What is the first thing that pops your mind when you talk about the second home? 1) Hideaway from hustle and bustle 2) Quality time spent with family 3) Discover your inner peace.
For many, investing in second home could be a source of secondary income. In a nut shell it is all about a game of perspective.
What are the parameters that play an important role while buying a second home?
- Location: Investors’ general tendency is to consider the beauty of location on top priority while purchasing a second home as the appreciation of the property majorly depends on that. Knowing the neighbourhood eases your connectivity issue. Buyers aways prefer to invest in outskirts of city life and pollution free surroundings.
- Appreciation on the investment made: The most important factor that can lead to appreciation of the property is the fine research and proper homework done from the buyer’s perspective and of course the location facilities provided, the gated security, the ambience and the luxury play an equal role.
- Planning and Implementation of future goals: Smart investors always believe in evaluating long term goals and apply strategies accordingly. For example, retirement plans, family financial responsibilities, working towards passion etc. Keeping the current scenario in mind second home can become a boon for workstation, enables a person to work life balance.
- Budgeting: Investors falling under high-end category tend to pay higher bracket of tax. Purchasing a second home can be an effective strategy to save tax.