What the Buyer Should Know About Apartment Costs and Payment Plans

Buying a house for the first time? Or considering a new house for an upgrade on your lifestyle? Buying a new house, for many people is all about the money. With real estate prices soaring, people are increasingly becoming aware of the finer points of apartment prices, hoping to invest in only those projects which give them full value for their money. Oftentimes, buyers are not completely aware of all the factors that are involved in the pricing of an apartment and forget to factor in the additional charges which may not be listed on the initial offering price. Here’s a brief guide to cost essentials and how they get added to the final price of the apartment:

-BASE PRICE of the apartment is the price of the property according to per square feet area and the saleable area (which is the built-up area plus the common area of the apartment). Say for the Buy Apartment in Chandigarh with 2000 sqft apartments, and a price of INR 6000 per sqft, the saleable area will come to roughly 2000x6000 INR or 1,20,00,000 INR. However, the base price only gives a rough approximation of the price of the apartment and may not factor in other costs.

-CAR PARK price is one of the add-on costs to the price of the apartment in any project and gives the apartment owner an exclusive parking spot in the residential complex. Some builders also allow the buyer to pay for an extra parking spot in the complex and this gets added to the price of the apartment.

-FLOOR RISE is the increase in the price of the apartment based on the location of the unit in the multi-storied building. The higher the location of the floor on which the apartment is situated, the higher the price. For people who have specific requirements like a corner flat or a flat with a view, builders may charge a ‘preferential location’ fee.

-ADDITIONAL CHARGES for the flat may include such fees as those for amenities, development of common areas, maintenance costs, security costs etc and while some of these may be included as a one-time charge at the time of buying, others will be charged monthly.

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