Latest News

Planning to buy a property Heres a checklist for buyers
Wednesday, March 18, 2020 IST
Planning to buy a property Heres a checklist for buyers

Are you planning to buy a property? There are certain things that should be kept in mind. Since it is the biggest investment, therefore it is extremely important to know about the hidden costs that come in.

 
 

New Delhi: Owning a house is aspirational. These days people buy houses earlier in their lives. Owing to the increase in income, they often buy more than one house. It is an investment of a lifetime and people go that extra mile to buy a decent piece of real estate. 
 
If you are looking out to buy a property, there are certain things that should be kept in mind. Since it is the biggest investment, therefore it is extremely important to know about the hidden costs that come in.
 
1. Whenever you approach any real estate agent or developer to buy a property you should be aware of the fact that initial cost described to you by him doesn't include the add-ons. It makes you raise your budget by almost 20 to 25 per cent. It is advisable to be aware of and prepared for this additional expenditure while planning to buy a property.
 
2. The next important thing that comes into play is registration costs. It is to be noted that the registration cost depends upon the total worth of the property. In most of the states, the legal charges such as stamp duty and registration fees add up about 7 to 10 per cent of the total property cost.
 
Stamp duty is a tax which is levied on the documents. It is calculated on the basis of the circle rate of the area. Apart from these, there are several other miscellaneous expenses such as the fees of the notary and lawyers who get the job done in the court.
 
3. Once you acquire a property, there are a host of things in which you spend like getting the interiors done as per your preferences and requirements. Such expenses are generally not planned at the initial stage. While planning to buy keep that extra amount aside for the interior work as well.
 
 

 
 

4. It is important to check the tax payment status. The buyer should verify with the municipal authorities that the seller has not defaulted on payment of property taxes.
 
5. Real Estate (Regulation and Development) Act, 2016 (RERA) mandates that developers should register their projects with the authority under the Act. The buyer should verify if the property has been registered with the authority under RERA. For each state, information is available on the RERA website.
 
It also provides details of any case or complaints filed against the developer of the project. Apart from this, it also provides a useful insight into the credibility of the developer and the project which helps the buyer to make an informed choice.

 
 
 
 
 

Related Topics

 
 
 

Trending News & Articles

 Article
'Worse than prison': A rare look inside China's detention camps to 'brainwash' Muslims

ALMATY: Hour upon hour, day upon day, Omir Bekali and other detainees in far western China's new indoctrination camps had to disavow the...

Recently posted . 199K views . 1 min read
 

 Article
What The Shape Of Your Belly Button Says About Your Health

If you have payed attention to the belly buttons of people on the beach or the members of your family, you have probably noticed that they have different shapes and...

Recently posted . 8K views . 2 min read
 

 Article
Top 10 Horrifying Acts of Chemical Warfare and Gas Attacks

In this age of terror, there might be nothing more terrifying than the thought of an attack carried out with chemical weapons. We’ve all heard the horrific ...

Recently posted . 3K views . 4 min read
 

 Article
Top 10 Best Gym Equipment Brands in India 2018

Body fitness is one thing that everyone wants to maintain irrespective of age. Going to the gym and doing some great exercise always helps to maintain your body fit...

Recently posted . 3K views . 2 min read
 

 
 

More in Real Estate

 Article
BUILDING A CITY ON MARS COULD COST AN EIGHTH OF THE GLOBAL ECONOMY: SPACEX CEO ELON MUSK

Nobody doubted that building a civilisation on Mars would be a costly affair. Elon Musk put an estimate to the long-term dream for SpaceX. As it stands, Musk'...

Recently posted. 772 views . 2 min read
 

 Article
Confused about your weekend plans? 5 apps that will have you sorted

Here’s a checklist of 5 apps that will tell you about the events happening in your vicinity and the best spots to hang out with friends and family.

Recently posted. 545 views . 1 min read
 

 Article
How To No Longer Take Things Personally

“Don’t take anything personally. Nothing others do is because of you. What others say and do is a projection of their own reality, their own dream. Wh...

Recently posted. 745 views . 2 min read
 

 Reviews
The Best 5 Hiking Backpacks in India – Reviews & Buying Guide



Recently posted . 1K views . 140 min read
 

 Reviews
The Best 5 Camping Tents in India 2018 – Reviews & Buying Guide



Recently posted . 1K views . 99 min read
 

 Article
US Fitness Expert Created Over 300 Fake Accounts To Harass Rival

FBI agents say fitness trainer and mother of four Tammy Steffen used those accounts to unleash a torrent of harassment on her ex-business partner.

Recently posted. 620 views . 1 min read
 

 Article
Scientists working with Google just published the most detailed brain scans ever created

Google and its partners at the Janelia Research Campus today released the largest, most detailed set of brain scans ever published. The project encompasses nearly o...

Recently posted. 694 views . 2 min read
 

 
 
 

   Prashnavali

  Thought of the Day

Too many of us are not living our dreams because we are living our fears.
Les Brown

Be the first one to comment on this story

Close
Post Comment
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST


ads
Back To Top