While buying house, people often worry about the obvious costs like great housing loans, lower interest rates, and affordable home prices and so on. However, they forget on numerous other things that are involved in this complicated process of purchasing an accommodation. Such hidden prices automatically increase the final price of the property and at the end buyer happen to pay much more than it was actually planned. Therefore, never fix a property before knowing about the hidden charges like service tax, stamp duty parking space fee, brokerage, registration fees, maintenance deposit and what not. Here are some of the common hidden costs that you should not avoid while buying home:
- Stamp Duty and Registration Fee
Stamp duty is an unavoidable amount that the buyer has to pay to the state government in order to accomplish the property registered with their name. These charges can differentiate from state to state and the property says the apartments in NH 24 Ghaziabad cannot be registered in your name until and unless you pay for the stamp duty.
- Maintenance Deposit
When everything gets fixed, the seller might request you to pay a maintenance deposit amount for a specific time period. This could be for a year, two year or even as long as 10 years, sometimes. In spite of the fact that many people are still finding a way to not pay the maintenance amount but developers make it a point to gather it as these deposits offers a flood of money.
This is a crucial and major cost- an unavoidable expense as without appropriate interiors, you can’t just move in. This includes electronic appliances, painting, purchasing new furniture and the listings can never end.
- Locality Matters
Who does not like to have a great view? Regardless of whether you are not getting a lake but still, you would prefer a good view.
However, when you buy a house with a good view, the value shoots up. These are PLC (Preferential Location Charges) in estate terms. This doubles the cost of the property by 5-10%. It all depends on the locality.
Buying a property is verifiable something to be vain about. For some, buying a house means achieving an enormous accomplishment in their lives. In any case it comes with its own pros and cons, terms and conditions. Taking a dive without knowing the results can toss you into a hissy fit. When you make up your mind to buy flats in NH 24, you may consider all the hidden cost to keep yourself away from unnecessary breakage of bank.