5 Hidden Costs To Keep In Mind While Buying a Property
Buying a house is one of the most cherished possessions one can have. You spend your entire life saving money to buy a house you’ve always dreamt of. You try to set a plan for all that is required from your end to make the possession a profitable one which includes your finances, and the other expenses accompanying the purchase. However, the process doesn’t just end here. Usually, there are a lot of hidden costs that you might not take notice of and you have to shell out more than what was quoted to you.
So, if you are planning to buy a house we are here to help you understand all that adds up an extra cost that mysteriously empties your pockets.
1. Cost of registration & Stamp duty
Registration cost and stamp duty constitute the substantial amounts depending on the worth of the property you are buying. The registration cost of a property shall vary depending upon various factors, such as locality, value of the property, etc. Stamp duty is a compulsory fee that the buyer is supposed to pay the state government to get the house registered under his/her name. The amount of stamp duty shall also vary depending on the state.
2. Parking area
Another hidden cost attached to property buying is an extra expense that you need to pay for the parking space. This amount may vary from Rs. 2-5 lacs, which is an emotional strain to many buyers. The seller shall book your space for somebody else if you do not pay these charges. The charges, however, depend upon various factors like locality, type of property that is considered before fixing the said charges.
3. Maintenance deposits
Many real estate builders take an upfront maintenance deposit that may range from a period of 10 years or more. The buyer of the property has to undergo unnecessary charges and is required to pay a lump-sum amount adding another unexpected damage to his pocket.
4. Cost of Interiors
After you acquire a property, the next step that you need to take is getting the interiors done. This includes getting all the fixings and the furniture done, paint, electrical appliances and the list remains endless. However, the expenditure depends on the kind of house you have purchased and the exact expenditure might not have been planned which can cost quite a fortune to you.
5. Brokerage fees
You would definitely need a broker to serve you with the best property deals. However, the brokerage fee might slip out of your mind while planning the entire budget. It is better to settle it once with the broker to get an exact estimate of the brokerage fee that you will have to pay for the deal.