Buying their own property is a big milestone in everybody’s life. People save up for years to finally have a place they can call their own.
But hidden costs can make property purchasing deceitful, catching buyers off-guard and forcing them to pull in extra resources they never prepared for. Here are the 5 hidden costs every property buyer should expect to incur.
Registration Charges
An important piece of information that is hard to miss is that every new property needs to be registered for legal reasons, and that comes at a cost.
The court requires to be paid a registration fee of 1-2% of the property value, while the stamp duty varies between 7-8% of the property value.
Advance Maintenance Deposit
While a maintenance deposit is expected, the builder may ask for it in advance, sometimes up to 10 years before the project’s completion. This price may vary depending on the location of the property and the cost of services offered.
Parking Space
Property buyers, especially ones looking for apartments and villas in Vadodara and other major cities fail to account for the additional parking space costs they are bound to incur.
An allocated parking space can cost significantly more and increases the resale value of the property.
Location
A property’s location can cause its price to shoot up drastically. Apartments with sea or lake views or villas in Vadodara and other major cities cost higher than the price mentioned which is usually for the regular apartments.
In real estate terms, these are called Preferential Location Charges or PLC and increase the price of the property anywhere between 5-10%.
Interior Design
An apartment without interior designs is like a home without furniture. Interior design charges can range from a manageable 2 lakh all the way to a blank cheque. Thus, apartment buyers should be especially wary of inflated personal costs. Some examples of interior design work include painting, electrical work, plumbing work, wall fixtures, and furniture.
A buyer ready for these hidden costs can find themselves to be prepared for everything and make the whole property buying experience a happy breeze.
