The demand for second homes in India has witnessed a significant surge since the pandemic. An increasing number of professionals are looking forward to purchase these homes. With a second home, you can enjoy a peaceful and tranquil lifestyle away from the din of the city. Particularly, artists, senior citizens, corporate professionals, doctors, entrepreneurs, lawyers, and techno-experts are willing to purchase these homes.
Moreover, a rapidly growing number of professionals are looking for work from home facilities amidst the pandemic. All these aspects have cumulated to fuel the demand for second homes in India. Different parts of the country, particularly the northern hilly areas and popular beaches like Goa have been alluring resident with their natural beauty. Moreover, NRI buyers and investors are looking forward to purchase these properties for commercial benefits.
Now, you would be wondering whether or not it would be worth investing in a second home in India. To clear your doubts, here is a brief comparison between the perks and drawbacks of investing in such a property.
Perks of investing in a second
home
- Rental income
It is logical to purchase your second home in an area that would draw renters. When you are not residing in this area, you can generate income by renting off the property. While you occasionally reside in the hill station or beach, you can gain rental income that you can channel to pay off the mortgage. Moreover, this cost would help you maintain the property and manage its depreciation costs.
- Enjoy
tax benefits
Well, purchasing a primary property would give you some tax benefits. Did you know that you can even enjoy some of these benefits when you invest in a second home?
Whether you personally reside all the time in the second home or rent it off, you would enjoy tax benefits. Evidently, when you file for income tax, you would have to shell off a lesser amount.
- Price appreciation
Gi Given that you carefully choose the location of your second home, you have a potential price appreciation on cards. After all, real estate continues to be a lucrative asset. Over the next few years, the property value should be escalating in the area. Even if you decide to sell off the property and get a new one after a few years, you can benefit from the returns.
Cons of buying a second home
- Firstly, you might encounter challenges in finding a renter. However, consulting one of the reputed agents, you can solve this issue.
- In case you happen to purchase a second home in an area that hasn’t witnessed price appreciation, it might be difficult to sell. Make sure to consult reputed agents, so that you get the property in the right place.
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