What Are the Costs of Selling a House?
There are various costs incurred when selling real estate. These expenses are mostly made to sell the house faster or to increase the value of the house.
Various costs exist for both the buyer and seller in the home buying and selling process. If there is financial inadequacy on the side of the seller, these costs can be deducted from the sales price of the house by making the necessary agreements.
People who plan to sell a house may face the following expense items.
Potential Cost: Renovation Expenses
If you want to sell the house quickly, your home should not have any renovation costs. For example, damp walls, aged and faded marbles, worn kitchen cabinets, plumbing malfunctions… All of these are factors that both reduce sales values and drive potential buyers away.
For detailed information on the subject, “Which Modifications Should Be Made Before Selling a House?” Check out the content.
Land Registry Costs
The house is sold in the Tapu offices. Here the title deed is transferred between the buyer and the owner of the house. At this point, a fee of 4% is charged to the seller and buyer, 2% each. In addition, an additional fee for the revolving fund of 385 TL is charged to this price.
In the event that an agreement is concluded with the seller, sometimes the buyer can only pay the title deed fee. At this point, the owner does not pay the title deed fee, because the buyer pays all the title deed fee; But you may have to make some cuts to the selling price.
Income Tax Can Also Be One of the Cost Items
If you have purchased the property you intend to sell within the last 5 years, you must pay income tax. At this point, you will be charged a tax by calculating the difference between the purchase and sale price. The tax rate can reach 35% depending on the difference between the buying and selling price. For this reason, the real price of the house should be reflected when buying and selling a house.
Notary Expenses
The notary becomes an expense only if the landlord is not present. If the home owner cannot be present during the sale due to health or other reasons, it is necessary to obtain a power of attorney from a notary public on his behalf.
Potential Old Debts of the House
If there are debts related to the house, such as apartment dues or municipal expenses, all of these may arise during the sale. In this case, all costs can turn into an expense for the landlord. At this point, the debts incurred by making an agreement with the buyer can be deducted from the sales price.
