Introduction
Buying a house is exciting, but unexpected costs can take you by surprise. Here’s a list of hidden expenses to watch out for.
Registration and Stamp Duty:
These fees can add 5–10% to the property value, depending on your location.
GST on Under-Construction Properties:
Currently, GST is 5% for most residential properties.
Home Loan Processing Fees:
Banks charge 0.25–1% of the loan amount as processing fees.
Interior and Furnishing Costs:
Don’t forget to budget for furniture, appliances, and customizations.
When will the project be completed?
If it’s under construction, verify the timeline and ask about delay clauses.
Maintenance Charges
Apartments often come with monthly fees ranging from ₹2–5 per sq. ft.
Legal and Due Diligence Costs
Hiring a lawyer to verify property documents can incur additional expenses.
Utility Connection Charges
Includes setting up electricity, water, and gas connections.
Property Insurance
Protect your investment with a comprehensive insurance policy.
Moving Costs
Factor in transportation and other moving-related expenses
Sinking Fund
Some communities require a one-time contribution for future repairs or upgrades.
Conclusion
Being aware of these costs will help you plan better and avoid surprises during your home-buying journey.
