If you are a home buyer or own a 1 BHK apartment in Goregaon, you are probably aware that it is no despicable coup and it comes along with a great sense of freedom & security. The fact that you no longer have to scoop out a chunk of your income every month for your house rent or worrying about moving to a new flat every time some petty issue comes up with the place where you are currently staying, come in as a huge relief to many people.
You must be acquainted with the rising demand in the real estate sector, on account of this, real estate builders have been trying to present aesthetically better infrastructural creations with appealing offers and discounts, to cope up with the necessity to survive between the tough competitions. The latest promotional tactics like ‘book your house with a minimum amount’ or ‘no payment till complete possession’ are only encouraging more individuals from the crowd to purchase their apartments in Goregaon.
The process of home hunting can especially be particularly more challenging when the budget fixed is a rather constricted one. You spend more time searching through the available choices to pick out the ones that fit in the budget and then have to take care of the liking factor. There are many real estate listing websites that can provide you with some reasonably-priced alternatives along with some free online tools and pieces of information to help you with your choice.
What are the hidden charges that one must manage while buying a 1 BHK apartment in Goregaon?
Homebuyers are an internal constituent of the real estate sector, the most flourishing industry in the last five years, and changes in their mindset & behaviour patterns can affect the industry immensely. Thus, homebuyers must be careful to not be carried away by any properties that may look great on the outside but may have disguised issues not visible to the naked eye.
Real estate apartments in Goregaon include a lot more than just down payments and monthly loan EMIs. There are several extra charges thrown in during the process when they are least expected, this in time makes the buyers shell out more money than they were quoted at the time of booking.
To provide you with a deeper insight into what contributes to that extra amount which stealthily clears out your pocket, here is an idea about the common hidden costs which you bear when buying your dream 1 BHK apartment in Goregaon:
- Locality Charges
No one can convince me that they don’t like a picturesque view from where they live. You may not necessarily get a sea view perhaps, but you’d still compromise for a blue pool or a park view with lush greenery. Once you set an eye on a property that has anything even close to a view, the price spikes up. Yes, there is something called preferential location charges or the PLC in the real estate field. When added this PLC to your property’s base price, it may go up by a good 10% or so. It all about a good location is what they say, one that comes with a view and connectivity.
- Registration Costs
Registration costs, the price you need to pay to register a property to buy it in your name for lawful reasons, are a no-brainer as you know. A percentage of the property value has to be paid as a registration tax and that varies from one state to another. A fee for your attorney or notary is also expected to be added for making sure all the documentation and approvals are in place for you.
With the growing population and the number of vehicles that each family owns nowadays, ‘book a flat with complimentary parking space’ has become a quite popular marketing tactic. Parking space is an important aspect and owning a parking space with a house increases its value for you, and also when you want to resell. This isn’t a hidden cost but most of the people still presume that their new 1 BHK apartments in Goregaon comes with free parking space.
- Advance Maintenance Deposit
This is a charge that you need to pay as an advance amount for the property maintenance, tentatively a year or two’s maintenance cost all at once. Some people are still debating about the maintenance charge to be paid in advance, real estate builders make sure to collect it as this amount enables a secure inflow of resources.
- Interior Design
You must not forget to add the interior designing costs to your property budget as you are not going to stay in your dream home without the interior having your personal touch to it. This charge would vary from person to person but you must keep it in your mind when setting your budget for apartments in Goregaon.
No doubt buying an apartment in Mumbai like crossing a milestone, something to be very proud of in your life. But don’t let that overwhelm you enough to be careless about the risks and concealed costs in the terms and conditions section. You can end up in a dither if you don’t understand the process and its elements diligently.
While you can’t reduce or modify these hidden costs to a large scale, you can surely include them in your 1 BHK apartment in Goregaon's budget to avoid making adjustments with selecting your dream apartment. Work on finding a good realtor so that the brokerage charges can be waved-off and the realtor will find your ideal 1 BHK apartment that can fulfill all your requirements & amenities by yourself. If you have assigned a real estate broker to look for your house, the brokerage charges can be negotiated a little here and there.
Homebuyers can try to reduce the additional costs wherever possible, but never compromise the costs on the bank or legal procedures. It is important to focus on having all the documentation for the bank and legal processes ready in place to ensure a seamless purchase of 1 BHK apartment in Goregaon.