Buying a house is not a process limited to paying the house price. Many additional items, from title deed transactions to insurance, from loan expenses to subscription fees, directly affect the total cost.
Therefore, having information about the expenses when buying a house in advance will help you plan your budget more accurately and allow you to proceed with the process in a more controlled manner.
1. Title Deed Fee
Title deed fees are one of the biggest expense items in the home buying process. It is usually calculated as 4% of the sales price and is often shared between the buyer and the seller. However, in practice, the entire amount of this fee may be requested from the buyer. At this point, the question of who pays the title deed costs comes up frequently. This detail should be clarified, especially during the bargaining phase. Therefore, when buying a house, allocating a budget for title deed costs and clarifying the payment plan will ensure that the process goes more smoothly. In addition, declaring the sales price correctly is also important to prevent penal situations that may occur in the future.
2. Title Deed Revolving Fund Fee
Revolving fund fee, which is another item paid during title deed transactions, is collected in return for the services provided by land registry offices and is updated every year. Even though it is a lower amount compared to the fee, it should definitely be taken into account in the total cost. This fee, which is usually a fixed fee, is collected at the time of the transaction. Although it may seem small, when combined with other expenses expenses when buying a house It can become a noteworthy item among the crowd.
3. Compulsory Earthquake Insurance (DASK)
DASK is one of the compulsory insurances in the house purchasing process in Turkey. For this reason, you must have an active policy in order for the title deed to be transferred. While the premium amount varies depending on criteria such as the city where the house is located, building type and square meters, you may see that this price increases slightly in regions with high earthquake risk. For this reason, DASK should not be considered as a legal obligation, but as an important protection tool that secures your home against possible risks, and should be taken into account among the expenses paid when buying a house.
4. Mortgage Loan Interest Expense
If you are planning to buy a house using a loan, the impact of interest rates on the total cost is very decisive. Although monthly installments seem reasonable at first glance, the total repayment can increase significantly as the term becomes longer. For this reason, it is advantageous to compare the offers of different banks before taking out a loan and, if possible, to follow low interest periods. Although loan costs are often overlooked, they actually create a significant financial burden that affects the budget as much as the taxes paid when buying a home.
5. Credit File Expense
Banks may request a filing fee covering transaction processes when granting a loan, and this amount may vary depending on the bank you apply to. This fee, which is generally determined depending on the loan amount, can be completely removed or reduced to lower levels with campaigns held in some periods. Therefore, it is very important that you examine the conditions in detail before applying for a loan. Although it may seem like a small expense, it should be taken into account in total budget planning as it is included in the expenses incurred when buying a house.
6. Expertise Fee
When a home loan is used, the bank requests an appraisal report to determine the real market value of the house to be purchased, and the cost of this service is borne by the buyer. This process is quite critical, especially since prices vary in different locations. At this point, a real estate region analysis will allow you to see the accuracy of the investment more clearly. The appraisal report is an important reference that shows whether you are purchasing at the right price rather than a formality.
7. Realtor Commission
A certain commission must be paid for purchases made through a real estate consultant. This rate is generally applied as 2% of the sales price + VAT. Although the rate varies depending on the scope of service, it is standard in most transactions. It is possible to speed up the process by working with the right consultant, but at this stage you need to be planned on the cost side.
8. Notary and Contract Expenses
Although it is not mandatory in every transaction, notarized contracts are preferred in some purchasing processes, and this may create an additional cost. Especially in cases where security is prioritized, the notary comes into play and ensures that transactions proceed more officially and safely. Since the expense amount varies depending on the scope of the transaction, it is included in the total expenses, although it is generally low. Therefore, by researching which documents will be required at the beginning of the process, more planned action can be taken in terms of both time and cost.
9. Subscription Opening Fees
When you move to a new house, you need to take on electricity, water and natural gas subscriptions. During these transactions, certain security deposits and opening fees must be paid. These amounts may vary depending on your city and the distribution company you receive service from. Although it is generally seen as a small detail during the moving process, it would be beneficial not to ignore this item as it can affect your budget when all expenses come together.
10. Renovation and Additional Expenses
Depending on the condition of the house you are considering buying, it is quite normal to encounter the need for renovation, which can often lead to additional costs that were not calculated in the first place. For example, even if everything seems fine when you visit the house, after moving in, details such as the need for painting, renewal of old plumbing, or replacement of kitchen cabinets may arise. Since such expenses can increase the budget in a short time, examining the house in as much detail as possible before purchasing and foreseeing possible expenses in advance will allow you to make a healthier decision.
Knowing all these items in advance during the home buying process allows you to plan your budget more accurately and prevents surprise costs. You can make more informed decisions, especially by doing detailed research and comparing different options. At this point
