Turkey is among the most visited destinations in the world. Millions of tourists visit the country every year. Many also go there to invest in the real estate industry. You can buy a house in Turkey and sell it off for a profit after three years.
This is how so many people make their money in the real estate industry of the Mediterranean country. If you are looking to sell your property in Turkey, there is a right way to go about it. This post comes with essential tips on how you can sell your property in the country.
Finding a buyer for your Turkish property
Before you go off to sell your Turkish house, you may want to find a real estate agent. You can find many English-speaking real estate agents in the country. They can help you sell your house quickly. To do this, you may want to get a few agents who you register your property with.
You need to choose an agency that has a large market of buyers. A good agent will spend money and time to sell off the property. They will also know more about you and the given property.
The process of selling a property in Turkey
To sell your property in Turkey, you may want to follow these simple steps.
Get a qualified and reputable real estate company. They should have a strong network that is made up of international and domestic buyers.
The agent should know about your preferences and needs. You should negotiate commission fees with them. Also, ensure that you tell them the range of services they should perform in selling the house.
You should agree with the company. This is usually done by using a contract.
If they find any interested buyer, the real estate company will sell off the property and help the owner complete the sales.
The company will have to submit some important documents to the land registry. This is usually done on completion of the deal. The document to be submitted includes:
One copy of the TAPU (the property ownership document)
The valuation report of the property (this is an obligatory report that has to be ready before you make the final sale application at the office of the land registry.
Selling your Turkish property: What are the costs involved?
When it comes to selling your property, some costs are involved. The costs you pay will usually depend on the real estate agent and the property location. There are taxes and costs involved when you sell your Turkish property. They include:
Fees for the real estate agent
Notarization costs
There is a 2% sales tax (which is computed from the final selling price)
You will have to purchase earthquake insurance before selling the property (some homeowners usually buy before selling)
Costs for property survey report and evaluation.
There is a tax for capital gains (this is paid if you make any profits from the sale).
Capital gain tax in Turkey: What does it mean?
The capital gain tax applies to homeowners who sell off their assets. In the country, the capital gains that owners or businesses realize when they sell their assets are subjected to a corporate tax of 20%. The capital gains are based on the balance of the cost price of the asset and its selling price. There is a VAT of 18% on the sales price of the property.
