Owning a home in Hyderabad is a great feat and it comes with a sense of security and much-cherished freedom. Moreover, the fact that your rent paying days are behind you might seem like a significant achievement to many people.
The trend of buying a house in these modern times has become easier with flexible payment options and strategies like ‘buy now, pay later’. But, then when it finally gets down to purchasing real estate the whole process of EMI’s and down payments begin. However, the process does not end there, the developers might throw in some extra charges when you least expect it. Eventually, buyers end up paying up the hefty sum of money.
To help you navigate through the extra costs that mysteriously empty your pocket, we have listed down a few hidden costs:
A new trend has taken precedence these days where the builders collect advance maintenance fees for a year or more. This fee is charged for common amenities like power backup and parks.
Nowhere will you find a property advertisement which says ‘Book a flat with us and receive a complimentary parking space.’ A new trend over the last decade has taken over where the developers charge an additional upfront payment for parking spaces in large complexes. The charges may vary from 2-5 lakhs depending on the location, property, and type of parking space.
Many builders also charge a fee for clubhouse membership charges. This may be charged for a lifetime or on yearly basis.
Once the property is purchased it needs to be registered and for that one has to pay a mandatory charge to the government and also pay a stamp duty charge which is a government tax levied on property transactions. The entire cost can range from 5-14.7% of the total property cost which is quite substantial.
This charge is an extra charge paid to book a specific unit which has a better location or a view within a particular layout or complex. It differs from builder to builder but generally, the premium projects tend to have this hidden clause. Penthouses on top of the building, apartments or villas with a lake, garden view or open spaces tend to have higher preferential location charges.
Governments authorities at times mandate an external development charge, which is applicable on a per sq. Ft basis and is used the development and upkeep of the area around the development site. It depends on the location where the projects are coming up.
Purchasing a property is quite a milestone, but with it comes a plethora of risk factors and concealed costs. So plan your savings accordingly and avoid unwanted confusion and headaches later on.