Buying a home is a dream for all. And it isn’t just an aspiration, but more a necessity. If you already own one home, and finance permitting there are high chances that you could try for a second home – as an investment, as a holiday home or so.
Having a second home adds great value for you, financially and in several other ways. Here, we have listed some benefits of owing a second home:
- A Holiday Home
Living a hectic and busy life does push us to escape for self-invigoration. A weekend vacation is good, but it just gets over too quickly. Why not give your kids and yourself an entire month or a few weeks a new holiday home to rejuvenate and de-stress. A spiritual place like Vrindavan could be the right call as you will find yourself in an environment where you can have tranquility, peace, relaxation and a deep connectivity with spiritual prowess that your mind and body would be in much need of.
- Ideal for Future Milestones
Have an eye to retire to a new and peaceful life after your professional career culmination? Want to consider a second property keeping your children’s study and marriage in mind? Such are the future milestones that will come in your life and it may push you or you may have a desire to shift to a new place for that. Not just this, having a second home provides you with a property addition that could be a financial backup in case certain emergencies emerge.
- Rental Income
Having a secondary source of income is always a welcome move. It could be used to pay for the basic needs, or could provide with additional fund for savings. Thus you are the owner of a secondary home, while also having a recurring monthly source. It can also be a better option that saving money for future events like children’s marriage, etc. as it has the potential of higher returns than money sitting in banks.
- Investment Appreciation
Your money sitting idle in the bank won’t yield you much returns, but everyone knows how well the appreciation your property investment could provide you. One thing that you have to look for is study the target areas, and see the future projection of the return on investment.
- Tax Benefits
If the second home is bought through availing a property loan, then this could provide you with tax benefits on the interest paid for the loan.
- Asset for Future
Dividing property amongst your children in future, having something to relocate to when the need arises, preference or dream of yours to move to a location or area that you have always dreamt of, there are several reasons why a second home could provide you with a solution right at that time.
For your second home, a developing area, and a typography and location that presents you with a future-centric solution is what you should be focusing on. Your second home shouldn’t have to be in your city; but for a change and knowing that certain areas are going to become a hub for residential projects in future, you should look for options in other cities as well.