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Buying a Home is the dream of everyone. Do you have enough cash for purchasing this real estate property.
Make sure you have kept an additional reserve of at least 5% of the cot of the house and land. This money could become handy to you for paying expenses that are associated with purchase of a house.
And it could save you from taking last minute loans for high interest rates. Let us see what are the hidden costs that we have to face after deciding to buy a house.
You should pay Stamp Duty while preparing the final documents of the Purchase Deed of the Property. The Seller have no obligation to pay such taxes.
The buyer of the Real estate should pay the Stamp Duty. The amount varies according to the Price of the Property.
Whether your newly purchased house is in Corporation , Municipality of Panchayath you will have to pay Property tax to respective authorities. This is a hidden expense which is unknown to most people.
Expenses for Furnishing home can increase based on your budget. If you are buying an old house you will have to perform lot of maintenance.
So before buying an used home , check for leaks , drainage , damages .etc. because renovation costs , material costs and labour charges are very high now in India.
Another hidden cost we have to face is the Brokerage commission that the Seller or Buyer has to pay for the Broker who helps in making the deal.
So approaching sellers without any brokers and vice versa could help in better negotiation and saving few hundred dollars while buying the property.
Hidden costs while buying a home is less , when we consider the hidden costs that we have to incur if we had decided to build a house.
Make sure you have kept an additional reserve of at least 5% of the cot of the house and land. This money could become handy to you for paying expenses that are associated with purchase of a house.
And it could save you from taking last minute loans for high interest rates. Let us see what are the hidden costs that we have to face after deciding to buy a house.
You should pay Stamp Duty while preparing the final documents of the Purchase Deed of the Property. The Seller have no obligation to pay such taxes.
The buyer of the Real estate should pay the Stamp Duty. The amount varies according to the Price of the Property.
Whether your newly purchased house is in Corporation , Municipality of Panchayath you will have to pay Property tax to respective authorities. This is a hidden expense which is unknown to most people.
Expenses for Furnishing home can increase based on your budget. If you are buying an old house you will have to perform lot of maintenance.
So before buying an used home , check for leaks , drainage , damages .etc. because renovation costs , material costs and labour charges are very high now in India.
Another hidden cost we have to face is the Brokerage commission that the Seller or Buyer has to pay for the Broker who helps in making the deal.
So approaching sellers without any brokers and vice versa could help in better negotiation and saving few hundred dollars while buying the property.
Hidden costs while buying a home is less , when we consider the hidden costs that we have to incur if we had decided to build a house.