Investing in a house takes a lot of budget management as it is an extremely expensive investment. You always tend to care about everything like choosing the right location, taking care of all the preferred amenities, but forget about some important aspects. These aspects can definitely overshoot your expenses. Here are few things that one should always keep in mind before signing a property document, and plan the budget accordingly:
1. Maintenance Charges
In today’s time, maintenance deposit has become a common norm. These charges usually come under basic facilities provided by the society like electricity, maintenance of the garden or the clubhouse. For example, if you want a 3 bedroom luxury designed flat in Noida, the cost of maintenance may be higher than a studio apartment. It is important that one is well-acquainted of the maintenance costs beforehand, and include it in their budget.
2. Parking Fee
This is another aspect that cannot be ignored. It depends upon society to society. For example, some societies have allowance of only one car per flat or two cars per flat; rest is chargeable on a monthly basis or you have to buy your own parking space.
3. Floor Raise Charges
Preferred floor charges are the charges that are paid extra for a better layout or floors like the ground floor which has high demand if senior citizens live with you or higher floors which is another most preferred choice of urban buyers. Generally premium projects tend to have these charges.
4. Stamp Duty and Registration Fee
Stamp Duty Fee is compulsory fee which is paid by the homebuyer to the government as a registration fee of the house under your name. The amount of the fee varies from state to state, or circle to circle. Therefore, you should always decide your budget according to this fee.
So, whenever you are planning to invest in a house, you should definitely consider these charges as they can affect your decided budget.