Additional Costs You May Encounter When Buying a House
This process, which can be challenging for prospective homeowners, may bring many unexpected expenses. Therefore, in addition to the price of the apartment for sale, you should decide on many different factors such as the year of construction, building materials, location, and payment options, and adjust your budget accordingly. If you are not working with a real estate consultant, these processes can become even more complicated. Moreover, the budget you have allocated for the purchase may unexpectedly fall short of the price you need to pay. So, what are the additional costs you may encounter when buying a house?
Renovation and Maintenance Fees
Unless you're buying a turnkey apartment, you should definitely budget for renovation and maintenance costs. The age of the building and the apartment will be one of the biggest factors affecting this budget. You can learn about the apartment's condition and other details from the current owner. In addition, it's highly recommended that you consult with a real estate professional or property consultant before finalizing the purchase. This will allow you to understand what type of renovation and maintenance costs you'll need. maintenance and repair operations You can know in advance what you need to do and avoid potential costs.
Property Registration Fees
During the process of buying a house, you may encounter far more taxes and mandatory payments than you might think. The first of these is the title deed tax. Title deed tax prices usually include the title deed revolving fund fee, which is another mandatory payment item. According to Law No. 492 on Fees, %2 is collected from the buyer and %2 from the seller.
Property Tax and Subscription Fees
One of the main expenses you have to pay after buying your house is property tax. Property tax must be paid within the year following the purchase. Land, apartments (residences), buildings (apartments), shops, and plots of land are all subject to property tax. The amount due may vary each year, and the total amount can also change depending on many criteria related to the property you own. Although it is considered a mandatory payment, individuals with property tax exemptions are not obligated to make this payment.
DASK (Compulsory Earthquake) Insurance
Compulsory earthquake insurance is a legally mandated insurance that every homeowner must obtain. Known as Compulsory Earthquake Insurance (DASK), it covers damages that may occur to a building during or after an earthquake. DASK is often confused with home insurance. Unlike home insurance, DASK only covers the main components such as foundations, walls, ceilings and floors, stairs, elevators, corridors, landings, roofs, and chimneys.
