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How to Calculate the Total Cost of Buying a Flat in Bangalore

How to Calculate the Total Cost of Buying a Flat in Bangalore

Buying a home is a crucial milestone in every individual’s life and a dream almost everyone is striving to attain. People work hard and save money in order to be able to pay a larger down payment on a property. However, the costs involved in buying a house do not only include a down payment on it and an EMI.

The total costs of a flat in Bangalore are based on several significant factors, including the reputation of the builder. Reputed real estate developers utilize the best raw materials in their projects, and you are assured of the highest quality. A high-quality construction from a well-known builder costs more than others but will mean lower expenses on repairs going ahead.

Residential projects located in upcoming areas, as well as those close to employment hubs or other commercial areas, cost more. If the area has well-established social amenities in proximity to the project, this will drive up the prices of properties. The amenities, including clubhouses and sports amenities, available at the development also add to the overall price of the flat.

In addition to the above, you must take into account the legal fees that are involved in the property purchase. These include stamp duty and registration fees that are levied by the government and are based on the flat’s value. There is also the goods and service tax (GST) of 5% that is levied on under-construction properties to be considered.

To add to these charges, there are the costs involved with getting the interiors and woodwork in your flat done. Parking costs, preferential locality charges, and maintenance charges also have to be added on to the cost of your flat. Finally, you have to add in miscellaneous expenses to the total cost, including the cost of movers and packers, etc.

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