Buying a house for the family is the most cherished dreams for us. For many people is the most significant investment of a lifetime. Real estate investment is the biggest investment taken up by an average man and requires financial capabilities in accomplishing the target. The initial estimate given for the house is increased considerably with the addition of hidden charges. It is smarter to be aware of the hidden charges and be prepared for the additional expenditure that will come in the way of buying the house. While buying a house, it may cost little more that thought, but the investment in property can be worthwhile with prepared budget of expected and unexpected expenditures.
Ten on Ten helps the buyers to identify these hidden charged and plan their budget accordingly.
€ Property tax, these taxes keeps on going up every year and is unavoidable in any case.
€ Registration cost, it comes with substantial amount depending upon the total worth of the property. Legal charges and registration fees increases the cost of the house by 7-10%. In this several miscellaneous expenses like work of notary and lawyer are included. The legal council assisting the verification and registration may also charge certain amount.
€ Maintenance deposits, there are lot of possibility for break down in the systems installed in the house, like the security system, the gas connection, or leakage in the water connecting pipes, or any other wear and tear in the house. For any sudden problem, a person is not prepared, and local authorities help in tackling these problems and therefore a particular amount of maintenance cost is paid every month by the house owner to minimize the risk and have a disrupted flow of comfort.
€ Insurance, cost of insurance is significant as it increases the cost of house through a large margin. Insurance cost cannot be ignored. With different areas, and with different possibility of threat especially natural threats, like earthquake, the cost of insurance increases. And with this a person is guaranteed that in the event of any mishap he would be able to recover his investment and loss.
€ Renovation cost, after certain time period, the house needs to be repaired, and many useful technologies are to be incorporated in the house, with the technological advancement. The renovation cost varies with house owner to house owner, as to what all kind of facility he wants to add or repairs him want to do.