Hidden expenses keep in mind while buying a flat
1.Bank loan Inspection Charges
A home inspection is required to Get homemade loans approved. Inspection fees are part of the loan sum and you will be liable to pay the same as part of the method of repaying the loan.
Thus, in addition to the original property price, the overall cost of buying a house in any place will increase. It's important to understand all these 8 secret home costs and charges as part of a flat cost breakup and be aware of the total price you'll end up paying for your new house.
2.Interiors Cost
The cost of interior decoration adds a substantial expense to the house. It is a hidden expense to your home that may end up skewing your original budget.
If the property is not well maintained, the value of the property will be marginally lower, however, the overall costs will go pretty high, including the interiors. Completely furnished rooms would therefore cost much more than routinely done apartments.
3.Brokerage Charges
Brokerage commissions are the commissions you are paying your real estate agent. Such charges are usually to be charged by both buyer and seller of the parties. This fee is the commission which you pay for smooth transactions between the two parties. In general, these are far cheaper than traditional agents with multiple online agents and online booking sites.
4.Registration/ Stamp duty
Registration / Stamp Duty is a non-negotiable, compulsory fee to be charged to the government any time you make your name a property. Stamp duties and registration fees vary according to the state. It can typically range from 5 per cent to 7 per cent of the value of the land. In addition, it costs 1-2 per cent of the property taxes.
5.Preferential Location Charges
They charge plc preferential location charges which are imposed by the builders depending on the sort of location you select. High rise floors, for example, can cost more than regular floors, and sea-facing costs more than others. These charges must be put under your radar if you wish to select a preferred location house.
6.Maintenance Deposit
Maintenance fees are the price you pay to maintain the building and its facilities. Developers are also looking for maintenance deposits from 2 to 10 years for the newer buildings. The advantage of this is that the builders get enough money to reinvest in constructing the house.
7.Parking Charges
Parking space is an amenity widely listed in every real estate advertising you see. Although parking is indeed a much needed amenity, parking space comes at a cost.
The prudent thing to do, therefore, is to keep the cost of parking in mind when buying a house. The parking price is related to the price of the purchased land. Be aware of your parking fees as you take the final call.
8.Goods and Services tax
Any under-construction property purchased in India will be charged with the tax on goods and services. GST is also charged to state government including stamp duty and registration fees. The GST rate for a building under construction is 5%, but affordable housing is just 1%. There is no GST on Ready-to-Move land, or on all those projects that have the Certificate of Completion.
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