One of the most important mistakes to avoid is budgeting only for the property’s purchase price.
Depending on the transaction, buyers may need to consider:
- Property registration fees
- Trustee or administrative charges
- Brokerage fees
- Mortgage-related charges
- Bank valuation costs
- Developer administration charges where applicable
- Service charges
- Property management
- Insurance
- Furnishing
- Utility connection or deposits
- Maintenance
The Dharani Rule
Before purchasing, ask:
01
What will this property cost me to acquire?
02
What will it cost me to own?
03
What will it cost me to exit?
Those are three different questions.