Hidden Costs to Be Aware Of During Home Buying

After all, no one can deny that buying a property is a source of tremendous joy for many Indians, and when the desire is finally fulfilled, our emotions go rampant! Homeowners strive to do everything correctly at first, such as setting a budget, choosing the right location, and planning for the house warming ceremony, but when the final day of relocation arrives, things don’t go as planned which further affects the home buying process. One of the major reasons behind this is some of the hidden real estate charges that people aren’t even aware of. So, this blog sheds light on some of the major hidden costs to take care of.

1. Table of Contents

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   Home Inspection Costs

   The home investigation cost is the expense you need to bear that is typically charged by the banks when you apply for a home loan. The banks would employ a third-party home inspector to cross-check if the property estimation is according to the cost cited by you. Whatever the last report on the property is, the banks ordinarily charge the borrower of the investigation charges which can likewise be added to the monthly EMIs.

2. Migration Cost

   The expense of migration that is engaged with shipping your home stuff and furniture to your new home. A few developers might give you this assistance or you might need to employ some service providers. So this is an additional expense that you ought to consider prior to moving or planning to buy a home.

3. Stamp Duty/Registration Fee

   The stamp obligation or the registration expense is the charge that should be paid to the public authority by the buyer of the property at whatever point you are going to enlist a property in your name. As registration is obligatory to accomplish the lawful legitimacy of the exchange of the property yet this might go up to 8 to 10% of the property estimation.

4. Goods & Services Tax (GST)

   This is one of the crucial charges and expenses that you need to pay attention to while purchasing a home. GST is typically 18% but for apartments under construction, the GST is 5%. And after all, it is an additional cost that you need to pay far beyond your apartment price, so you should be well aware of it.

5. Brokerage Fees

   If you buy a property or a house through an agent or a real estate broker, you need to pay a broker’s fee, which is an additional cost that should be accounted for. But, be aware because many scams are going on that simply charge you online and in turn do not respond to you. Always close the deal with a well-known real estate agent/company having well-developed projects.

These are some of the major hidden costs that every homebuyer should be aware of before making an investment in property. Remember that these costs do not apply to every homeowner as each circumstance is different. Also, some cost depends on the locality where you are investing. This is where closing the deal with a best real estate company in jaipur will be very beneficial for you. KGK Realty has numerous real estate projects at different corners of Jaipur. Book your visit to one of our projects and make the right investment decision accordingly.