Buy a new house? Here are 10 additional expenses that you should be prepared for! FINANCIAL PLANNING

Are you planning to buy a house? If so, you would have planned your investments and savings in line with the house cost you are looking for. But when we buy a house, there are so many other events / costs that occur during or after the purchase of the house and that we do not plan well in advance.

In this article we will look at various things for which we may need to spend money. If you are planning to buy a brand new home, this article will help you plan your finances.

List of expenses for buying a new home

1) stamp fee

The stamp duty is a tax levied by the government on every transaction of real estate, i. H. Buying and selling, whether commercial or residential. As it is levied by the state government. The rate varies from state to state. It is between 3% and 10%, depending on the plate of the state (in Maharashtra, it is 5% of the market value or the agreed value of the property, whichever is higher).

The stamp duty is calculated to the higher value one of the following properties:

  • The Ready – Reckoner rate, also known as the district rate / market value, which is set by the state government for each city, state or village each year, or
  • The agreed value of the property. For example, if the match value of a property is Rs 50 lakhs and the value according to the rate for finished settlements Rs is 40 lakhs, the stamp duty would be calculated at the higher value, i. H. Rs 50 lakhs.

2) Registration costs

For the registration of a property in your name, the state government charges a registration fee. It varies from state to state. In most cases, however, this equals 1% of the market value of the property. The registration fee will be reduced if the buyer is a senior or a woman. In most cases, the builder will add these costs if he gives you the net worth.

3) Interior costs

If you get the new house, it is the bare minimum house with walls, electrical points. It is now your job to set it up and decorate it to your taste. It is therefore recommended to consider the costs you may have to spend on the interior. And meIf you want to make marble floors, designer wallpapers, murals, chandeliers, modular kitchens, etc., your interior costs will tend to increase.

4) Maintenance advance

If we move to a new house and it is a newly built project, we are usually asked by the builder to pay the maintenance fee for a year or two. If you are considering an upfront payment, this may be an appropriate amount.

5) housewarming party

If you are moving to a new house, you may want to celebrate it with your friends or family. Some people might want to do a scholarship, others might want a little party with close friends and relatives. The cost of a housewarming party therefore varies from taste to taste. Find out how you want to celebrate it. And accordingly, plan the costs separately.

6) furniture

Many people want to set up furniture before moving into the new house, and some do so after two to three years, which is fine. So if you want to move in to set up a new house, you need to buy or hire a carpenter so that your home furniture can meet your needs and requirements. You must be prepared for the cost of furniture such as sofa, bed, Almira, dressing table, dining table with chairs, shoe rack, study table, electrical appliances, etc. This depends on your needs.

7) Additional costs in flat rate

Now these costs are subjective, it depends on the needs of a family. These additional costs include a video security system and an iron grill on the main entrance for security purposes, a pigeon net if your new house has open balconies and a mosquito net for windows etc.

8) sinking funds

Sink funds are costs that you may incur for the society in which you live each year for a certain period of time, eg B. 5 to 10 years, have to pay. These fees are paid by all homeowners in the company, so the company has enormous upkeep costs that can be incurred for the maintenance of elevators, for the painting of buildings, for the renovation of club houses, for parking lots and for the renovation of buildings and so on ,

For example, if the elevator of your building does not work and 10 lakhs have to be repaired, it will be taken from the Sinking Fund collected by the company.

9) Rebuilding a small house

Now this price is again subjective, it can change from person to person. Many people would like to make some changes to the existing layout of the new house before moving. So you will need extra money for it. Examples of small changes are, changes according to Vastu Shastra & creation of storage space (storage room or shelf), etc.

10) Packers and Movers fees

Moving from home to another location can also cost a bit, especially when it comes to moving between cities. Consider these costs when buying a new home.


For many of us, buying a home is a milestone in our lives. If we plan our savings and investments so that not only land costs but also other additional costs are incurred, we have more clarity and avoid the burden of so many costs before we buy our dream home.

And I would say around 10 – 20% of your house costs should be kept aside to cover all these costs. e.g. if you are planning to buy a house from Rs. 50 Lac, then additionally 5 – 10 Lac have to be considered.

If someone in your circle of friends and family plans to buy a house, inform them of these additional costs. And if I missed some points, please add this in the comment section.

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