Buying is just the beginning. Here's what property maintenance actually costs—and how to budget for it.
Society Maintenance: The Ongoing Expense
Most apartments charge ₹2-8 per sqft monthly, depending on location and amenities. A 1,200 sqft flat pays ₹2,400-9,600/month just for common area maintenance. Factor this into your monthly budget.
Property Tax: The Tax You Don't Expect
Annual property tax ranges from ₹5,000-50,000+ annually depending on location and value. In some states, it's 4-12% of annual rent value. This is a non-negotiable annual expense.
Insurance: Protecting Your Investment
Home insurance costs ₹500-2,000 annually depending on coverage. With a mortgage, it's mandatory. Even without one, it's wise protection. Include this in your budget.
Repairs and Maintenance: The Unpredictable Costs
New properties might need minimal repairs (0-2% of property value annually). Older properties can cost 3-5% annually just for maintenance. A pipe bursts, the AC compressor fails, walls need repainting—these add up fast.
Utilities: Water, Electricity, Gas
Typical urban home: ₹2,000-5,000/month combined. Higher in cities with expensive electricity. This is non-optional and often increases yearly.
Parking and Additional Charges
Some societies charge extra for additional parking (₹1,000-5,000/month). Guest parking fees, visitor access cards, pet ownership charges—these vary by society.
Major Repairs: Plan for Them
Every 10-15 years, major expenses hit: roof repairs (₹1-3L), plumbing overhaul (₹50K-1L), electrical rewiring (₹50K-2L). Smart owners set aside ₹500-1,000/month for future big repairs.
True Cost of Ownership
Calculate total monthly burden: mortgage + society fees + property tax + insurance + utilities + maintenance buffer. Many buyers underestimate this and face cash flow stress. Ishanya AI helps you find properties with reasonable society charges and good condition (lower maintenance). We'll share expected ownership costs for any property you consider.
Ready to Find Your Perfect Property?
Before buying, understand the true cost of ownership. Chat with Ishanya AI on WhatsApp, and we'll explain realistic ongoing costs for properties in your target area.
Chat on WhatsApp