Unexpected costs while buying a home
Owning a flat in Bangalore maybe your dream and you might have also gathered up a fair amount of resources for the same. The Bangalore property marketis one that will definitely give you a good return on investment as well. But buying a home is not as simple, there are many hidden costs that are involved in the same. Here are a few of them:
Inspection and appraisal fees:
This is something that you will have to pay before buying a house as you will need to get the government official to inspect the house before you sign the deal. He will check for the valuation and also the legality of the house.
If you are looking at flats in Bangalore, you will have to consider this cost. Make sure that you include it in the budget so that you are not unpleasantly surprised in the future.
These are the costs that are incurred when you are closing a deal with the seller. The transfer of possession and all the transfer of taxes are involved in these costs. Some sellers contribute to these costs and share the burden, but it cannot be ignored.
If you are looking for flats in Bangalorefor sale, then make sure that you have a fair idea about the property taxes. It is calculated on the valuation of the property and the amount you are paying for it. If you are looking at a huge property, it might be a huge amount that you have to pay as tax.
Ignoring these costs can drain your bank accounts to the last penny.
When you buy a home, you have got to get it insured for fire, theft and other events. This will again cost you money initially and also monthly premiums later. There are many companies that offer good deals, but none of them are for free.
Ignoring the insurance transaction altogether is also not recommended as it is essential to get it done before it is too late.
Moving into a new home is not as easy as it looks. When you buy a home, you would want it to be just the way you like it. You might need to purchase furniture and also other commodities to make it good for your likes.
Also, the movers and packers are going to charge you along with all the help you are going to need to settle in. All of this will make it a huge sum. Make sure you have the money for it.
Real estate agent:
When you are looking for flats in Bangalore you would have mostly hired an agent who was helping you get deals in the city. It is also likely that you are buying a house that he introduced you to. You will have to pay him a commission and his fees as well.
Wherever you live now, you might need to pay a parking fees, water bills and other such things. The costs might be much higher than the ones you paid earlier and also the maids might be a lot more expensive. Make sure that you have all this in mind when you are finalizing on the house.
Changes to be made:
If you need to make changes to the house and want it to be a certain way, then you will have to pay for it. If you are buying a flat which is a part of the society, you will get the same house as the rest of the society. Any changes and additions are your responsibility.
Starting from the nails that you want to knock into the walls to the bathroom fittings that you would like to change will be your responsibility.
All of these are costs that can become a huge sum of money while buying a house in Bangalore. The buyers need to keep all of these in mind and understand that these have to be considered in the budget.