Are you a first-time home buyer? Then you must be in a state of confusion with regards to multiple things. You have to check the background of the property, developer, project, legal documents, neighbourhood, and many other things. However, in order to avoid last-minute hassles or any future consequences, rechecking all the above things is quite important. So, here’s a checklist which first-time homebuyers must follow to avoid any kind of discomfort and insecurity:
Buying a property is one of the most cherished dreams of an individual. We are ready to go that extra mile to realize that dream. It is also the biggest investment as one stretches his financial capabilities. But a sudden expense can make your finances go awry. The advertised price is usually the Basic Selling Price (BSP) of the property. But the BSP is not the complete price your pay. There are several other charges that together make up the total cost of the property. Charges for facilities and amenities, parking, floor wise charges etc. add up to form the same. There are some legal charges also so you end up paying 20-25% extra .Make sure you have factored in all these extra costs.Some important extra costs buyers incur while purchasing a property are–
Registration Costs– This will be a substantial cost depending on the net worth of your property. In most states the entire legal charges add up to about 7-10% of the property value. Besides this there is a registration fee which has to be paid in court and several other miscellaneous expenses like notary lawyers’ fees .The legal counsel assisting in verification and registration also charge fees. All this has to be taken into account.
Parking Space- The trend is to charge an additional upfront payment for an exclusive parking space in large residential complex. The amount depends on open or closed parking the locality and type of property.