Property purchase is among the bigger financial investments that we make, and we look to save up in various ways in order to afford the home of our dreams. However, it is important to remember that buying a home entails more expenditure than just the price of the property. There are likely to be other associated costs that may not be apparent at first, but they can add up to a fair bit in the long run. Being aware of what these costs are will help you plan your finances better when buying a home.
Here are 7 hidden costs to know about while buying a property:
1. Property tax:
In addition to the total cost of the property, you will have to pay the taxes that are levied upon property purchase and ownership in India.
2. Property registration cost:
As a homeowner, it is mandatory for you to have your property legally registered. The stamp duty and registration fees can amount to anywhere between 7% and 10% of the property price.
3. Interest paid on loan:
If you have applied for a home loan to purchase the property, you will also have to factor in the interest amount that you will pay over the years. Depending on the nature of the loan and the type of interest rate (floating vs. fixed), this can amount to a reasonable sum.
4. Maintenance charges:
Upon taking possession of the property, you will typically have to pay a monthly or annual deposit for the upkeep and maintenance of the property.
5. Repairs and modifications:
In the case that you are moving into an old construction, you will also have to factor in the cost of any repairs or modifications that may be required on the property.
6. Parking facilities:
Some residential complexes charge a one-time fee for covered car parking facilities. This amount could range anywhere between 1 lac and 5 lac rupees.
7. Home furnishings:
You will also have to account for the amount spent on a range of home furnishings. Deciding upon a budget for the interiors and décor is useful when calculating costs.
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