Did you know that according to experts the second home segment contributes 30 percent of the total residential realty market and is actually providing developers with a breather that has been bogged down by the ongoing slowdown?
Buying a second home for personal use can be a much more complete investment, as the benefits are beyond financial. Furthermore, having access to a holiday home can be seen as a lifestyle change. Your second home becomes your own personal getaway, where you can avoid work stress in a more idyllic environment.
In this article, I’m going to discuss the main reasons and advantages of buying a second home (Preferably in mountains).
Some people buy them as holiday houses or vacation homes. Many others buy them as investment properties and rent them out (Obviously for good returns). Some very wealthy individuals buy homes in different places around the world and travel between them. This is indeed a sensible thing, as these properties can generally appreciate and be cheaper than taxes, insurance, and maintenance rents.
While you (first-time homebuyers) are delaying the decision (Still thinking), many homeowners out there are going for their new vacation homes in India to enjoy their holidays.
Moreover, the idea of a second home is exciting. I mean no one can object to the sight of a crowd traveling from the urban center to the peaceful places in the hills. Having a house in the hills already sounds so exciting, Right?
So finally, Let’s start with the reasons why you should buy a second home.
We all know that buying properties and the investment profits in real estate are huge. Isn’t it?
So, my first reason is
Second home as Investment:
Investment is the first word to pop up in mind when thinking about second homes. Right?
While all properties vary in value in the short term, holiday homes or vacation homes (as you like it) are more likely to hold their value and grow simply because they are located in popular areas with a geographically limited supply. Houses in mountains are more in demand post-Covid.
WHY?
After being badly stricken by Covid-19, People from cities like Delhi, Mumbai are moving to the mountains to avoid the blunder again. These cities are overly populated and are more prone to diseases that can spread quickly like dengue, flu, etc.
HEALTH IS THE FIRST PRIORITY AFTER ALL.
Second home away from the cities…….
In addition to this, now cities have become more and more crowded, beautiful homes in rural settings will become increasingly scarce — and valuable. Also, the demand for beach houses and vacation homes is rising drastically.
Moreover, property appreciation value goes up to 15 to 20 % in just a year. Crazy Right!!
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Retirement strategy:
Thinking about retiring!! Start with buying a second home. In fact, the best part about retirement is spending time with the family in serene.
Buying a second home can be part of a sound retirement strategy. It is of equal importance as buying a first home. When homebuyers buy a home in the peaceful place of their choice, they can use the property for their leisure during their working life or as an additional income generator.
In fact, when the time comes, they must have an option of kicking their shoes and permanently moving to their second home or even selling it and advancing to another home in the same city.
Especially when you’re living in a city away from your hometown and wish to settle down at your native place after retirement, it will prove to be a wise decision if you buy a second home. Again a good investment profit.
Tax benefits
There are a number of tax considerations to make if you own a second home. In fact, you get tax benefits on the interest payment on your home loan .
Moreover, if the second property or second home is under construction, there is no tax incidence related to it yet.
For deep knowledge, you can read about it in Section 23 and Section 80 C of Income Tax At, 1961
Let’s change our lifestyle. Let’s “WORK FROM MOUNTAINS”.
Do you want a change in your lifestyle? who doesn’t? Why not switch your life in the city for a life in the mountains?
Imagine working from the balcony with a great mountain view and a calm environment.
THE YEAR 2020
In the nerve-wracking year 2020, in times of COVID – 19, thanks to technology that has made it possible for many of us to work from wherever we want. Why not take advantage of it and stay where you want?
How about working in the mountains? Isn’t it a great impression to work in these peaceful surroundings? You can feel like you’re on a vacation every day.
A move to a less populated region is not expensive. Instead of renting your vacation home and staying in the city, you can also reverse.
One of the main advantages of this strategy is that it is easy to rent out urban homes, regardless of which time of year it is.
Enjoy your vacations
It is very natural or perhaps the best way to use another property is for vacations. If you want to escape a city hustle, a house in the mountains might just matter. Missing that cool breeze?
Fewer cars and more trees can be so eye-pleasing. Even when you love where you are, being able to get away for a while makes it so sugary.
Wait! Am I missing out on anything?
Yes!!! Adventure Sports. I mean where is all the fun without adventure sports. Right?
Adventure sports in cities are less exciting than one in the hills with breathtaking views.
Second homes in areas like Shimla, Manali, Mussorie Darjiling, Ooty, and many more are blessings.
So, What are we waiting for??
I hope this will help you decide.
Are you thinking of buying a second home in Himachal Pradesh, contact us right away @ 7035703521 or email us at preopertyround@gmail.com
