We always have a plan when we want to buy a house. Buying a property needs many things to take into consideration. And the plan includes the aspect of monetary investments too. We also need to calculate the budget and take care of unplanned expenses. Apart from down payments and monthly EMIs, there are many other costs that accrue on the purchase of a house. And an investment in Pune is the right choice to make to settle down. Let us check out these 5 hidden costs that are related to buying a new home.
5 Hidden Costs of Buying a New Home
1. Maintenance deposit in advance
When signing the agreement many builders include a maintenance deposit for a particular period of time, in advance. The timeline can be 1, 2, or even 10 years in some cases. This deposit is considered very important as they offer a stable influx of funds. The maintenance cost varies according to the location and the services offered by builders.
2. Property with a view
Everyone likes a pool-side apartment or one that is sea or garden-facing? But it sure does incur additional costs. These are Preferential Location Charges or PLC in real estate terms. It increases the property price by 5-10%.
Also Check: Top 6 Ways to Reduce Interest Rate on Your Home Loans
3. Parking space
Many buyers assume that buying a property comes with free parking. But it is not true. Builders charge money depending on the location, type of property, and some other factors.
4. Registration and Stamp duties
No house includes the cost of registration and stamp duties. But if you buy a property you need to register it and the registration has a cost. The stamp duty varies between 7-8% of the value of the property. And 1-2% of the property value has to be paid as the registration fee to the court. It also includes the fees of the lawyer, covers home insurance, property tax, and bank inspection costs.
5. Miscellaneous costs
There are some other costs called miscellaneous costs which include:-
- Moving charges
- Interior design costs
- Brokerage
- Any tax reforms in the real estate sector
Conclusion
To build and buy a home the calculation of actual cost is very important. So when we have to calculate the total costs we need to include the above-mentioned hidden costs to avoid problems in the future. There are many residential projects being undertaken in Pune and Parkons Group is one of the top builders in Pune who stand out amongst all. So Pune is one of the best places to buy property for residential purposes given all its plus points and it really doesn’t disappoint to experience the wonderful charm of Pune.