Tuesday 11 November 2014

Are you in the market for a luxurious Bangalore apartment?

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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