Buying a new home is a major financial decision, for more reasons than one. In addition to saving up for the down payment and exploring your home loan options, you might also want to factor in a few additional costs that are closely associated with home purchases.
Here are 6 additional costs for you to consider before buying a home:
1. Property tax: Apart from the cost of the house, it is important to factor in the taxes levied upon property purchase in India.
2. Interest: If you have applied for a home loan, make sure to evaluate how much the interest will add up to over the years.
3. Registration cost: It is mandatory for homebuyers to have their property legally registered. The stamp duty and registration fees typically amount to anywhere between 7% and 10% of the property price.
4. Maintenance and repairs: Residential projects typically charge a monthly or annual maintenance fees for the upkeep of the property. If you are not moving into a newly constructed house, you may also have to spend on renovations and repairs.
5. Car parking facilities: An additional one-time car parking fee should also be accounted for. This amount could range anywhere between 1 lac and 5 lac rupees.
6. Interiors and decor: Once you move into a new house, you will have to spend a fair bit of money on the interiors and decor. You could set a budget for this purpose and factor that in when calculating costs.
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