Property News

RISE IN DEMAND FOR SECOND HOME

Jun 2, 2014

 

Many dreams of a weekend home-be it a two bedroom bungalow or a simple, rustic dwelling near the seaside. This trend is picking up and most people who are stressed out and can stretch their budgets are investing in second homes on the outskirts of the city, and in other cities. While the primary reason to buy a second home is lifestyle, many have now started realizing the investment potential too.

The economic growth leading to rising incomes, availability of attractive home loan options, wide range of supply and growing aspirations have made home- buying an attractive proposition. In fact, in metropolitan cities, it is not uncommon to see young professionals aspiring to own more residences than the one they reside in. This trend of owning two homes is fast catching up here too.

The factors most of the second- time homebuyers take into account are price and locations. Also, different people invest in a second home with different motives. For some, a second home is to have a place to relax in, away from the hustle and bustle of the city. There are many who would like to have a second home to spend the rest of their lives in, post- retirement. Others invest in a second home in order to earn a rental income.

“I have purchased 35 cents land with a bungalow close to the beach near Surathkal. It is a beautiful location away from the hustle and bustle of the city where I enjoy the beautiful beach sitting on my balcony. Since I reside in the city and have a hectic work schedule, I often come here to de-stress during the weekends with my family and friends,” says Rajendra Ullal, an engineer.

People who buy a second home have higher disposable incomes. This segment is usually in the age bracket of 35-45 years. The main criterion for a second home is it must be within a few hours from the city. “I have recently invested in a second home in Goa which is my family’s favourite holiday destination. Since we travel 3-4 times a year to Goa, we thought of buying a two- bedroom apartment there, “says Sudheer Shetty, a businessman from Udupi.

Although the design and the idea of a weekend home is appealing, it is important to keep some points in mind. It is better to ensure that the second home is located in a surrounding that is away from the city. It should not be located close to arterial roads, as this will only lead to development around the second home in the long run. You should check if there are any infrastructure projects coming up near the second home. It should have amenities such as good security.

(reference Times Property 27.12.2013)

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