A home purchase is a financially binding decision; therefore, it is critical that you plan your finances so that the purchase does not strain your financial health. To properly manage your finances, you must be aware of all the costs associated with purchasing a home. Let’s take a closer look at the costs associated with becoming a homeowner.
Costs Involved in Buying Property
The process of buying a house is complex that involves a number of cost factors that add up to the overall cost. You must first be aware that the Basic Selling Price (BSP) of a property in India consists of two main cost components: the cost of the land’s undivided share (UDS) and the cost of the building’s materials.
In a housing society, each unit is given a certain amount of land known as UDS. This portion is listed in the name of the owner of the apartment. Therefore, when you buy an apartment, you also pay for the land, labor, and materials required to construct the flat. READ MORE…
Payment Plan
Developers today offer the buyer a variety of payment plans, unlike in the past when a down payment was the only way to purchase a property. Aside from the conventional down payment plan, the most popular payment options are the construction-linked plan, the Flexi payment plan, and the time-linked plan. These plans all have advantages and disadvantages. Let’s get into further detail about these. READ MORE…
Home Insurance
In India, home insurance is still a new idea. But we can’t deny how important the same thing is. It’s surprising that we’ve all heard of life insurance and that most of us have probably also bought one for our families. It’s strange that we want to protect our lives from anything that could go wrong, but we don’t feel the same way about our homes. Since we spend almost all of our life savings on a home, it is important that we understand home insurance and make sure our homes are covered in case of a disaster. READ MORE…
Affordability Checklist
Purchasing a home can be a stressful experience. It can drain you not only physically and mentally, but also financially. If all of your expenses are not listed in advance, your budgeting can go haywire. To help you with this task, we have created a ‘Affordability Checklist’ that will ensure you stick to your budget. READ MORE…
