Buying a second home is a landmark moment in the creation of a property portfolio. It marks the ascension of a home buyer into the league of a property investor, which brings with it a unique and different set of risks and opportunities. Given that these investments are usually for a longer duration, and their ability to shape the owners’ lifestyle, it’s important to bear in mind a few essential considerations when picking a second home.
Choose A Lifestyle
A broader understanding of the section title means having a clear purpose behind choosing a second home. Purchasing a second home just for the sake of it is the perfect recipe for misguided investments. Having a clear purpose before buying a second home ensures one looks in the right places for buying options, with lower chances of overinvesting.
Stay Within Your Budget
Staying within your budget is one of the most important maxims to remember when buying a second home. Many people tend to be swayed by impressive ad campaigns and deceptively easy payment arrangements to lock themselves into investments that are unlikely to generate proportional returns. Every investment should create future value; just like homes at The Ark, which are set to appreciate in value as Pune develops further.
Get Your Finances Ready
Acquiring a second home shouldn’t be at the cost of undue financial stress and worry. Before deciding on buying a second home, every buyer should work out exactly how they will finance it. Fortunately, there are several attractive loan schemes for second home buyers, with tax breaks available too, for suitable candidates.
Give Yourself A Treat
Sure, it’s important to have a clear reason to purchase a second home, with prudent financial arrangements to pay for it. But, at the end of the day, a second home is still a possession that must impart a certain pride of ownership, and enrich the lives of those who inhabit it, even if it’s for a limited duration. Whether it’s the satisfaction of investing in one’s own country, or the thrill of experiencing unique features, like the largest terrace at The Ark in Pune, second homes can be a unique chance to expand one’s horizons, quite literally.
If done right, buying a second homes can bring a world of stability and joy to lives of their owners. And though each one’s reason for buying a second home may vary, adhering to these basic tenets before making a choice ensures no effort is wasted, and no investment is squandered.
Maharashtra-RERA vide Reg. No. P52100004160, P52100028472 and P52100020446 - https://maharera.mahaonline.gov.in/