Factors to be considered while buying a Second Home
Owning a house is the goal and achievement of any family. However, with so many options available in the market buyers are now moving towards investing in more than 1 house. The growth in Indian real estate is due to the positive mindset of people towards owning a home, increase in purchasing power with more than 1 earning member in the family and the desire to increase the investment portfolio people having their homes in core cities like Chandigarh are exploring the adjoining cities with potential like flats for sale in Mohali. Buying a second home is like a cherry on the top with the option to either use the property for self-use or for fetching returns via rental income. Below is the list of factors you need to consider while going for second innings:
Affordability check and property usage
If you are planning to buy a second home in the year 2020, sync your objective of buying another house with finances. Make an affordability check by prioritizing your needs and purpose of making another investment. Manage and plan your finances before taking a dive into the procedure of EMIs and home loans. Make sure of the clearance of old debts and maintenance of emergency funds. Be very clear on the usage of the property, whether it is for self-use or for letting it out for rent. If it is just from the investment standpoint then it is preferable to go for a property that has high resale and appreciation value.
Property type
While buying the first home buyers try to strike a balance between comfort, practicality, and affordability, however, while buying your second home you could immerse yourself into the various luxurious options. From luxurious apartments, villas to vacation homes the purpose of buying the second house would be the right criteria to select the type of property.
Focus on Location
For your second buy, it is all the more important to invest in the right location. As an investor, you would want to invest in the region that has a high appreciation value. You could opt for locations that are developing and outside the hustle-bustle of the main city. Suburbs have a lot of good property options at affordable prices. Plus they have the advantage of being surrounded by green areas and better air quality.
Investment in Indian real estate has a number of benefits and hence investing in a second home is the trend that is gaining popularity in the Realty market.
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