Buying a second home will be a profitable proposition, but you must have all information.
Buying a second home will definitely give you an edge so far as your disposable income goes. Investment in a second home will give you some financial stability and will also heighten your status symbol. However, before taking a final call on buying such a home, you must ask a few serious questions.
The main purpose of a second home is to provide an avenue for refreshment and to spend time away from one's fixed routine. Homebuyers should be clear in the mind about the purpose of investing in the Second house and select a location according to their needs as second homes are generally located away from the city or urban areas.
A second home must bring together a combination of great quality, amenities, and connectivity; and superior offerings along with an exotic location within city limits in order to ease the homeowner's decision making process.
"Purpose, locational preference, price, resale scope and RoI prospects are the things a homebuyer must keep in mind before investing in a second home."
The second home should not be too far from the city.
Overhead costs, such as maintenance charges, car parking charges, among others can't be ignored either.
Outlines five points that a buyer must keep in mind before investing in a second home.
The developer must be a reputed one with a solid track record The project must be RERA approved and should be home loan approved by major lenders The project should have a good chance of price appreciation Homebuyer should have done a thorough analysis of their own financial standing.