Buying a home is a big decision and a big commitment. It involves huge investment and is one of the most significant investment that a person makes. When it comes to buying a home, a lot of time and research goes into finding a property that you will like to call as your new address. The challenge is about finding the house which you can afford and will enjoy for years to come. Moreover, it would help if you keep a buffer amount for several other costs that are involved in home buying. We are not referring to the down payment, or initial EMI amounts that you need in place before booking your house. Instead, we are talking about other expenses that are a part of home buying.
# 1. The Registration Charges: There are stamp duty and registration charges that you will need to pay against your property. These charges get decided according to the property value. Stamp duty is a fee that the home buyer pays the state government to register the house in the name of the owner. It is usually 5 to 7% of the property value though it varies from state to state. Besides, there is the registration fee that gets paid during the final agreement between buyer and seller that indicates a change in ownership. It is usually 0.1% of the total property cost.
# 2. The Maintenance & Parking Charges: Other than the registration charges, you will need to keep some extra money for the maintenance and parking charges that you need to pay the developer. Developers usually take up to a year’s maintenance charge at the time of moving into the new home. The maintenance charges vary from gated complexes to individual houses and often depends on the kind of amenities it offers to the buyer. It is mainly a charge for maintenance of the facilities and amenities. Besides, there are parking charges. You will have to pay an additional amount for the allotted parking space. In residential complexes, every apartment benefits with an exclusive parking space with your house number printed on it. You will bear an extra charge for it at the time of buying the home and benefit with hassle-free parking every day.
#3. Preferential Location or Locality Charge: It is an extra charge that gets levied when you book an apartment with a particular location, floor and view. You may have to pay an extra cost for a home with a garden or lake view. It is an additional charge which every developer will levy. However, the amount will vary with the developer.
# 4. Interiors Cost: When you buy your own home, you will like to design it your way. You will need to have a separate budget for the interior cost. After acquiring the property, you will invariably spend some amount of money in getting the interiors done according to your taste and requirement. This expenditure if not planned in the initial stage can cost you quite a bit. So, it is essential that you discuss the kind of interiors you will want to get done and have some money spare for this task. Some research indicates, on an average people end up spending at least 1% of the property cost on home interiors. After all who doesn’t want a Pinterest type home!
# 5. Property Tax: Along with interior costs, you will also need to factor the tax you need to pay against your property to the government. This gets levied in the form of property tax, and it varies from state to state. The tax amount also depends upon your property value. So, you can get the evaluation done in the preliminary stage itself. Though you may get the option of paying this amount on a monthly, quarterly or annual basis to the government.
When it comes to buying a home, you should consider the above costs and have a separate budget for it. Other than this you will also have to bear a relocation cost of moving your home assets from existing location to the new home. You will need to keep some extra money for the movers and packers service that you avail. If you are planning to buy a house from a developer who will explain you about every little costing involved in home buying, then trust Valmark. We do levy these charges but our team will tell you about every cost, and you can select the property accordingly. You can choose from our different ongoing projects in South Bangalore and decide according to your budget and requirements. There are uber luxury apartments, Valmark Apas and the villament project, CityVille. You can learn more about our projects online and connect with our team for a transparent and ideal deal.
