Investing in Your Second Home? You Need to Know the Following Points

The covid-19 pandemic has given a new lease of life to the concept of a second home. With the work-from-home trend now firmly ensconced as an established practice, geography has become a part of history. Yet, the need for demarcation between work and personal life has fuelled the concept of a retreat in a second home. Further, a second home can also be ideal for ‘workcation’ or working remotely from any peaceful destination as extended ‘work-from-home’ has become a reality in today’s world. The dream of owning a second home with abundant greenery has been an integral part of our ethos. This dream has sparked the surge of opting for a second home. The overall health, hygiene, and wellness concerns during the pandemic have pivoted the focus towards spacious holiday homes set amid lush greens, away from densely packed cities. Such home, located far from the chaos of cities, enables individuals to truly rejuvenate, unwind, de-stress and even work in tranquility. Further, with competitive prices being offered by developers and low interest rates on home loans, second homes have become a preferred choice of investment.

A strategic location easily accessible from cities, state-of-the-art amenities such as grocery store, mini theater, jogging park, children’s playground, spa, swimming pool, etc., and innovative tech-driven experiences are hallmarks of these homes. The strategic location enables buyers to make a day trip to the city for, say a meeting, and return home by night back to the peace of their homes.

Top points why should you invest in a second home:

1. Your second home can be a hedge against emergencies and urgencies

A second home can provide you security and peace of mind in your sunset years. As rising inflation is balanced with appreciation in the property’s net value, it is considered to be a safe investment for future events and emergencies. Thus, a second home can be your cushion in case of financial or medical troubles. You can liquidate the asset to be able to tackle any financial challenges with confidence.

2. Your second home can be an added investment

If you already own a home and are still left with surplus cash to invest, buying a second home is a good investment idea. Acquiring a second home might not be as difficult as buying the first one. Further, it showcases a number of ancillary benefits as an investment option or getting regular income via monthly rent. However, before you sign the dotted line, you should consider a debt-free investment, as additional debt for this home can burden your finances.

3. With your second home, you can make an easy switch

If you have properties in two different cities, you can easily consider shifting from one city to another any time you want and without any hassles. Because after all, you just re-locating to your home. Sometimes a change of place is all you need to get a new direction in life.

4. Owning a second home would shore up your asset pool

To own a second house is to add up to your asset base. As real estate in Kolkata is maturing at a fast rate, the value of the house would also increase over time. This would result in a high-value asset over a period of time. From an investment point of view, this could be later sold, thus enabling you to park your money in an appreciating asset class with potential rental income as an added bonus.

5. Your second home can be your excellent place to retire

A second home is a great investment option if you plan to gift yourself a retirement home. In case you are living in a city away from your hometown and wish to settle in your native place after retirement, buying a second home in your hometown could be a wise decision. Otherwise, a second home could b a fixed source of income for you after retirement if you put it on rent, thus assuring you of a stable cash flow after your heydays.

6. A second home can help you in better tax planning

Buying a second home also comes with the added incentive of tax savings. While retirement plans also offer tax benefits legally, buying a second home offers similar perks. All these tax savings will help to enable you to add a high-value asset. Thus, buying a second house when you have sufficient funds is always a good long-term investment proposition.

Thus, with careful planning, you can secure your second home and your happy place to spend time with family and also lead a fulfilling life of financial independence.

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