Does buying a second home seem like an ambitious idea? Fret not, as
we tell you how you could make the most of a weekend home. Read on...
Buying a home in a city such as Mumbai can prove to be a herculean
task. Imagine you shelling out more money to buy one more home? Wouldn't
it give you sleepless nights? We tell you why it's not such a bad idea.
The concept of second homes has been gaining immense popularity among
Mumbaikars seeking a peaceful abode, away from the noisy city life, to
relax and unwind them.
"Different people have different reasons for buying a second home.
While some may buy one to spend vacations with family, others may simply
buy it to reap investment benefits in the future. One may not be able
to always travel too far away from one's workplace for a vacation, due
to time constraints. In such scenarios, a home close to your workplace
or original place of residence turns up well as a probable solution. In
case of investors too, it is quite simple to understand their reasons
for investing in a second home. While some investors are simply looking
for avenues to tie up their money, others are looking for investments,
which will fetch them high and steady returns and it is no hidden fact
that the real estate sector has been, for the last two decades, the best
bet when it comes to good investments," feels Vi jay B Pawar, Founder
and Director, Mirador Dwellers Pvt Ltd.
Why second homes?
Experts believe that Mumbai's real estate segment has witnessed a
spree of changes in the last two decades. Mumbai, unfortunately hasn't
turned out the way it was envisioned to, when the city was being planned
decades ago.
Due to this, even though people own homes in the city, they are still
on the lookout for second homes for a relaxing getaway away from the
hustle and bustle. Anuj Puri, Founder, Anarock Property Consultants
points out, "The primary objective for most Mumbaikars is to secure a
self-owned home, which is in itself, a massive financial undertaking.
For those fortunate enough to be able to afford a second home after this
objective is fulfiled, it can be seen as a major income-generating
asset, a source of financial security and if the second home is a
weekend getaway, a significant lifestyle enhancement."
Location hunt:
A family looking for a short vacation or a young couple looking to
blow off some steam after a hectic week at work, find their solace
within the confines of their second home. There also exist those people
who like to see a handsome ROI on every single penny that they invest
anywhere and for such people, real estate investment is always seemingly
lucrative and inviting. These people have started to move away from
investing in open land and are slowly moving towards buying ready-to
move-in homes or plots, which allow them to build a second home of their
choice and their convenience.
"As there is a lack of greenery in cities, buyers opt for Matheran,
Mahableshwar as potential second home options. Closer to the city, you
also have places such as Lonavala, Murud, Karjat, Dahanu and others,
which can act as weekend spots. People who prefer beaches over the
mountains have Kashid, Goa as options," suggests Rushabh Vora,
co-founder and director, SILA. Experts suggest that for rental income
and capital appreciation purposes, areas in Navi Mumbai, Thane and
Panvel are suitable. Locations like Kanjur marg and Mulund also work
well.
For weekend homes, the obvious choices include Lonavala and Khandala,
Alibaug, Igatpuri and the greener outskirts of Pune. Goa is also
suitable for those who are not averse to long road trips or flying.
"In the holiday home segment, we have recognised two types of buyers
one that loves the dense greenery of mountains and hills and the other
that loves the vast expanses of the riv er and fields. For the mountain
and hill lovers, the ideal location could be the Nilgiris and the de
sign of the home can be designed keeping the colonial Britain in mind,
whereas, for those who are interested in waterfront homes, the design
should be adaptable to the given environment and meet the local needs
and lifestyle of the residents," opines Nibhrant Shah, founder and CEO,
ISPRAVA.
Read all such Property News at CREDAI MCHI – Thane Unit website.
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