Buying a house is nothing less than a dream come true. The joy of owning a flat or villa in your name after years of hard work is unmatched. You may have found a perfect place right within your budget and even arrived at a deal that you find good enough. But things may not be as great as they appear to be. There are several hidden costs that turn up for the home buyers to spoil their excitement. It is better to know all about these costs so that you do not get any unpleasant surprises while closing the deal. Let us list a few for you:
- Cost of home inspection
Home inspection is mandatory if you are applying for a home loan. Inspection involves a proper check on the property by third-party officials who ensure that it is actually worth the price tag. The inspection fee emerges as a considerable hidden cost and you have to pay it whether you want to or not.
- Stamp Duty/Registration
The government requires every new buyer to pay a statutory stamp duty and registration fee to get the property registered in his or her name at the time of the sale agreement. It is charged as a percentage on the market value of the home and can vary from state to state.
- Value Added Tax (VAT)
Value Added Tax is another hidden cost that you will have to pay on the house according to the government rules. It may be already added in the price of the property or has to be calculated separately at the time of the deal. Ask the developer if he has included it in the quoted price.
- Relocation costs
Another unexpected expense that you may come up while taking possession of the property is the relocation costs. When you move your belongings from the current location to the new one, you will have to shell out a considerable amount to relocation service providers.
- Maintenance deposits
Maintenance deposits can elevate your property’s price to a considerable extent because builders ask for advance lump sum deposits for several years to come. If you are buying a flat in a gated society, you are more likely to come across this hidden cost. Localities that offer several amenities usually charge high maintenance charges from the buyers.
- Parking space cost
If you own one or more vehicles, you will have to pay parking costs for the space that will be allotted to you as a resident. This cost is applicable for those buying an apartment because of the space constraints in such communities. The cost is calculated on the basis of the number of parking spaces you require and the area of your home.
- Agent’s fees
You cannot call the agent’s fees a hidden cost because you probably know that it will elevate your total cost when you close the deal for your home. This is one cost that is worthwhile as these professionals’ help you get the right home and make the deal hassle-free for you.
Connect with an expert agent at http://flats-in-mohali.in/. We not only help you in getting the best properties at the best prices but also guide you about the hidden costs involved.