Hidden ownership costs after possession

Buying a home is a big financial decision, and most buyers focus on the total property price and home loan EMI, but not on the cost after ownership. There are several hidden charges involved after the ownership of the property. If you do not factor them in at an early stage, your overall budget can stretch beyond expectations.

Here are the Hidden ownership costs after possession that every buyer must plan for,

• Maintenance Charges

After the possession of the flat, the monthly maintenance charges have to be paid every month. This amount starts from Rs. 4 to Rs 8 per sq. ft. and varies with each project, location and builder. It has to be paid every month without fail, which will be used to keep the property area clean. The amount will be used for security services, cleaning of common spaces, and parking areas.

• Clubhouse Charges

These charges have to be paid in order to use the clubhouse amenities that include a gym, spa, dance rooms, party halls, library, and much more. It has to be paid as a one-time fee at the time of ownership.

• Corpus Fund

Corpus Fund is the money that will be collected and kept aside for future building repairs, like lift repairs, fixing of common area lights, and much more. It will range from ₹50 to 150 per sq. ft. It will be collected as a one-time fund.

• Property Tax

The property tax has to be paid after taking possession. The tax has to be paid annually by every homeowner after the handover of keys, even if you don’t move in immediately.

• Society Registration Charges

When all the owners form a housing society, every owner must pay for the paperwork. It will cost ₹10,000 to ₹15,000.

• Interior Costs

After the possession of flats, it will have just the house without any interior. Homeowners have to make closed shelves, a modular kitchen, and closed lofts at their own expense. The cost will vary based on the interior design that the owners select.

• Furnishing Costs

If buyers wish to add a sofa, dining table, and other furniture, then they have to be bought at an extra cost.

• Moving Expenses

Shifting costs and temporary rentals can also quietly stretch your budget. These are the unavoidable expenses that are tied directly to buying a home.

• Home Insurance

It is not mandatory, but home insurance is strongly recommended as it will protect your home against fire, natural disasters, and other risks. The Premiums will differ based on coverage.

Prestige Golden Grove in Hyderabad offers complete cost breakdowns upfront, and buyers will have transparent pricing with no hidden surprises. There will be expert guidance from the sales team at every stage of the buying journey, where buyers can clearly plan their budget at an early stage. Also, as the project is in an upcoming stage, there are huge discounts, and by booking now, buyers can save a huge amount of money and can use it for expenses after possession.

Conclusion

Buying a flat is the happiest milestone, but buyers must be aware of the costs that will appear only after taking possession. If you are not ready, these hidden costs can add to your budget and leave you stressed out. The best way to protect yourself is to know all these costs and plan your budget at an early stage.