Buying an overseas property is a very serious business and you need to consider plenty of things. Any property needs to be properly maintained, which involves certain costs. It is important to consider this fact before buying a property. Our experts have prepared this article to make it easier for you to understand what the costs of maintaining an apartment in Turkey include.
According to Turkish law, taxes for foreigners are exactly the same as for residents of the country:
The real estate tax is Emlak vergisi. It ranges from 0.1% to 0.2% of the cadastral value indicated in the TAPU. On average, it is no more than € 100 per year, usually less. The tax is paid twice a year – until the end of May and until the end of November. The entire amount can be paid at one time.
Garbage collection fee. This is another mandatory payment for homeowners. The amount of the fee is determined by the municipality. It usually ranges from €10 to €40 per year.
The payment for housing and communal services in Turkey includes the payment of utility bills by the meters and the so-called aidat, the payment for the maintenance of a residential complex.
Electricity in this country is considered cheaper than in many other European countries. But its consumption in a Turkish apartment will be rather big. Electricity is required for air conditioners, underfloor heating and heaters in winter and other home appliances. For example, in the summer, when the air conditioner is constantly on in a one-bedroom apartment, you will have to pay €50 – €60 per month.
There are two electricity rates in the country. The night rate is cheaper than the day one. Average electricity prices in Turkey are €0.11 – €0.18 per kW.
The average price for 1 m³ of water is €0.5 – €1.5. There is no central hot water supply in houses, there are boilers or solar panels.
Gas cylinders are commonly used. Their cost is €15 – €30. A cylinder is enough for 3-4 months for a family of 3-4 people.
Houses with central heating are very rare. Most often, residents install heating boilers in their apartments. They can use electricity, gas or liquid fuel. In some old buildings, you can find potbelly stoves.
On the coast, the weather in winter is milder, so an air conditioner with the heating option or heaters are enough to keep an apartment warm. Although they significantly increase energy consumption, they allow you to safely maintain a comfortable temperature in the house.
Telephone, television, internet
If you need home Internet, then it is most profitable to choose a package along with television. Both services will cost around €15 – €30 per month. Usually contracts are concluded for 1 – 2 years, and fines may be provided for early termination.
For all owners of Turkish real estate, it is compulsory to have an earthquake insurance – DASK. Depending on the insurance coverage and the characteristics of the property, its cost can be €15 – €150 per year. When buying an apartment, contracts with utility providers must be re-signed. In new buildings, this will cost €200 – €300, resale properties – twice cheaper.
Aidat is a payment for the maintenance of a residential complex, which all residents of a project pay. The purpose of these payments is to keep the overall infrastructure in good condition. This money is used to clean swimming pools, maintain elevators, install and repair surveillance cameras, automatic gates, etc.
The size of the aidat depends on the facilities a development project has. The more facilities a project has, the more expensive their maintenance will be.
The amount of payments is determined at the meeting of residents. A management company may be hired to manage the building or residents themselves can manage the maintenance under the direction of an elected project manager.
The average size of aidat varies from €10 to €100 per month, depending on the class of the residential complex.
Property rental fees
For many, a seaside apartment is a source of income because such housing is in high demand among numerous tourists. But renting out housing also involves certain expenses on the part of the owner, and also has its own nuances.
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