Gone are the days when vacations were restricted to going back to the native city. Today, the lifestyle has changed and so does the vacation trip. People now look for peaceful locations where they can perform adventure sports and can get closer to nature. But, planning these kinds of vocational trips every time won’t excite much. Thus, people opt to visit some specific locations which can also be said as their favourite place to relax.
Thus, people find the idea of owning a holiday home gave the property market a reason to smile. So, let us know what holiday home is and how it is a good investment option.
Concept of Holiday Home
This is a second residential property owned by the people where they visit during the vacation time. A holiday home is a home away from the home in the city which you like the most to visit on a short trip or for holidays. These properties are now being introduced in India as the concept or theme-based homes. Also, the people investing in buying a holiday home majorly age between 35-45 years.
Reasons to Invest in Holiday Home
The main reason to buy this property is to save tax. The loan availed for the purchase of property comes under tax exemption and thus people find a way to add one more asset to their balance sheet and also feel relief as they need to pay less tax.
Another reason to invest in a holiday home is to make vacations hassle-free. The regular visits to any particular place mean you need to have proper accommodation and what’s better than your own home. Having one’s own residential unit as a holiday home make vacations enjoyable and is budget-friendly also.
Another reason to buy a holiday home is to ensure ROI [Return on Investment]. A holiday home is likely to offer profit as these homes are aesthetically designed and are located in the prime locations.
The one last reason to purchase a holiday home is smooth connectivity as many people love to drive their way down the vacation destination. Thus, the short distance between home and a holiday destination make commutation easy as one can get back to work quickly after holidaying.
Top Place in India Where Holiday Home Buyers are Investing
Starting with North India, the people here are opting to buy holiday homes in the lush green and open areas of Mehrauli, Bijwasan, Rajokri and Chattarpur. One can get spacious residential properties in these locations between the budget of rupees 2.5 crores and 12 crore INR. Apart from here, many people are opting to buy a holiday home in Uttarakhand also as the home buying procedure in this state is easier in comparison to other states.
Heading to the west, the people living in Mumbai and its nearby locations are investing in the locations such as Lonavala, Karjat, and Alibaug. All these places fall between Mumbai and Pune which makes connectivity easy for the residents of both cities. The property price here varies according to the requirement. For example, you need to shell out rupees 1 crore to 2.5 crores for buying a holiday home in row-houses. In case of buying bungalows, you are required to pay a handsome amount of rupees 1.5 crores to 4.5 crores INR. Similarly, if you plan to buy a plot in these locations, then you need to pay between 25 lakh rupees to 1 crore INR.
Down South, the people are moving to Puducherry for buying a holiday home. The lush green environment and picturesque locations of this city are attracting the residents of Bengaluru, Chennai, and Hyderabad. The people are also opting to buy a holiday home in Mysore as it offers close proximity to various cities of South India.
Things to Remember While buying a Holiday Home
- Take a look at the location, environment and accessibility of various things before finalizing the property deal.
- Ensure security, connectivity and availability of amenities around while buying a second home.
- Don’t trust anyone and look for multiple realtors and projects in the location. Study, review and compare before sealing the deal.
In short, buying of a holiday home is a profitable deal as you will have an add-on asset and will have a guaranteed income too.