Hidden Costs of Buying a Home You Should Know About

Most​‍​‌‍​‍‌​‍​‌‍​‍‌ home purchases in India are considered major events in people's lives. The process of owning a home can be quite thrilling, however, it is extremely important to keep in mind that the expenses of homeownership extend past the actual price of the house.

New homebuyers in India might be unaware of the hidden costs of owning a home, which may leave them in a difficult financial situation later. Let us dive into the blog to know the hidden costs of buying a home you should know about.

Fees for Registration and Stamp Duty

Registration and stamp duty are two of the first major things to consider when you buy property in Pune. These are the fees the buyer must pay to the government to register the property in their name formally.  These rates vary by state, but they are usually a fixed percentage of the property's market value.  Buyers need to set aside a separate amount for this, as it is not included in the price quoted by builder in Pune.

The Goods and Services Tax

GST applies to properties that are still being built. This tax is often not included in the published price and it can significantly increase the total cost. Homes that are already built and ready to move into may not have this fee and for new projects it is something to consider when making financial plans.

Maintenance Charges

After you relocate, the expenses will not cease. Most housing societies levy monthly or annual maintenance fees to cover the use of common areas, elevators, security, and amenities. In premium projects by developers in Pune, maintenance fees may be higher due to additional facilities such as swimming pools, gyms, and landscape gardens.

Interior and Furnishing Cost

The real estate you are going to purchase might not be ready to move into. You will have to pay for the installation of wardrobes, modular kitchens, and lighting as part of the interior. In these situations, they may raise your total budget by 10–15%, especially if you are purchasing modern 2 BHK flats in Pune and require lifestyle-based customization.

Legal and Documentation Fees

A lawyer is typically needed to check property documents and help with the deal.  Legal fees can include reviewing documents and drafting contracts. There may also be administrative expenses when ownership changes hands or when government clearances are needed.

Home Loan Processing and Related Charges

When homebuyers get a home loan, banks charge processing fees, legal verification fees, and, sometimes, property assessment fees.  You can't get these back, and you have to pay them before you can get a loan. You might also have to pay insurance for the property and the borrower, further increasing the total cost.

Summary

Knowing the hidden costs of buying a home is a great way to plan more effectively and avoid unexpected expenses. If you consider everything, from upkeep to registration fees, you will be calm and relaxed when buying. There is no better option than Gera Developments Limited if you want total transparency in owning homes like 2 BHK flats in Hinjewadi or anywhere across Pune. Discover elegant homes made with the utmost attention to detail with Gera Developments Limited. Have your dream home become a reality!