Till about the turn of the century, most Indians dreamed of owning a residential property. However, the changes in the real estate sector that we have seen over the past couple of decades have egged more Indians to consider buying a second home. Lifestyle, technology, investment, and career opportunities are but a few of the reasons you must consider buying a second property. Let’s take a look at some of the top benefits you stand to gain.
Investment:
A second home is a good investment if you pick an upcoming neighbourhood or project. The value of apartments in cities like Bangalore has grown in leaps and bounds over the past few decades and the having a second home will definitely give you good rental returns in long term.
Additional income:
If there is one lesson that the COVID-19 pandemic has taught us, it is that having multiple streams of income is not only preferable but also imperative. Investing in a second home, particularly in a teeming metropolis with a young, working population, helps you gain regular rental income that will always accentuate your own financial resources. In fact, it may be a good idea to use rental income to offset any home loan EMIs and create an asset in the process.
Invest at Right Time:
This is a really great time for those who have been dreaming of owning a second home. The COVID-19 pandemic and ensuing economic slowdown have brought real estate sales to a low point. Now with things looking up, both real estate developers and banks are looking at incentivising home buying and investment in the sector. Apart from lower costs and interest rates, the tax benefits are also a huge benefit you can take advantage of. This is the time for financial planning and asset creation.
Retirement planning:
Owning a second home in a cosmopolitan city like Bangalore helps you cultivate social roots and become part of a community which will age with you. Pick a project that has easy communication and transport facilities and is close to hospitals, airports, banks, and markets. This will help you become part of a society that shares values and can be an incredible source of support as you and your spouse age.
Bangalore is the perfect city for owning a second home. The weather and greenery are advantages that you will grow to love. Projects such as One Bangalore West are seeing a growth in investment from homeowners looking at buying a second home.