Housing Purchasing Process: Step-by-Step Guide

For those who dream of owning a home, the housing purchasing process can be made easier with the right planning and information. However, this process can be complicated and includes many details that need to be paid attention to. When stages such as financial preparation, choosing the right house and completing legal processes are managed well, it is possible to complete the process without any problems. In this guide, we will cover what to consider when buying a house and each stage of the process step by step. If you want to make a safe and conscious home purchase, we recommend that you carefully examine the details.

1. Determine Your Budget 

Before buying a home, you should analyze your income-expense situation and create a budget. You should calculate the total cost by considering the down payment, credit options, title deed expenses, real estate agent commissions and taxes. It is recommended that you allocate a maximum of 30-40% of your income to the housing loan so that the monthly installment payments do not exceed your budget.

In addition, you should plan a budget for moving expenses, renovation expenses and the decoration of your new home. The downpayment amount is usually determined as 20% of the house price, but bank-loan rates may vary.

2. Determine the House That Suits Your Needs 

One of the most important issues to consider when buying a house is choosing a house that suits your needs. You can determine your ideal home by considering the following criteria:

• Location: Choose a location close to your workplace, school and social facilities.
• Transportation: Proximity to public transportation can reduce transportation costs.
• Size: Determine how many rooms a house would be suitable for you and your family.
• Building age and infrastructure: While new buildings usually have more modern features, older buildings may need maintenance.
• Security: Check the security measures of the apartment or site.
• Social Facilities: Children's playgrounds, gyms, markets and other social areas are important.

When determining the ideal house, you should make the right investment by comparing real estate prices in the area. 

3. Evaluate Loan Options: 

If you plan to use a housing loan, you should compare the interest rates, term options and file fees offered by banks. Things to consider when getting a housing loan: 

• Interest rates: Compare the interest rates offered by banks and choose the most advantageous option. 
• Term: There are term options such as 10, 15 or 20 years. Although longer terms reduce monthly installments, they increase the total repayment amount. 
• Monthly payment plan: You should create a payment plan that does not exceed your budget. 
• Additional expenses: You should calculate additional expenses such as insurance, file fees and appraisal fees. 

Considering all these factors, you should make a detailed comparison for the most suitable housing loan.

4. Work with a Real Estate Expert or Realtor 

Working with a professional real estate consultant speeds up the process of finding an affordable and reliable home. Realtors can offer you the best alternatives and help you in the bargaining process since they are familiar with the market conditions.

Pay attention to the following points when choosing a real estate agent:

• Check if they are an officially authorized real estate consultant. 
• Research previous customer comments.
• Clarify the contract details and discuss commission rates in advance.

You can make the right decisions throughout the process by working with a professional real estate agent.

5. Check the Deed and Legal Status of the House 

Before buying a house, you should research legal elements such as deed registration, mortgage status, and shared ownership. You can prevent future problems by having the necessary checks done at the land registry office.

• Deed record check: Check the lien or mortgage status on the house by requesting the deed record from the seller. 
• Condominium status: Check whether the building has a building use permit. 
• DASK and insurance: It is necessary to have Compulsory Earthquake Insurance (DASK).

You should carry out the title deed transactions carefully to avoid any legal problems.

6. Have an Appraisal Report and Technical Review 

You should examine the technical details such as the physical condition of the house you are considering purchasing, its earthquake resistance, and renovation requirements. You can learn the real value of the property by obtaining an appraisal report.

• Building durability: Check whether it complies with earthquake regulations.
• Electrical wiring and plumbing: Have the plumbing systems checked. 
• Insulation and heating system: Get information about the combi boiler, natural gas, and insulation status. 

The appraisal report helps you determine the value of the house and allows you to make a safe decision during the purchase process.

7. Purchase and Title Deed Transactions

When you decide to buy a house, you should formalize the process by signing a sales contract with the seller. During the title deed transactions, you should complete all documents completely, taking into account the municipality market value, title deed fee and notary expenses.

8. Insurance and Tax Transactions

After purchasing a house, you should complete the insurance and tax transactions.

• Have Compulsory Earthquake Insurance (DASK).
• Check the property tax and other payments.

The housing purchase process can be completed successfully with careful planning and conscious decisions. You can own the house of your dreams with the right budget management, comprehensive research and legal checks.

As Sacit Real Estate, we are here to guide you in your housing purchase process with our expert real estate consultants. You can contact us to benefit from our professional services and find the most suitable property for you.