5 Hidden Cost You Should Not Pay When Buying A House

By Author: Abhishek Anand
Total Articles: 6
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Are you planning to buy Flats in Raj Nagar Extn Ghaziabad? Wait for a while; apart from the obvious home-owning costs that you may know, there may be some hidden costs that swell up the quoted price of the property to you.
So, while you are planning to buy a home, do watch out for the following hidden costs.
Hidden Costs of Buying a Home
1. GST
You might be very well aware of the Goods and Services Tax in India, which is levied on under-construction properties and is paid to the government. For affordable housing, the GST is 1%, while for other under-construction properties, the GST is 5%. Ready to move properties, which have obtained completion certificate is exempted from the GST implication.
2. Maintenance Deposit
An advance maintenance deposit for up to 2 years is often included in the price of the 3 or 2 BHK Flats in Ghaziabad. Depending on the number of amenities and various other factors, this deposit amount may vary. So, you will have to check with the builder regarding what part of the property price constitutes the maintenance deposit.
3. Stamp Duty and Registration Fee
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... This is a compulsory fee that you, as a buyer, pay to the state government for registering the house under your name. This fee can vary anywhere between 5-7% depending on the state where you are buying your home.
4. Basic Interior Cost
The most unavoidable cost in today’s modern homes is the cost related to the basic interiors, like electric appliances, new furniture, painting, plumbing etc. The semi-furnished or fully-furnished homes often come with an additional interior cost that is in a way, an affordable medium to move-in your new home. It actually saves money in your pocket by eliminating the need to buy new furniture. However, if you do not wish to replace your old furniture or do not like the decor of the home, this would certainly appear as a huge cost to you.
5. PLC or Preferential Locality Charge
You might have very specific requirements related to the location or scenic view that the chosen flats may offer. For example, you might want that your Raj Nagar Ghaziabad apartments give you the view of the road or the main complex of the housing project. In such cases, an additional PLC cost is added to the total price of the property that you pay.
So, keep note of these important hidden costs that you should never ignore and must not pay as separate costs as they are often included in the property price. For more clarification, do discuss this with your builder.