Buying a home is an exciting prospect, but it is also a sizable financial investment. While you’re likely to factor in the costs associated with the purchase, such as the down payment and loan installments, it’s also important to take into consideration some additional costs that usually get added to the sum.
Here are 5 additional costs for you to consider before buying a home:
- 1. Property tax:There are certain taxes levied upon property purchase in India, which you will need to factor in to the overall purchases charges. Ensure that you also factor in the rate of interest due on your home loan installments.
- 2. Registration cost:The stamp duty and registration fees to have your property legally registered typically amounts to anywhere between 7% and 10% of the property price. It is mandatory to have your property registered, so ensure that you do this as you are in possession of it.
- 3. Maintenance and repairs:This is a cost that will vary depending on the condition of the house that you are moving into. Housing societies typically charge a monthly or annual maintenance fees that you will have to factor in. If you are not moving into a newly constructed house, you may have to spend on renovations and repairs.
- 4. Car parking facilities:It is a common practice for residential societies to charge an additional one-time car parking fee, which typically varies between 1 lac and 5 lac rupees.
- 5. Interiors and decor:Needless to say, once you move into a new house, you will have to spend on the interiors and décor. You could set a budget for this purpose and factor that in when calculating costs.
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