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How to Determine the Total Cost of Purchasing an Apartment in Bangalore?

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Do you want to buy new launch Apartment in Bangalore? For a smooth apartment purchase and move-in, it’s important to figure out how much the whole thing will cost.

There are many big occasions in our lives. Some of them happen naturally, like becoming an adult. Others, like buying a house or a car, are things we work toward. To make our dream of owning a home come true, we often plan by keeping a close look at our spending so we can save up for a bigger down payment. But paying a down payment and an EMI isn’t the end of it. Homeowners end up spending more than the cost of the apartment because of things like taxes and insurance. Here, we list all the extra costs you may have to pay when buying your dream home:

When determining the cost to buy 3 BHK flats in Bangalore, you should also think about the following extra costs:

Stamp Duty and Registration Fee

This is one of those costs that are easy to see. The state government charges stamp duty, which is about 5-7% of the property’s value if you want to put the property in your name. Then, registration fees of 1% of the property’s value must be paid to the court.

Brokerage Fee

If you use a broker to help you find your perfect home, you will, of course, have to pay a little more. Both the purchaser and the seller will agree on how much of a commission the broker will get to make sure the deal goes smoothly.

Parking Cost

Apartments have a lot to offer their residents, but if you have two cars, you may only get one parking spot and have to pay extra for the other. This can be anywhere from Rs. 2 to Rs. 7 lakh per slot, depending on where the slot is and what kind of apartment it is.

Interior Designs

Before you can figure out how much your home cost altogether, you need to decide how much you want to spend on the inside. Interiors are important because they give your space a sense of who you are. You can decide how your TV unit, closets, bathroom fixtures and a lot more should look. Depending on what you need, how you prefer things to appear, and how nice they are, the price may be greater or cheaper.

Goods and Service Tax

If you buy a home in India that is still being built, you will have to pay the 5% Goods and Services Tax (GST). But there will be no GST if you choose a ready-to-move-in apartment that has a completion certificate.

Preferential Locality Charge (PLC)

Even though apartments with a view of a garden, the sea, a pool or a lake sound nice, they come with an extra cost called the “Preferential Locality Charge.” When you choose an apartment based on a certain view or feature, you may have to pay the PLC, which can be anywhere from Rs. 100 to Rs. 500 per sq. ft.

Maintenance Cost Deposit

The builders ask for a Maintenance Cost Deposit to start a corpus fund. The interest earned on the money would then be used to take care of the common areas. If the interest amount runs out, residents will have to pay a maintenance fee based on the Apartment in Bangalore.

Miscellaneous Charges

Besides the above costs, you might have to pay even more. Some of these might not add up to the cost of your apartment, but they could be extra costs while you look for and move into your perfect home. This could include the bank loan inspection fees that are part of the home loan amount and that you will have to pay as part of the loan repayment, or it could be the price of employing packers and movers, etc.

Read More: Why You Shouldn’t Skimp on Home Inspections Services in Surrey

Conclusion

It’s an amazing feeling to own your own home for the first time. But if you jump carefully and figure out how much it will cost, you can keep an eye on your savings as well. This would show that you are smart about how you buy and sell real estate.

Be sure to look for luxury Apartment in Bangalore that are in a league of their own and come with a wide variety of facilities if you want to turn this dream into a reality.

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