Purchasing a home is one of the most important decisions of your life that gives you a sense of security. All your earnings are inclined towards saving for the big purchase. From managing your savings to applying for a loan, this big-budget investment takes a lot of effort and research. Once you complete your search and find the home of your dreams, take a pause and go through the details of the final cost.

Developers market and promote their properties with a lot of offers to compete in the market, while you do pay a lot of attention on the quality of the property, what you tend to miss is the hidden cost involved. When it comes to the price of the property, ensure that you are not just considering the prices shared by the builder in the advertising. Going into the details of the final costing will save you from the hidden surprises and pre-empt few catches. Hence home buying process doesn’t end with down payment and monthly installments but also includes extra costs which make you shell out more than the quoted price.

Here is the List of Some of the Hidden Costs Involved While Buying a Property:

Home loan processing cost

If you are applying for a home loan, then it is important to pay special attention to the processing fees being charged by the lender. The processing fees generally vary from 0.25 percent to 1 percent charged by the lender or bank for carrying out documentation and legal verifications. You can compare the processing fees charges by various banks and pick the one with the lowest fees.

Registration cost

The advertised price is not inclusive of registration costs. When you buy a property costs like registration cost and stamp duty charges are paid by the buyer. The registration cost and stamp duty varies from state to state and ranges from 6 percent to 10 percent. Some regions offer lower registration costs in-case the first holder for property ownership is a woman.

Maintenance cost

If you are planning to buy a luxurious property in a reputed project, then it is imperative to shell out more for maintenance. Maintenance cost is not included in the price of the flats or apartments and charged over and above the final cost. At times, you might have to pay the advance maintenance deposit for a specific period of time.

Brokerage cost

If you are buying the property with the help of a broker, then you would have to pay somewhere around 1-3 percent of the property value as brokerage fees. The cost is not fixed and could be even more depending on the property and location.

Preferential location cost

Be prepared to pat preferential location cost in-case you want to opt for a flat with premium location, floor, and view. Every project consists of flats that have the additional benefit of exclusive views as per the floor and direction of the unit.

Buying a property is like achieving a huge milestone. However, it comes with hidden costs and other terms and conditions. Finalizing the deal without knowing the entire cost could lead to unwanted confusions and you will end up paying more than the price that first attracted you to the property.