Just like we humans, buildings also age throughout the years. If you do not want your home to depreciate in value, which you certainly do not, then it is a good idea to start thinking of how you will maintain your property. You also need to keep in mind that you will be required to pay some utility subscription fees before you start enjoying your new Turkish property. If you decide to move in and start living in your property, this will also incur residency permit fees, which you must pay, if you want to stay in Turkey legally. The details about residency and work permits are presented further below in this document, under the relevant chapter.
Maintenance of properties is largely dependent on the type of property or building. A regular apartment building will have fewer costs than a residential project with extra amenities, like a pool or gym. Even having an elevator in the building makes a difference. If your beloved Turkish property happens to be a private home or if your home is within a larger residential complex, then things will be different. Make sure you investigate all the maintenance costs and expenses that come with the property, based on its type.
Regular buildings, as well as big residential complexes usually have a board, and sometimes, professional teams, who are in charge of management and maintenance. All costs and expenses are split evenly among property owners. These can start from as little as $50 and go up to $1000 or even more, depending on the property type. Your real estate agent or the seller will have all the necessary information; so make sure to ask them about all the incurring maintenance and management charges.
As the proud owner of a new Turkish property, you are responsible to apply system, connection of gas and other energy utilities, phone line, Internet service and satellite TV, if you want one. However, before you get to all these tasks, you will need to wait for the issuance of the building utilization permit. Once you have this, you can go to the relevant associations and sign an agreement and pay initial deposit or subscription fees, in order to start your subscriptions for all of these utilities. You will also be paying an annual property tax, which is explained in detail in the related chapter of this guide.
Renting Out or Selling Your Property
Just like Turkish citizens, foreign real persons can rent out their properties to third parties. Turkish Lease Law allows you to freely determine contract terms and rental prices, given that you comply with the mandatory provisions. There are no restrictions to lease duration and foreign currencies can be accepted as rental payment. You can adjust rental amounts based on the annual Producer Price Index. Keep in mind that the rental income will be taxed as explained in detail in the taxes section of your guide.