Ownership of a house is not just a dream come true but also gives a person a sense of pride and wellbeing. Buying a house requires a detailed planning around the financial aspects, especially taking into account additional or hidden costs that are often skipped while planning the budget. Even though the flats in Jaipur are priced affordably, the additional costs can hold back the budget.
There are various factors that affect the purchase of a house that are associated costs of legal aspects, registration, GST, utilities, and interior. Let us look at these expenses that can help you plan your budget smartly:
1. Stamp Duty and Registration: The government levies a mandatory tax in the form of stamp duty on all real estate transactions, which verifies the selling contract and serves as proof of sale of property conducted. In Rajasthan, stamp duty fees is 6% for men and 5% for women over the values of a house.
The charged registration amount by the court is currently 1% of the value of the agreement, which makes a total of 8.2% for male buyers and 7% for female buyers. Registration is the final and binding legal contract between the purchaser and seller confirming the change in ownership. The registration fees are in addition to the stamp duty that must be paid. One can get apartments in Jaipur with minimal additional costs because of low rates by state government.
2. GST Tax: Buyers will be responsible for paying GST on any property they buy that is still under construction. If the estate falls under the category of affordable housing, the GST is computed at 1% of the property's value. If not, 5% to 12% of the valuation will be added to the price as GST. When a complex, building, or ready-to-move-in flats in Jaipur are sold after a completion certificate has been issued, there is NO GST applied to the transaction.
3. Cost of Amenities and Maintenance: The RERA Act defines carpet area as the total floor area that can be used inside the apartment's walls, excluding spaces like open terraces, shafts, balconies and others. The building's security, elevator fees, shared water, ground and building maintenance and power rates are all included in the maintenance fees.
A builder may charge additional for amenities, such as parking spaces, club memberships, power backups, banquet hall, gym and others. Based on the size and locality of the residential complex and luxury flats in Jaipur, builders ask for an advance that could total in lakhs.
4. Interior Costs: When you move into a home you may fall in love with it, but your furniture may not fit, you may not like the kitchen counter or you may prefer wood floors over carpet. It is necessary to curate a list of utilities and interior enhancers that you would like to add or modify in the current state and have a budget to cater to things, such as window treatments, furniture, paint, rugs, and lawn-care equipment.
All these costs can upsurge the price of a house by 10-15%, hence, it is essential to plan the budget while keeping a margin for such additional expenses. These expenses can be planned by oneself through research and strategizing, but a realtor can prove as an asset while making a final draft of the budget to buy a house and we will always be keen to help and guide you with your apartments hunting journey in Jaipur!