Five commonly overlooked expenses while buying a home

Apart from the cost you will pay for actual house, there are many additional expenses that are essential to consider. Especially, if you’re stepping into the property market for the first time, unexpected costs can put a damper on your happiness and crack-up your budget.

So, here are five commonly overlooked expenses you shouldn’t overlook:

• Moving costs:

With so many things to look after, it’s possible to miss the cost of making the house move itself. As moving day approaches, you may be surprised to see how costs and fees start to mount up. To avoid last minute hurdle, finalize your packer & mover at least 15 days in advance. This will give you an idea of how much you’ll have to spend for shifting. If you are going to take help of your friends and relatives, confirm their availability before deciding a moving date.

 

• Interior:

Whether you have bought a brand new house or resale one, keep aside some money to get your interior fixed. This includes charges of plumbing, pest control, fitting electronic appliances, fans, tubelights, mounting your TV, buying new furniture, fixing broadband, repairing jammed disposals, leaky faucets, and this list is endless.

 

• Adjustment costs: If your owner has made advance payments for property taxes, society maintenance, utility bills, etc., you will have to reimburse him for these payments. Some owners might also ask reimbursement for water tanks, mosquito nets, geysers, etc. or they will simply take it away while vacating the place.

• Legal costs: Stamp duty and registration charges take away substantial amount. Furthermore, you will have to pay miscellaneous expenses like the fees of the notary and lawyers who get the job done.

• Additional expenses: Don’t let these expenses catch you off guard. Some societies might charge you to transfer the ownership of a house. You might have to pay electricity supplier, LPG supplier to get the connection transferred on your name. Consult your property advisor & service providers to understand the amount needed to get the ownership transferred on your name.