Additional Costs You Must Consider Before Buying A Home

Buying a home is an important decision in life as the homebuyer is invested heavily in it. The capital is huge and most of the time the homebuyer gets so involved in arranging the finances for the home that they forget about the additional expenses that are usually incurred. These expenses should be accounted for and arranged in advance so that there are no awkward situations in the end. These essential expenses cannot be diverted as it would be difficult to start living in the new home without spending money on these.

Let us look at these:

1. Stamp Duty charges

It is mandatory by law to register the property in the owner’s name and record it with the government. Without this, the transaction will not be considered and recognized as a legal transaction. Home buyers in Kerala must pay a percentage of the property value as stamp duty during this process. Stamp duty is the state-imposed tax on the purchase and transfer of immovable property. The rate of stamp duty is determined by the state government. This charge is payable on the sale deed or transfer document for all the apartments for sale in Kochi.

2. Registration

Registration charges are the fees paid to the government to record the property transaction. They are separate from the stamp duty charges and cover the administration costs associated with the registration. While most states in India charge 1% of the deal value as a registration charge, Kerala charges 2% on the transactions for apartments in Kochi.

3. Maintenance cost

Maintenance cost is the monthly payout given to the society for maintaining the premises. This includes the property tax, power bills for common utilities, water charges, and salaries to the working staff. This should be factored in while calculating the monthly budget. 4 BHK flats in Kochi have a higher maintenance cost when compared to smaller apartments.

4. Interior Designing

Although most apartments these days are painted and have basic interiors, they might not always be according to the residents. Many home buyers want to change the interiors of their new homes and hiring an interior designer is costly. Painting, decoration, and furniture are expenses that one should be ready for while moving into the new home. Electronic appliances and kitchen interiors are other expenses borne while moving into the new home.

One can compromise on the additional expenses but some mandatory requirements cannot be avoided. One must think of the long term and invest funds into the most essential needs.

Leave a Comment

error: Content is protected !!