A Guide on Buying a Second Home

second home tips

Buying a Second Home

  1. Purpose/ goal

A second home can serve you various purposes it can be your holiday destination, an investment option or a retirement dwelling. Deciding the purpose of your investment is very important.

  • If it’s your investment option in residential or commercial properties, enquire for the rental trends in that location.Renting is a good option as it will help you support your monthly mortgage payment. For example, Thane can be considered as a second home option for being amidst nature. The rentals on Ghodbunder Thane are on an increasing trend and will continue to rise in the coming years. Various properties in Thane likeLodha Splendora Ghodbunder Road Thane, Kalpataru Sunrise Grande, Raunak Bliss Thane can form a perfect part of your second home procurements keeping budgets in minds.
  • If it’s your holiday destination and you have big family, select the location best suited to you which is quite spacious, like 3-BHK flats. For holiday options you can chose Hillwood at Khopoli, Birds View Lonavala and the like as these destinations form the perfect weekend getaways.You can also opt for real state advisorwho can help you with best options according to your desire and budget.
  • If it’s your retirement dwelling, check for future prospective and more importantly check out, if health services are present at that location or nearby somewhere. Investing now in under construction properties is the most lucrative option for best returns in the future. JVM Sarvam Thane, Raj Torres Thane, Kalpataru Immensa Kolshet Road, Godrej Emerald Thane etc. are perfect destinations for a bright future.

*Thus setting a goal or being clear about what you are looking for will help you.

  1. Beware of Market trends

Analyzing the market is a vital objective. Present Real estate trends and future prospects are going to give you a deep insight of what is the best time to invest fora second flat. A study of real estate trends and advice from real estate experts,at your specified location will further clear the picture for you. With the rapid development of infrastructures in Thane and upcoming infra developments will boost the rates further leading to higher ROI.

  1. Estimate your Finance

Buying a second flat is not the only thing to focus on. You need to estimate overall cost related to your second apartment.Plan your purchase smartly, only a few can do this. Nowadays you get varied options of loans, down payments, mortgage and what not. Choosing the right plan for your procurement is a smart option. Your expenses will not only include the cost price of your flats, flat’s insurance and property management services like fixing water taps, lights, cleaning your house before your visit etc. So before you plan to buy your second flat be prepared economically to pay these bills.

  1. Locating your second home

Looking out for desired location is the primary requirement before you plan to buy your second home. You can choose Realestate advisors as your guide. Location requirements will vary depending on the purpose of your investment.

  • If you plan for vacation procurement than looking out on locations on the country’s outskirts or places that you would love to visit like it can be resort, mountains, seashores etc. to distress yourself
  • Looking out for second homes with a good location that has good connectivity and infrastructure with good future prospects is an ideal option and one should also have a good knowledge about current market status.Check projects in Thane.

  1. Explore Locales and Locality

Once you finalize the location for your second home, it’s time to meet the locals and become a part of them. Locality is the prime thing that will matter when you start staying there or want to rent it or sell it. So choose wise, talk to locals get an idea about the people who visit these areas, about the security issues, about the developments of present and future, about basic amenities, best places to visit in that area etc. Be frank to them and clear all your doubts. Being centrally located Thane has great connectivity with roadways and railways.

  1. Consult a real estate advisor

Real estate advisors who have good experience will help you choose the best second homes. They provide the end to end services in the process of buying yoursecond dream house. They are the best choice to ask for current property rates, tax advices, future trends and developments of the area.

  1. Compare property rates

After you are satisfied with the location and other stuff, compare the rates of your investment/procurement with the ones surrounding it. This will give you an idea about how expensive, reasonable or cheap is your investment. Comparing is necessary before finalizing the deal.

 

Today with new emerging projects and world class amenities,investing in for a second home is a very crucial decision. More vital is finding the right one for you. So, take your decisions smartly. “May your second home buying be a happy and stress free process”

4 Comments

  • Dipti says:

    loved the blog…… really it was very helpful for me… thank you soo much

  • Minal says:

    my second home investment is really very successful after reading this blog….truly speaking help from a real estate was very less and this blog was more supportive…….

  • Sarika says:

    bets tips and facts for second home investment ….appreciating….second investment was worth through this blog…

  • Preetha says:

    i procured a second home to support my retirement days……got a lot of help from Guide on buying a second home…..thanks

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