Hidden Costs to be Aware of While Buying a House
Nothing can beat the excitement of buying a new home. While you may think that taking a home loan is enough for financial planning, there are also a lot of things to consider when you take your step forward towards your dream home.
There can be a lot of other charges that will come in the way of the entire process which you can’t avoid. So, the best thing to do is to be aware of these hidden costs.
1. Brokerage Fee
If you have taken the help of a broker’s services to purchase your home, do keep in mind the amount that you have to give for the service taken. Some brokers may ask for 1-2% of the property value and some may even ask for more. Get proper clarity on this before you start house hunting.
2. Stamp Duty and Registration
Something that might slip out of your mind while you plan the budget. Assume this to be 5% of the property value and do the calculation. You might also have to pay the lawyer who will help you to carry out the entire process of stamp duty and registration.
3. Home Loan Processing Fee
A processing fee will be needed for your home loan application. This fee may include document verification, credit check, administration cost, etc. Always look for home loans with low processing fees.
4. Parking and Maintenance Fee
If you have a vehicle and need parking space, you might have to pay an additional amount for the same. More the number of vehicles, more the parking fee. Apart from parking, there is also a maintenance charge for the building that needs to be paid on a monthly/yearly basis.
5. Good Location, Extra Charge
In case you are looking for homes that are lake-facing like Gopalan Lakefront or opting for homes with a vast garden area like Gopalan Sanskriti, you might have to put in some additional amount to get these advantages.
Do keep in mind these additional/hidden costs while purchasing your dream home.