7 Expenses Associated With Buying A Home
7 expenses associated with buying a home- Following the epidemic, the one item on the wish lists of the majority of people is to own a home, preferably in a gated community with easy access to all amenities. While you may have your sights set on one of these properties, keep in mind that there are other costs associated with property purchases that were not included when creating your budget. View the significant costs you should be aware of before concluding the house purchase process.
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Cost #1: Preferred location charges (PLC)
The configuration, the area where it is located, and the developer’s reputation all affect the price of the flat. Keep in mind that not all costs in a project will likely be the same. A developer has the right to charge his projects with additional preferential location fees (PLF). The price varies according on the floor rise and any other USPs the project may provide, such a garden or city view. To make an informed choice, consider all of the possibilities that are accessible for the same project.
Cost #2: Maintenance expenses
Although everyone enjoys the amenities and services provided by gated communities. Maintaining them incurs costs that are passes along to the homebuyer/owner. While maintenance fees are charged quarterly in gated communities where societies are formed, in new construction projects where the society is still being managed by the developer, the homebuyer must pay a lump sum of money for 18 to 24 months upfront as maintenance fees when taking possession of the project.
Cost #3: Legal fees
Your total cost of purchasing a home will increase if you use a lawyer to conduct due diligence on the property you want to invest in. If you invest in a resale property. A lawyer’s services are more necessary to provide you with clarity on the project’s ownership title. Any ongoing lawsuit, any unauthorized building, and any outstanding government obligations like property tax. A lawyer will also assist you with all of the paperwork necessary for stamp duty and property registration.
Expense #4: Convenience charges for home loans
If you intend to obtain a house loan for the property you are investing in. Be aware that there are stages like property assessment, documentation, loan disbursement, etc. that may require you to pay fees.
Cost #5: Registration and stamp duty charges
Consider the stamp duty & registration fees that are a significant part of the home-buying activity when planning your funds to avoid any unpleasant shocks later. This is significant because the property cannot be legally register in your name until you pay this sum. The amount of stamp duty varies amongst the various Indian states and accounts for a sizeable portion of the overall cost of the property. In some states, the stamp duty is actually different for male and female owners. For instance, in Maharashtra, female homebuyers must pay 5% of the whole property value in stamp duty. While male homebuyers must pay 6%. The registration fee, which is typically 1% of the total property value, is charge to register the property in your name in official records.
Cost #6: Good & Services Tax (GST) Assessment
A 5% GST will be charged if you invest in a property that is still being built. Keep in mind that there is no GST on investments made in affordable housing & finished projects that are ready to move into.
Cost #7: Real estate agent expenses
Real estate agents may charge a brokerage fee depending on the property’s valuation if you employed their assistance in the purchase of the property. This sum varies from location to location but should not be disregards as it often ranges. Between 1% and 2% of the property’s value. Be aware of the agent commissions and factor them into your housing budget.
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