Do not overlook the 5 hidden cost factors when buying a Property in Chandigarh
One of the most important life decisions comes when you decide to invest in the home of your fantasy. This is a long-term investment where you have to make EMI payments and therefore need a long term plan for the same. When buying a property in Chandigarh a buyer must keep a few things in mind before making the final call. There are numerous hidden cost factors that you cannot overlook once you have decided to buy your house or flats for sale in Mohali.
Be aware of these 05 hidden cost factors
Value Added Tax (VAT) and Service Tax
The VAT is applicable for property that is either under construction or even during the sale and purchase of an already constructed property in Chandigarh. The VAT charges are between 1-6% of the total value of the property. Additionally, the Service Tax is levied by the central government and adds significantly to the cost of property purchased. Usually, the Service Tax is between 7-10% of the property value.
Cost of Registration and Stamp Duty
In Chandigarh, the cost for stamp duty as well as registration is quite steep due to the high circle rates. This is a levy that is to be paid to the state government in order to get the property in your name. In the Union Territory of Chandigarh, the stamp duty cost is between 5-8% of the cost of your property. Moreover, the property registration cost ranges between 1-2% of the property value.
Society Maintenance Charges
The maintenance cost of living in a society is to be afforded by the owner or the resident of the property. This maintenance cost is applicable for the services available within the society such as the cost of security and surveillance, and the garden and park maintenance. The cleanliness and general building maintenance are also accrued out of the society maintenance cost.
Vehicle Parking Cost
You must consider the additional charges you may have to spend to get an individual parking slot within society. This is usually an option and one can choose not to get vehicle parking slot. However, in most cases, it is an unavoidable expense and would mean over and above the cost of the flat.
Location Preference Cost
In modular societies, several flats have a location that is better than the others. Such properties may attract an additional cost as they have a better view, are noise-free or have some additional USP making them preferential. Make sure you are aware of such extra cost when you buy property for sale in Chandigarh.