Buying and living in their own home is still a dream for many, but if you have make your dream come into reality and planning to buy a new home soon then, here is the list of things that you should consider while buying a home.
1 Stamp duty and registration charges-
In India most of the people have did this mistake as most of us don’t know what stamp duty is, stamp duty is a tax which you have to pay while selling or purchasing a property, it is used as an evidence of purchase, it is usually paid by the buyer, if you are thinking of purchasing your dream house then you should check the stamp duty rate at that time, also the registration of property under your name is also important as registration legalize your ownership of the land.
2 Hidden charges-
Imagine you get your dream house in the budget that you planed, and while purchasing the property you got to know about the hidden charges such as stamp duty, maintenance, parking space fee, service tax and many more, if you didn’t include these expenses in your budget then you can face issues while finalizing the house, make sure you discuss about all the expenses and there are no hidden charges remained, do not hesitate while clearing all the doubt and negotiating about the prices with your dealer or the owner of the property.
3 Budget-
Make sure you make budget regarding your house purchase and stick to it because many dealers show you the house which are out of your budget if you did not talked about budget, if your budget is 50 lakh make sure you select a house within 50 lack, because increasing in your budget might lead to financial problems later or you might need a loan for it, make sure you don’t fall in the trap of debt, even if you are buying a home with home loan make sure you do not increase the amount of your loan.
4 Furniture expenses-
The price of the house is not the only thing that you should consider while buying one as there are more other expenses and one of them is furniture expenses, without any doubt even if the house is fully furnished you will need furniture such as sofa, tables, chairs, bed and many more things, and the cost of furniture is not a joke now days, the furniture could cost you a couple of lakhs, make sure you include your furniture expenses in your budget.
5 Property insurance-
Property insurance is definitely an underrated term in India, as most of the property owners don’t buy property insurance policy, but you must buy home insurance policy to cover loss or damage of your property in case of theft, natural disaster such as fire or any other manmade disaster.