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Homebuyer’s Guide: Hidden Costs To Watch Out For

By Admin Posted May 08, 2019 In Property investment

Buying a home can often seem like a complicated and laborious financial dealing, only because it entails more than just the cost of the property in question. As a homebuyer, you are likely to incur many charges while purchasing a property that you may not always remember to account for. Being aware of these ‘hidden costs’ can help you plan your purchase and your budget in a more effective manner.

Here are 7 hidden costs homebuyers should watch out for:

1.      Stamp duty & registration fee: It is mandatory for homebuyers to have the sale deed legally registered, and this process entails two charges—stamp duty and registration fee. These two charges together amount to approximately 5-10 per cent of the cost of the property.
 
2.      Property tax: Property tax is applicable on the purchase and ownership of any kind of property—residential or commercial—in India, and the taxation slab varies from state to state. Remember to account for this in your purchase budget.

3.      Home insurance: As a homebuyer, one of the most important things that you can invest in—alongside your home—is a good home insurance policy. Take your time to select a policy that best safeguards your home and your interests as a homebuyer.

4.      Interest rate: When repaying your home loan, make sure to account for the interest rate that will be applicable. In case you have opted for a floating rate of interest, this amount will reflect marginal fluctuations with every EMI.

5.      Repairs and upkeep: Whether it is the maintenance fee charged by the residential society, or the variable costs incurred by you for regular repairs and upkeep, these expenditures are almost unavoidable.

6.      Parking charges: Some residential societies may charge you a one-time fee for allocating covered car parking space to your vehicle.

7.      Furnishings: As a first-time homebuyer, you may forget to account for the expenses that will go towards doing up your home. Of course, how much you spend on décor and furnishings is fairly flexible and can be tailored to your budget.
Looking to invest in a new home? Explore 3 BHK flats in Kanjurmarg West, Mumbai at Runwal Forests, a premium residential project by the Runwal Group.

Disclaimer

The plans, specifications, images and other details herein are only indicative and subject to approval of the concerned authorities. The Group / Owner reserves the right to change any or all of these in the interest of the development, without prior notice or obligation. Artist’s impressions are used to illustrate amenities, specifications, images and other details and these may be applicable to select apartments only. Tolerance of +/- 3% is possible in the unit areas on account of design and construction variances. All brands stated are subject to final decision of the project architect. This printed material does not constitute an offer and/or contract of any type between the Group / Owner and the recipient. No booking or allotment shall be deemed to have been made on the basis of this printed material. Any Purchaser / Lessee of this development shall be governed by the terms and conditions of the agreement for sale / lease entered into between the parties, and no details mentioned in this printed material shall in any way govern such transactions unless as may be otherwise expressly provided in the agreement for sale/lease by the Group / Owner. The Group / Owner does not warrant or assume any liability or responsibility for the accuracy or completeness of any information contained herein.