Undoubtedly, buying a house is a big decision and should be done taking into consideration a number of factors. While many aspects need your attention, hidden costs are definitely one of them. Only a reputable real estate company like Neelkanth Realty understands this aspect and offers properties without any hidden costs. However, to ensure you are on the safe side, it is wise you know the hidden costs before you sign on the dotted lines:
Registration as Well As Post Registration Charges
It is the total cost of the property that determines the registration cost. Other than this, there is also stamp duty which consists of the certain percentage of the total property value. It is vital that you take into account these costs when evaluating the total cost of your house.
Parking Charges and Taxes
At times, the cost of the flat or apartment you plan to buy might not have all the costs included. So, the good deal you think you are getting do not include the hidden costs. Say, for example; it is wise to be aware of the taxes that might be levied on you, which most of the time builder does not highlight in the price list. Apart from this, you should also be aware of the parking charges especially if you own a car. Factor these costs properly as they are part of the total property cost. Ensure these costs are added to your agreement to avoid the hassle later on.
Penalty and Escalation Charges
Though cost escalation clauses are an important feature of the agreement, not many home buyers are aware of the same. A lot of times builders tend to hit the charges at the last moment, like just before the registration with the escalation costs supposedly due increase in the expense of the raw materials including steel, cement, sand and so on. Another cause for concern are the penalty charges. In case, you are not able to make the payment; it is wise to know if there are any interest charged and how much. You should also know whether you get a complete refund in case you plan to cancel the booking.
It is vital to know the maintenance charges too when planning to buy a new property or flat. Usually, the maintenance charges or deposits are collected in the first year itself. However, they are bound to be increased for various reasons like painting the building or for making significant repairs to the building.
These are some of the hidden costs every home buyer she is aware of when buying a property. A reputable company like Neelkanth Group will discuss these charges well in advance to avoid any problems.