Buying a house is much like a game of chess where one wrong move makes doom inevitable. Thus, before your hidden costs spur into frenzy, here are 5 expenses that you need to expect when buying a new apartment.
1. One time parking charge: Our cars are a matter of pride to us. It is fitting to thus provide a roof over its head. However the corner parking space in the basement which looks just perfect for your car is generally a hidden cost charged over the house value.
Most of the ready-to-move flats in Bangalore for sale generally come with parking but in some cases its best if any extra cost for parking is agreed on prior to the purchase.
2. Development costs: These costs are not only to be paid at the time of moving in but are also generally collected annually from all flat owners. Development costs go towards utility services such as water, security etc. So if you are looking to buy one of the 2 BHK apartments in Chennai your budget costs better include such development/community cost for the betterment of the building and its utilities.
3. Mortgage cost: It’s no secret. A new house requires a new loan and a new loan comes with the noose of a mortgage over your head. Mortgages are not be toyed with and a regular periodic payment is the need of the day. In fact, this cost will be needed to be paid even after years of buying the new house which is why to play it smart, its best you manage this cost in your budget and not overspend in buying the house itself.
4. Relocation and travel costs: Shifting is never easy. To pick your home up from one place and take it to another, is time consuming and involves a high expenditure. A 2 BHK flat for sale in Whitefield, Bangalore may be ideal for your price budget but to shift even within a small distance, it could be a herculean task involving herculean costs. To accommodate for such costs including travel from your home to work (when you are situated a little far from the main city) is the most practical thing to do to make an informed buy.
5. The New Things: The last place you want to be is at a situation where you buy a new house but are left to fill it up with the old furniture because costs have exceeded your budget. Remember, a new house should be about new experiences. New furniture, new lights, etc. Hence, remember these costs when purchasing the house and keep aside some of the dough to buy the new barbeque to adorn your garden.
Make a checklist, if need be, and note down all the factors you need to consider before taking the plunge. You wouldn’t want to be in a fix once start the investment only to realise you can’t afford it. For affordable places to move into, start your search on RoofandFloor.