Are you in the market for a luxurious Bangalore
apartment? Experienced flat buyers know to brace for the two big add-on costs
that frequently go along with buying in the so called big brand real estate
projects: paying for the open spaces they never care to use and frighteningly
high monthly maintenance costs. But many don’t realize these are just the
start.
You should anticipate these 10 hidden costs
prior to making a purchase in these mammoth projects:
1.
Pricey amenities: You are
welcome to ignore the amenities, but you have to pay regardless. Many apartment
gyms come attached with a monthly fee, which can sometimes rival that of a
private health club. Most party halls in luxury rental buildings also require a
fee in order for residents to rent out the space — at fairly high prices. There
also may be additional charges for the swimming pool and other facilities.
2.
Killer current bills: The
downside to high rise apartments with hundreds of flats per tower is the cost
to run the multi-storey lifts, common area lighting, premises lighting, etc.
which costs 1000s per flat.
3.
Gardening fees: The upkeep of
those manicured green spaces can be draining financially and you will always be
running into an army of gardeners whom you do not know.
4.
Pet Restriction: Be aware that
most of the big builders now dictate on the size and breed of dog you can own.
The fine print has heavily restrictive clauses.
5.
Wifi fee: Common wifi network
that may or may not reach effectively to your floor, flat or particular corner
of your room brings significant costs and network security issues.
6.
Storage fees: The cost to rent
a wardrobe-sized extra storage space is often a couple of thousand rupees per
month in these big buildings.
7.
Move-in fees: Yup!! On top of
the cost of paying movers, you may have to shell out a fee to the building for
moving in or using the service elevator.
8.
Home Owner’s insurance/Renter’s
Insurance: Insurance companies charge a premium on home owner’s policies in big
brand mega projects because they somehow assume all buyers to be high-net-worth
individuals in this luxury segment. Even people renting from flat owners are
compelled to pay for renter’s insurance by the Building Management.
9.
Improvement costs: If you want
to make improvements to the inside of your flat, you need to pay a fees and get
permission from your builder or property manager.
10.
The not-so-secure deposit. The
fine print gives these big builders a chance to spend your security deposit or
corpus fund on what they determine as unforeseen expenses. Because of their
size, you do not enjoy a leverage over them even during an arbitration.
The alternative to falling prey for the
high rise mega dwellings, which take years to complete and come at a whopping
premium, is to consider a boutique apartment with a manageable 50 to 100 flats,
offering exactly same features but without the wasteful brand premium. While on
such a look-out, check-out http://www.adithibuilders.in/adithibliss.html
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