While purchasing and owning a house can be gratifying, it’s not as straightforward as it may seem. It requires far more financial and mental effort than most initially think, from hidden costs to maintenance requirements. Here is what nobody tells you about purchasing and maintaining a home.
Hidden Fees Associated with Home Purchase
1. Charges for Stamp Duty & Registration When Purchasing Homes in India:
Most individuals concentrate on the big picture when considering factors to take into account when buying a home in India, usually ignoring the specifics. While registering the selling deed, the home buyer is required to pay a predetermined amount to the administration as stamp duty and registration fees.
2. Title Deed Deposit Memorandum:
A title deed memorandum deposit is required when buying a house with a down payment. In this situation, you must provide the bank with documentation that your title deed paperwork is on record with the lender by paying a memorandum deposit.
3. Real Estate Insurance:
The property insurance policy is a process that allows the insurer to pay the outstanding balance of the home loan to the lender or bank in the case of an unforeseen scenario. The borrower, the house, and all of its possessions are all covered by some comprehensive home loan insurance programmes. Tax advantages apply to the purchase of a fee for mortgage loan insurance.
4. The Value of a Home Inspection When Purchasing a Home in India:
A lengthy list of items to be verified within the house is provided by the home inspector. They inspect things, such as the flooring, pipelines, doorways, tiles, sanitary items, fittings, and walls. Then they compile a report detailing what is in good shape, what needs to be fixed, and what needs to be replaced.