Property to Save Money

When considering where to buy an affordable property in Turkey, it's important to focus on location, a key factor in resort real estate pricing. Emerging regions and suburbs are ideal for those with limited budgets. While property prices in popular, established areas can be compared to those in Europe, regions that are just beginning to gain attention offer quality properties at more reasonable prices. 

Investing in such developing regions comes with multiple benefits. These areas provide value-for-money, making them an attractive option for budget-conscious buyers, and typically offer a more relaxed lifestyle, far from the hustle and bustle of city life. The environmental quality is often better, and you'll find access to untouched, picturesque natural surroundings. Additionally, there's a significant opportunity for investment growth. As these areas develop, become more equipped and populated, the value of properties, especially the price per square meter, is likely to increase, offering a good return on investment.

The Best Strategies For Saving Money on Turkish Property

Working With an Experienced Agent: An experienced real estate agent has a deep understanding of market trends and dynamics, that allows him to identify properties that are undervalued or situated in areas likely to appreciate in value. Besides the negotiation skills and familiarity with the legal procedures, they often have access to properties not listed publicly, offering a greater range of choices. 

Determining The Purpose of Buying the Property in Turkey: Defining the purpose for buying property in Turkey shapes various aspects of the purchase. For investment properties, considerations like rental potential, property value appreciation, and economic growth in the region are crucial. Properties bought for personal use will be chosen based on lifestyle preferences such as location, proximity to schools, hospitals, and amenities. This decision also impacts the financial approach, guiding whether to opt for cash payments or installment plans, and influences the type of property selected. 

Buying Early: There's typically around a 30% price difference between an apartment at the start of construction and one in a completed and operational residential complex. This makes buying early in the development phase a potential opportunity for value growth. Developers often provide installment plans to attract early buyers. These plans can make early investment more affordable, allowing buyers to pay over time, often in line with the project's construction stages. 

Paying in Cash: Having the full amount readily available can significantly streamline the process of purchasing property economically in Turkey. Both property developers and individual sellers often show a keen interest in closing deals swiftly. This urgency creates a favorable environment for negotiation, potentially enabling buyers to achieve savings ranging from 5% to 10% on the property's initial asking price.

Considering Resale Properties: Secondary market doesn't necessarily mean lower quality or old housing. These properties are units that have been owned previously, including new apartments purchased initially for the purpose of reselling. Sellers might lower their prices for various reasons, such as needing to sell quickly due to moving or not being able to sell the property at a higher price.

Catching Special Offers and Opportunities: Construction companies in Turkey frequently roll out various incentives like promotions, discounts, and bonus programs. Developers also offer discounts on apartments that they haven't sold before the complex is ready for occupation. Subscribe to property alerts and newsletters from TERRA Real Estate, a reputable agency in Alanya, and be the first to know about latest campaigns!

Buying During Off-Season: Early spring is often favored for its pleasant weather and a wider selection of properties listed by sellers preparing for the summer. This season is conducive for property viewing and goes along with the completion of new constructions, offering fresh options in the market. However, in terms of prices, winter can be advantageous for buyers, as it tends to be a less competitive market with potentially more motivated sellers.

The Best Property Selection From TERRA Real Estate

Attempting to find the right option on your own can be ineffective and time-consuming. TERRA Real Estate, a licensed and professional real estate agency, guides clients during the whole transaction process. We have in-depth market knowledge, work with reputable developers, and possess an up-to-date portfolio, enabling us to assist you in purchasing affordable properties in Turkey.

If you have further questions on how to save on your property purchase in Turkey, do not hesitate to reach out to us. Our managers will assist in selecting prime properties in the best locations at fair prices, making your dream of owning a home in Turkey a reality.