Extra Expenses That One Must Consider When Planning To Invest In 2 BHK Flats In Thane

Buying a real estate property is a process that requires meticulous scrutiny of all the possible factors involved. These factors include a wide range of potential expenses everyone should know about before making any purchase. This piece of information will walk you through all the anticipated expenses you need to look out for before investing in new projects in Thane.

These are a few of the extra expenses that one must consider while planning to invest in 2 BHK flats in Thane.

Registration And Stamp Duty Charges

This is, after all, a no-brainer. When you invest in real estate, you`ll need to register it for legal reasons, which will cost you money. When purchasing under-construction projects in Thane, you need to keep the following things in mind. Stamp duty is typically 7-8 percent of the property`s value. A registration fee of 1-2 percent of the property value must be paid to the court. Each state`s cost differs. You must also include in the lawyer or notary fees who will examine all of the essential documents, check that the developer has all of the appropriate approvals, and prepare the paperwork for you. You may also need to pay a little extra to cover home insurance, property taxes, and bank inspection fees.

Preferential Location Charge

The PLC (Preferential Location/Locality Charge) is the added cost paid to book a property in a better location within a layout or complex. These charges are basically against any kind of extra space or amenity you want to include in your estate. This varies depending on the builder, but in general, luxury developments have a higher preferential location charge. About new projects in Thane, penthouses on top of buildings and villas with gardens or a lake view, for example, have exceptionally high PLCs. While some charges cannot be avoided, keeping them in mind can assist in making an informed decision and arriving at an accurate cost estimate.

Maintenance Deposit

Just like any other location, the builders of 2 BHK flats in Thane are requesting maintenance deposits for 2 to 10 years in advance. The cost of maintenance is determined by the buyer’s location, land value, and the sort of home they wish to purchase. They may also differ depending on the quality and amount of amenities provided by the building. The maintenance charges are generally incurred for the services and amenities like security, infrastructure, clubhouses, pools, halls, gyms, water charges, sewerage charges, gas pipeline charges, etc.

Brokerage Fee

A brokerage fee is one of those household expenses that must be carefully examined across various brokers when you`re looking for 2 BHK Flats in Thane. The fee levied by the broker, the individual who acts as a middleman between the buyer and the seller, is known as brokerage. The majority of brokers charge a fee of 1-2 percent of the entire house price. However, certain brokers are more expensive and may demand a greater fee. It is preferable to learn about the details and settle them with your broker right away.

Parking Space Costs

You won`t ever find a sign that says "Book your home with us and get a complimentary parking space" anywhere. Parking is essential, and owning your own closed parking area boosts the resale value of your property. Despite the fact that this `extra` payment is no longer a surprise, many individuals still believe their estate comes with free parking. New construction in Thane can charge you anything between Rs. 1 and 5 lakhs for a parking space, depending on the type of house, location, and other considerations. If you require additional space, they will gladly give you one if you pay a few lakhs more. So, if you`re intending to own parking space, make you have some additions in your budget.

Cost of Interiors Design

This is the most crucial cost and the one that cannot be avoided because you cannot move in without suitable interiors. Many buyers do not set budgets aside for the cost of their interiors and eventually end up compromising. The interior design includes everything like painting, plumbing, purchasing new or custom-made furnishings, electric appliances, and the list goes on and on. The new projects in Thane may cost anywhere between Rs. 3.5 lakh to Rs. 10 lakh depending on the design.

Home Loan

Many of the home buyers opt for a home loan to book their property, and for the same, a processing fee must be paid in order for your home loan application to be processed. This fee supports the lender`s basic administration costs, which include credit checks, document verification, and other services. The home loan costs also include the interest paid on the amount of loan that is taken by the buyer. While looking for under-construction projects in Thane make sure you pick on the right home loan providers that match with your budgets.

Goods & Services Tax (GST)

On July 1, 2017, the Goods and Services Tax (GST) was enacted. The Goods and Services Tax (GST) is applied to any under-construction property acquired in India. GST is paid to the government in the same way as stamp duty and registration fees are. The GST on the under-construction projects in Thane is 5%, but the GST on affordable housing developments is 1%. On ready-to-move-in properties and projects with a completion certificate, there is no GST.

Miscellaneous expenses

The first thing you`ll want to do after purchasing 2 BHK flats in Thane is move in. Don`t forget to estimate expenditures such as packers and movers. As a general guideline, acquire quotes from a few different service providers before deciding on one to ensure you get the best bargain. To guarantee a seamless and hassle-free real estate purchase experience, be aware of these hidden charges and consider them.

Property purchase can be a tricky game. Hence, it is imperative to have a clever approach with in-depth research to make the most efficient transaction.