Budgeting for Your First Home: Beyond the Purchase Price

Buying your first home is one of life’s most exciting milestones. It’s the dream of a space you can finally call your own — filled with your choices, your peace, your future. But if you think it all ends at the property price listed by the builder or broker, here’s a heads-up — that’s just the beginning.

At My Home Udaipur, we’ve seen many first-time buyers get surprised by the “hidden” or unspoken costs that come with owning a home.

So, let’s sit down, keep it simple, and talk about the real deal — the not-so-obvious financial responsibilities that come after the purchase price.

• 1. Registration & Stamp Duty Charges
  These are legal costs that can range from 5% to 9% of the property value. In Rajasthan, it’s 6% for women and 7% for men. Always include this in your upfront budget.
• 2. GST on Under-Construction Property
  If the property is still under construction, you’ll likely pay 5% GST. Ready-to-move-in homes are exempt.
• 3. Loan Processing & Bank Charges
  Banks charge 0.5% to 1% as loan processing fee, plus legal and valuation charges. Always ask the bank for a full list of fees.
• 4. Interiors, Furniture & Fixtures
  Even a basic setup can cost ₹2–4 lakhs. Focus first on essentials like storage, lighting, and kitchen setup.
• 5. Maintenance Charges
  Gated societies charge monthly fees — usually ₹1–₹5 per sq. ft. For 1000 sq. ft., that’s ₹3,000/month or ₹36,000/year.
• 6. Property Tax
  Paid annually to the municipal body. It varies by location, size, and property age — plan for it in your yearly budget.
• 7. Society Transfer & Legal Charges
  For resale flats, transfer fees and legal document charges (₹5,000–₹20,000) may apply.
• 8. Moving & Shifting Costs
  Packers, movers, new installations, cleaning, and repairs — all of these can surprise you. Budget accordingly.
• 9. Emergency Fund for Repairs
  Minor issues pop up — plumbing, electric, touch-ups. Keep ₹10,000–₹15,000 ready.
• 10. Insurance — Property & Life
  Not mandatory, but highly recommended. Home and life insurance provide peace of mind and financial protection.
• 11. Home Automation & Appliances
  Optional, but modern additions like smart locks or Wi-Fi cameras can cost ₹50,000–₹1,00,000 more.

Plan Smart, Live Happily

Buying a home is more than just the EMIs or sale price. It’s about creating a lifestyle that’s financially comfortable and future-ready.

At My Home Udaipur, we don’t just sell homes — we help you plan a complete living experience. From guiding you through the right budgeting methods to helping you understand these hidden costs, our aim is to make your homebuying journey smooth, transparent, and stress-free.

• Always keep a buffer of at least 10% over the property price for additional costs.
• Don’t go all in — save some money for emergencies and monthly bills.
• Ask questions — whether it’s your agent, builder, or bank.

Your dream home should feel like a dream — not a financial headache. And with the right planning, it absolutely can be.

Ready to take your first step home? We’re right here to walk you through it.

— From Udaipur, with care — My Home Udaipur Team