Buying a home is a dream come true for many, but it can quickly become a financial burden if you’re unaware of the hidden costs involved. Beyond the purchase price, several expenses can catch homebuyers off guard. Knowing these costs will help you budget better and avoid unpleasant surprises.
1. Registration and Stamp Duty Charges
Once you finalize your property, you’ll need to legally register it in your name. This involves paying stamp duty and registration fees to the government. These charges vary by state and can be as high as 7-10% of the property value in some regions.
2. GST on Under-Construction Properties
If you’re buying a home that’s still under construction, you’ll likely have to pay Goods and Services Tax (GST). This can add around 5% to the cost, depending on the project and location.
3. Home Loan Processing Fees
Most banks and financial institutions charge a processing fee for home loan applications. These can range from 0.25% to 1% of the loan amount. Some also charge legal and technical inspection fees separately.
4. Brokerage or Agent Commission
If you’re using a real estate agent or broker, remember to include their commission in your budget. This is typically 1-2% of the property value.
5. Interior and Renovation Costs
New homes often come as bare shells. Costs for furniture, modular kitchens, painting, and other interior work can quickly escalate. Even resale homes may require some renovation before moving in.
6. Maintenance and Society Charges
Most modern housing projects have maintenance charges for the upkeep of common areas, security, landscaping, and facilities. These are often payable annually or monthly and can vary based on amenities offered.
7. Parking Fees
Some residential projects charge separately for car parking spaces. Whether it’s open parking or covered parking, these fees can add a few lakhs to your total cost.
8. Property Tax
Once you become a homeowner, you’ll need to pay property tax to the local municipal authority. The amount depends on your property size, location, and state-specific tax rules.
9. Legal and Documentation Charges
You may need to hire a lawyer to verify property documents or handle the sale agreement. Notary fees, document franking, and other legal costs should be factored in.
10. Moving and Setup Expenses
Don’t forget the cost of moving! Packers and movers, utility connections, and setting up internet, cable, and other services add to the initial expenses.
Shree Krishna Nilayam: Luxury Redefined in Prayagraj
Project Highlights:
- Ultra-luxurious flats in the heart of the city.
- High-end construction with premium fittings and fixtures.
- Excellent connectivity to major roads and business centers.
Why Consider Shree Krishna Nilayam for First Home in Prayagraj:
- Prime Location: Situated in a well-connected area of Prayagraj, ensuring easy access to schools, hospitals, shopping centers, and major transport hubs.
- Luxurious Design: Thoughtfully designed apartments with spacious layouts, premium fittings, and elegant interiors.
- Modern Amenities: State-of-the-art facilities include landscaped gardens, a children’s play area, a clubhouse, a gymnasium, and a swimming pool.
- Security & Safety: A gated community with advanced security systems, ensuring a safe and secure environment for residents.
- Sustainable Living: Eco-friendly features such as rainwater harvesting, solar energy utilization, and green spaces for a sustainable lifestyle.
- Check this out: Why Invest in a 5 BHK Flat in Allahabad? A Complete Guide
