5 hidden costs you should not ignore when buying an Apartment
When you are buying a new home in Kerala, it is one of the most significant investments you are going to make! We somehow miss out on many other hidden costs that are involved in this home-buying process. They can come as shockers & can even raise your budget by almost 25%. Know about these additional costs before you sign on the dotted line.
Here’s a list of 5 hidden costs that you have to consider when buying a Flat from luxurykeralaflats.com, a leading real estate portal for buying flats for sale in Kerala:
Registration & Stamp Duty
As the fee which is paid to the state government for registering your Kerala flat in your name, the Registration & Stamp duty charges will be a major part of your budget. Stamp duty charges will come to 5% to 7% of your property value, and differ for each state while the registration fees, will be around 1% to 2% of the total property cost.
Additional charges are to be paid to the Government for your property as Service Tax and VAT. All under construction flats for sale in Kerala have VAT applicable & whenever a property changes hands from a seller to a new buyer it will be applicable. Generally, 1 to 5.5% of the property value is levied as VAT.
The Central government levies Service tax for under construction Kerala flats and it depends on the cost of the property, PLC, maintenance etc. The Service tax charges is generally 8% to 10% of the total property value.
In new building developments, Maintenance Deposit Advance is generally charged by the builders. In the existing societies, it is charged as a deposit by society members. The maintenance charges are for running the common amenities in the project like garden, clubhouse and also the basic infrastructure facilities like lighting, water etc.
For most flats for sale in Kerala, parking space is generally not included and has to be bought separately. The cost of parking is based on the size of the parking, whether it is open or covered, and in which locality is the parking being purchased. The seller has the right to sell the parking space to another member in case you do not purchase it.
Preferential Location Charges
These charges are often given in higher end developments for the experience in a preferential location like the middle of the city. The great views, privacy, space at your luxury Kerala flat - all comes at a price! The PLC is a charge paid for a property which relatively has a better location, position or layout and these charges vary from property to property. PLC can be charged for a higher floor or a better location, for a seaside view or any such special features of flats for sale in Kerala.
Check out the new developments from leading builders at luxurykeralaflats.com, the premier real estate portal for buying flats for sale in Kerala.
