You must know these 7 things before buying a new home.
Buying a new home or apartment is like a dream of many people. For many individuals, this is an important achievement of their life. Many people make a huge effort to save the amount for their down payment. But later, they discover that there are many other fees and fees included.
But very few people will know that in addition to down payment in the house purchase, there are many other costs and fees involved. Charges and costs will vary depending on the value of your property because it is charged according to the percentage.
Those who are planning to buy a house should be aware of these costs and how to pay them because most payments are made in one go.
1) Buying a new home- Registration Cost:
The cost of registration will depend on the value of the property. Typically, registration fees and stamp duty remain between 7-10 percent. Most of the time stamps are considered to be about 5-7 percent to pay duty, the rest are considered as registration fees and it is payable in court. Apart from this, there are many other expenses like attorney’s fees, notary fees, etc.
2) Buying a new home- In the case of an apartment:
Many builders take the advance deposit of maintenance. Now it can be different. There were reports that nowadays builders charge upfront maintenance for up to 10 years. While it usually has 1-2 years of tendency, and we can not ensure that the report is correct or not. If there are high facilities provided by the builder then this can be a bigger amount.
3) Buying a new home- The cost of the interior:
Builders will give you only empty houses. For interior designing and home furnishings, you have to be prepared to pay an additional amount. The cost of the interior will depend on the quality and design of the goods you choose.
4) Buying a new home- Parking area:
Yes, the parking area of an apartment is not included in the amount of property. Some builders say that for the parking area you will have to pay separately. Therefore, before buying a house, confirm that the parking area will be included in the amount given to the house or you have to pay a separate payment for it.
5) Buying a new home- Due to delays in Projects:
Projects sometimes get delayed, but this will not only increase your anxiety but also increase your expenses. If the property is bought on the loan, you will not be eligible for a tax deduction for the home loan. You have to wait to rent the property and earn on it.
6) Buying a new home- Check in which floor you want to buy the home:
Often when builders sell houses, they talk about giving a home at the best price. However, you need to pay attention to what floor you are purchasing, because usually the upper floor houses are expensive from the lower floor and you will get to know about this later.
7) Buying a new home- Home loan:
If you are taking a home loan then in this case, check the interest rate, processing fees, and other charges. A small difference of 0.05 percent in interest rates can mean a lot because they are big size loans.
Hope You liked this article. Do Not Forget To Share It With Your Family and Friends. For more Updates, Stay Tuned!