If you have found a home you want to buy or looking for flats in Chakan and making joyful calculations, It’s better to account for the additional costs you may incur so you don’t end up scrambling to find extra funds at the last minute.
When purchasing a home, your costs extend far beyond just the amount you pay to the developer or seller. Stamp duty, registration charges and property tax can add up to a substantial amount. Knowing about them beforehand can prevent eleventh hour surprises.
When you are looking to buy flats in Chakan, Pune, here is what you should know.
Stamp Duty: The First Big Additional Cost
Stamp duty in Maharashtra depends on the location, transaction value and the buyer. And the most important thing to remember is to never calculate your budget keeping only the price offered by the developer or seller in mind
For instance, if you are thinking of buying 1 BHK flats in Chakan for sale, keep in mind the applicable stamp duty that will have to be paid in addition to the property price.
Always confirm the amount at the time of purchase as government rates and concessions are subject to change.
Registration Charges Come Separately
Registration charges are another expense you will come across when buying property in Chakan. As the name suggests, this is the amount you’ll have to pay to get your sale document or deed registered
It is a separate charge and many a buyer forgets to factor this in while calculating their budget. The good news is there’s a remedy. Ask for a detailed cost sheet from the developer or seller. It should break down the property price as well as applicable government charges and any other payments due.
What About Property Tax?
Unlike stamp duty and registration charges, property tax is something that is due every year. It is a local tax applicable to property owners.
As a buyer moving into a new home, it is a good idea to get clarity on who is liable to pay property tax till the possession or transfer date and when your turn starts. Remember, apart from the price of the flat you are buying, there could be several other costs involved which eat into your budget.
If you are buying 2 BHK flats in Chakan, don’t just focus on the price. Ask about recurring expenses like maintenance charges, utility deposits and society costs.
Don’t Forget the Smaller Costs
There are many smaller expenses that come due when buying a property. They depend on the property and the deal you are making. Some common ones are legal fees, documentation charges, loan processing fees and maintenance/society deposits.
Even though individually they may not seem like much, these amounts can add up to a sizeable amount when put together. So, don’t go by the headline price. Ask for a detailed cost sheet when you are considering buying one of the flats for sale in Chakan Pune.
A Simple Way to Plan Your Budget
Think of your property costs in three parts:
Property price + Government charges + Other purchase related expenses
Once you have these figures, you will have a much clearer idea of what the home will actually cost you. Whether you are considering 1 BHK flats in Chakan for sale for your first home or 2 BHK flats in Chakan for a growing family, this will spare you from unpleasant surprises later.
