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Old 23rd August 2005, 17:31   #1 (permalink)
PAUL SMITH
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Info on buying costs in Turkey (Altinkum) through an agency

Hello, I am thinking about purchasing an apartment in Altinkum or some where close to a resort.

Questions i need to find out first as this is all new to me...i have done alot of reading on the internet but just get confused..

1. Buying costs and in what order and to whome they are paid. ( through agency)

2. Been told to wait until after September when the turkish Gov have decided on the buying laws etc..(not too sure what that means)

3. Can it be done with only a maximum fund of 25k (thats including costs)

4. Once purchased, on going costs ( on a complex and not on one ).

I just what to make a sound investment and somewhere for my family and friends to go out too. possibly rent it too.

Kind regards.

Last edited by merlin; 23rd August 2005 at 17:34..
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Old 23rd August 2005, 17:49   #2 (permalink)
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Thumbs up Re: Info on buying costs through an agency?

Hi Paul and welcome to the Turkish Living Forum.

Things can get a little confusing with a property purchase in Turkey but you are among friends and you have made the best move by joining us.

Theres loads of information on the forum that will answer ALL of your questions you have asked, many members here have their own properties too

First off.... have a look through the forums and if necessary use the Forum Search

Have a look in the Articles here and take time to read this document in the Articles, on Purchasing a Property in Turkey

Above all, dont be pressured by anyone and pull up a chair and make some new friends!


Merv

Last edited by merlin; 23rd August 2005 at 18:24..
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Old 23rd August 2005, 19:11   #3 (permalink)
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Re: Info on buying costs through an agency?

Hi Paul welcome to the forum and as Merlin rightly said above you have made a wise move joiing us on Mushtaqs site! If 25k is your upper margin budget you could buy aan apartment in Altinkum or Akbuk however you wouldnt get any views in Altinkum (excluding concrete) whereas Akbuk there is plenty of resales in that range and some would even include some furniture Anna for one bought a really nice Villa with furnishing for a a very good price,. Way above your budget but remember Haggle its your duty to do so!! Hope you have fun and DONT buy the first one go away and think about it over an Efes or three! If we can be of any assistance just ask...I arrived back here yesterday and will behere for the next 64 days Im in Bodrum at the Mo' and I talked to an agent here who is still selling and reckons there will be no restrictions for property purchase its all a matter of sharp penciling the original amendment to thr new law that superceeds the old one// Chris & Karen
PS Its 21.15 her now and the temperature is a seaty 29 degrees so Airconon tonight!!...lol..
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Last edited by Duke; 23rd August 2005 at 19:15..
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Old 23rd August 2005, 19:22   #4 (permalink)
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Re: Info on buying costs through an agency?

Hi Paul and welcome to the forum. I am sure that you will find something in your budget, although prices have increased if you look hard enough there are still plenty to be found.

The forum is full of useful info and although a search may appear tedious you will gain much knowledge on the way and find other members experiences good and bad and be able to learn from this.

have fun
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Old 23rd August 2005, 20:31   #5 (permalink)
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25K in Akbuk

Hi there Paul: I am not an expert( you will meet plenty of those on here!?) but 25K will still buy you a decent property in Akbuk with some great sea views.

At least that was true 2 months ago...
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Old 23rd August 2005, 22:25   #6 (permalink)
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Re: Info on buying costs through an agency?

I have answered some of your questions below, this is purely my personal experiences and observations. and not that of a professional. just someone who has purchased.

Quote:
1. Buying costs and in what order and to whome they are paid. ( through agency)
Find the property and the agent then takes you to the notary the payments vary on locations, this can be approx 50
then you will need to pay a deposit as agreed with the builder or agent.
When your deeds are ready for collection then you pay the tax of 1.5% of the declared price on the deeds. plus the remaining money due. plus the agents fees of 3.%
property in your name apply for the electricity and water, this cost vary again region to region for example I live in the Fethiye region and just over 18months ago i paid to have these in our name, the cost was 90TL for electricity copies of Tapu and passports and photos I also paid 24tl for the stamps.
Water I paid 24tl for the stamps and 66tl for the water to register to our name,
You will also have to pay local tax in Fethiye this is now 400 I have read of agents in theAltinkum region paying upto 750. Translation fees 30-50 again these vary. Then of course you will have house building and contents insurance and the mandatory Dask (earthquake insurance) total approx 100-200 depending on cover. furniture etc if not furnished. Security measure i.e window grills/shutters and mossie nets (optional)



Quote:
2. Been told to wait until after September when the turkish Gov have decided on the buying laws etc..(not too sure what that means)
Government are on holiday and do not reconvene until 3rd October, issuing of Deeds have been suspended on issue of new purchases after the 27th July, many people have received their deeds this month, but this is still a grey area, at the moment.


Quote:
3. Can it be done with only a maximum fund of 25k (thats including costs)
It can be done, but you have to be quick as well as lucky.


Quote:
4. Once purchased, on going costs ( on a complex and not on one ).

Complex cost vary, from 250 - 500 per annum, you purchase a private villa then it is upto you who which maintenace company you choose. cost are approx the same. then you will have your electricity and water, again this varies re complex or private home. private hime with pool for your budget is highly unlikely, so not a problem. annual insurances.


Quote:
I just what to make a sound investment and somewhere for my family and friends to go out too. possibly rent it too.
This will not be a quick buck, maybe in the long term, there are so many new properties on the market it may take a while to sell a resale unless you are prepared to wait. so just enjoy it while you have it.

Last edited by lorraine; 24th August 2005 at 09:16..
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Old 24th August 2005, 03:02   #7 (permalink)
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Re: Info on buying costs through an agency?

Hi Paul and welcome to the forum.

I was going to suggest with a tight budget and looking for a sound investment you might consider looking at Akbuk but I see others have already done so and added some sound advice. I would personally think with only a 25,000 budget it would be wise to think about acting swiftly as prices are rising, but at the same keep a cool head, do all the sums and ask lots of questions.

Only deal with licensed real estate agents and not some guy in a bar and don't be afraid to ask them "why should I deal with you?"

Good luck with your property searching, happy Googleing & Yahooing etc.
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