Important things to know before you buy you home in Didim Altinkum
In any business, if there is an opportunity to deal directly with the seller or service provider, any product or service would generally come to the purchaser at a lower cost than that of the originally declared price which includes some kind of agent or ‘middle man’. In other words, you CAN save money when you buy!
There are approximately 600 estate agencies in Didim and nearly all of them run their businesses exactly the same way which involves making an agreement with the builders of a property regarding the agency selling price which includes their commissions. Most commissions are now set between 5% and 10%. This is the fee that the agency charges the seller for selling his property for him. It has increased considerably in latter years, due to the competitive number of new properties that are available for sale, with every builder vying to sell as quickly as possible. If a UK based estate agency is involved, then the commission is generally at the higher end of this scale.
Assuming the agencies keep their websites regularly updated, and the same property is viewed on different agent’s web sites, generally it will be advertised at exactly the same price. This is because the most agents charge the same commission rate and the seller will have set his selling price including that.
There is also a small chance to see different prices for the same property sometimes as some builders will advise the agents of their original asking price and the agents then add onto that their own profit margin.
Property for sale direct from developer can also be seen, and often the wording implies that there is no commission involved. If the property is advertised on an estate agency website however, definitely there will be a commission added into the price, as the agency would not sell the developer’s property without some financial gain themselves.
Please - ask yourselves - what is the benefit to you if you decide to buy direct from the developer if the price is the same as everywhere else??
In the case of the estate agency also being the developer, the commission would still be included in the price as the property will be advertised on other agencies websites too, and it is preferable to advertise everywhere at the same price.
Most of the agents also charge the buyer a 3% agency commission fee on the total selling price. If a buyer does not know how the property purchasing process works exactly in Turkey, they will definitely need guidance from a licensed estate agent to direct and advise them, to ensure they have a trouble-free transaction and only pay what is necessary and legal. There is no stipulation however in Turkey, that an estate agency MUST be licensed, to be able to operate, just as there is no limitation on what any agency can add on to a builders’ asking price for their own profit, be it in the way of fees, commissions or any other wordplay.
With our new concept, our intention is run our business for the benefit of both the buyer and the seller and to simultaneously make an affordable and reasonable income for ourselves.
The legal costs are generally similar, because the agency should be charging the set cost, and not making any income on those. (Drawing up the contract with a solicitor, legal translator, army clearance fee, water and electric connection-registration-metering fee, mandatory earthquake insurance, notary fee for power of attorney, etc.) These are all fixed fees which only vary from town to town, and in one town all agencies SHOULD be charging the same, although solicitors fees can vary a little.
Finally, please remember the old adages ‘you get what you pay for’ and
‘cheap is always expensive’ and apply this to property purchasing the same as you would clothing, furniture, or anything else at all. If something seems sooo cheap that it is too good to be true, then is most probably is!!
A good quality build, using decent materials, with none or very little snagging, in a good location built by a reliable and well-known constructor, of a reasonable and workable metre square size and with 2 or 3 bedrooms, will cost approximately between 30K and 40K.