‘A home, away from home’- the Second home concept has gained popularity over the past few years. Owning a second home can be a hefty investment but good for lifestyle.
There are various reasons to buy a second home; some people want it for a vacation getaway, some for the purpose of rental income and few may want to purchase it for their retirement years. If you are planning to buy a second home for any reason, we suggest you consider all the pros and cons.
Do some research to make sure your foray into second home possession is for convincing reasons, which give the right picture of the future and are right for your pocket.
Why second home?
Vacation dream home
One of the worthy reasons is to buy a vacation home is- that it allows your family to form a new home base. Somewhere in between the daily hectic routine and frequent transitions, we do not have time to spend with family. Here, these vacation homes in the outskirts of city are a welcoming and calm place and can be a central place for holidays, get-togethers, which can really strengthen family bonds.
Source of Secondary Income
An apartment would be a better investment from the income perspective, as you can earn year-round through rent from tenants. In this case, there is always a parallel income influx, which also gives you the monthly financial security.
For business perspective
For the people who are staying in Tier 2 or 3 cities and thinking to shift in Tier 1 for job or business purpose, buying a second home there is the best option to pick. A person can then have the freedom to move to his/her new place of work. In this time of Start-ups, a second home in a tier 1 city will prove to be very much beneficial for the business rise.
Savings in taxes
For the people who are on higher income level, owning a second home on a loan is a way of saving taxes as you get tax benefits on the principal amount, and also the interest portion.
Better Return on Investment
A Second home can also double your income in the form of short-term rentals or stays if you are buying a Ready-to-move property. Your second home is the best idea to gain a better return on investment. If you are buying an under-construction property, you are sure to earn higher returns on investment at the time of possession.
Owning a second home is a feeling of accomplishment, but one should be watchful before taking the final decision. Taking into account all the factors and deliberations will make your decision right.
Buying a second home in a cool and calm metro place is not relatively difficult as it were in earlier days, because lots of customer friendly payment plans are available to assist the buyers to make their decision into physical reality. Like the one in Wave Estate at Mohali.
This project is constructed by STUDIO DRA, Architect and WS ATKINS, Landscaping.
So, second home seekers can realize their dream of having a home away from home and enjoy a healthier lifestyle.
Know more from experts!