Buying A HOME: WHAT ADDITIONAL COSTS ARE THERE?

Talking about the Additional Expenses for Home Purchase doesn’t have to keep you awake. Just like when you have to do something you do it, when you have to pay for something, you have no choice but to pay for it. This is how the world works!

Buying a home not only implies paying the down payment and mortgage loan obligations, because in addition to these costs there are others. So don’t forget to have extra savings to cancel authentications, certificates, notarial rights and other documents.

In order to have a comprehensive knowledge of buying a home, it is necessary to know the expenses and taxes that this entails.

If more than half of transactions are made between individuals, many households turn to a real estate agent in India to find the home of their dreams.

They should know that the intervention of this intermediary entitles him to a commission, which will be paid to him only if the sale is carried out. It is usually announced and does not come as a surprise.

The intermediary’s remuneration

Home buyers who have got their house brokered by a realtor usually have to pay a commission for it. It often evolves between 4 and 10% of the sale price.

The security deposit

As soon as the compromise or the promise to sell is signed, a security deposit or immobilization allowance (representing 5% to 10% of the purchase amount) will be requested.

The sum is then transferred to the house seller until the signing of the final deed of sale. It is then deducted from the total price of the sale.

If you no longer wish to buy and exercise your right of withdrawal within ten days of signing the compromise or the promise to sell, the security deposit will be returned to you without penalty.

Taxes

The appearance of the payment of taxes is not a new event, all citizens must make this payment in the cases that are required.

Insurance costs

The additional costs when buying a land for sale in Gurgaon also include the necessary insurance. To protect against even greater financial damage, home buyers usually take out certain types of insurance.

Renovation costs

Whoever buys a house does not always agree with the taste of the previous owner. Residents of a home in particular want to feel at home quickly and put their own stamp on the furnishings.

In addition to the change of scenery, new lamps, bathroom fittings, kitchen equipment or garden plants are often required – what they want to renew and how much of the budget is available for this should be taken into account in advance by home buyers.

Better to take into account: additional costs when buying a house

When you are about to become a homeowner, the price of housing is not the only expense. There are also many ancillary costs: agency commissions, notary fees, credit-related costs, etc.

Additional costs are not only incurred when buying, but also before and after. Many of these expenses are necessary for planning the home purchase so that the budget is not blown and there are no surprising additional costs.