THINGS ONE NEED TO KNOW ABOUT THE HIDDEN COST WHILE BUYING ASSETS
People in India love to purchase Independent houses, flats, apartments, condominiums Duplexes, row houses, villas, bungalows and others. When you read the newspaper/magazines, in the morning, no doubt you will see glossy pages giving facts about the magnificent real estate deals in India.
This fuelled the rise of many real estate agencies, real estate solution providers and real estate consultants in India. There is an ocean of the above mentioned companies offering customers with spicy deals. You will sit in your drawing room, take a sheet of paper and pen, doing lot of sketching about getting a property under your name in India. Not to worry, Moneymindz offers the personalized financial guidance available to give assistance in purchasing property.
Let’s Know about Hidden Costs:
Cost, consisting of various factors attached to the property that cannot be felt or seen is termed as hidden cost.
Scenarios Influencing Hidden Cost of Assets In India:
Many scenarios enter the playground, while you invest your money in purchasing assets in India. Let’s look at the points one by one:
·Maintenance Deposits: Most of the builders in India will not hesitate to charge maintenance deposits for the flats, apartments, Duplex, row houses, independent houses, condominiums, villas, bungalows, and other assets. In society, the maintenance deposits are charged by family members during damages.
For example: If you buy properties in metro politic cities it had huge investment compare to buying goods in rural areas.
·Availability of Parking Area: You are living in your house in India. Furthermore, the parking area can play a critical role in calculating the rate of the property. Parking space is influenced by the location, type of property like flats, Duplex, apartments, bungalow, row houses, independent houses and others.
·Registration Fees/Stamp Duty: A fee imposed by the government for the buyer to get house/property registered is the stamp duty. A smart part of the registration charge goes to court. Amount paid while entering the name of property in official register of the government of India is known as registration fees.
·Impressive Interiors: Major parts of the hidden cost consist of plumbing, internal and external paintings, making furniture, designing the wall ceilings, carpets, installing decorative materials, electrical appliances, trendy floor designs and host of others. Even though you try to cut expenses, it will no doubt shoot up.
·Brokerage Fees: It is a fee imposed by broker, acting as middlemen between the buyer and the seller.
India is the robust place available for real estate to spread their wings. Be careful about the hidden costs involved.
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