The Economic Times

Redeveloping your old home? Bigger flats could mean higher maintenance & property tax

Homeowners undertaking redevelopment of old houses should prepare for increased annual property costs. Bigger flats and modern amenities like lifts and gyms mean higher maintenance charges. Property taxes also rise as they are now linked to the property's current market value. This shift from older rent-based assessments to capital value systems impacts yearly outgoings significantly for residents.