Learnings Emerging from the Recent Trend of Buying a Second Property in India

Owning a second property in India may no longer be only for the jet set and the tycoons. Owning a second home is become quite popular among Indian households, even among those who may at one time have struggled to purchase a first home. Usually, such homes are bought in vacation spots in regions such as Goa, Nashik, Khandala, Kerala, and Lonawala. Most such homes are bought as vacation homes by families that enjoy vacationing yet who have had trips cut short in the past due to the high expense of hotels. Among the most popular destinations where second homes are purchased are Alibaugh, Lonawala, Khandala as well as lesser known places such as Karla, Karjat, Talegaon

Why The Rise in Popularity Now?

According to correspondents and several real estate websites, many families earlier had to shorten the duration of their vacations because their budget did not allow for a longer stay at an expensive hotel. Today banks are offering such households loans with which to buy a new property at their favourite vacation destination.  

How Far We Have Come

Ten years ago many families that could not have dreamt of owning a single home today own one in their city of residence and another in their favourite vacation spot.  Such vacation homes have been well promoted and this has led families to easily buy the home of their choice.

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What Buyers Should Look For

According to this real estate website, households that are eager to buy a new home in a small town or vacation spot need to consider several factors before making a purchase. Firstly, the quality of local infrastructure matters since buyers would want to be able to drive to their new home and to enjoy the comfort provided by electricity during most hours of the day.

A newly purchased home should also provide security to the owners when they vacation at the house. Friendly neighbours, as well as regular police patrols, ensure security for families when they are vacationing in their home. The capital growth of a newly purchased house must also be taken into account since despite being a vacation home, a house is an investment that should appreciate in value over time. Another important factor for buyers to consider is the architecture and design of the new vacation home.

Valuations of Properties

The price of plots, as well as bungalows, has risen over the past few years. This is another reason many are investing in vacation properties in India. A locality located in a peaceful locale commands a premium and the shorter the commute from the airport the better it is long term for the value of the property. Properties, where residents can get together at clubs or play golf, are also highly coveted. According to this property site, the market for such housing is gradually maturing which has led to the construction of numerous projects in the lap of nature.