A house, if it is your own, gives tremendous joy and a peaceful life. It also saves your future, your retirement and is considered to be a great investment. What great enjoyment it would turn out if it is a second home! The practice of having a second home gained grounds after the pandemic. Moreover, real estate investment has always been beneficial in all aspects. Hence, homebuyers do not hesitate even once before investing in a second home. A holiday or second home can be an additional house, a luxury holiday or you can even make it your primary residence and rent out the existing one. There are a number of advantages of a second home.
1. Why to Invest in a Second Home
Since ages, investment in real estate has always been a lucrative option. After facing a tough time during the lockdowns and then the latter part of the pandemic, people have realized that it would be better if they could go for a second home or a luxury holiday or a weekend home. This would give them a chance to flee from their primary residence in adverse situations like the pandemic. Moreover, why can’t a second home become a primary residence! Even if all goes well, how great will be a thought to spend some time in our second home, just away from the noise and pollution of the urban life, just in the serene and tranquil environment! So, an investment made in a second home can serve multiple purposes. A second home helps you to get away from the cacophonous urban life. When not in use, this property can be rented out and you can enjoy some extra income. A second home turns out to be a great capital appreciation which can be in turn invested in an even better property.
2. Good Time Builders with First and Second Homes
Good Time Builders, a buzzing name in the real estate sector is out with its ample, luxurious villas, which offer a healthy and peaceful lifestyle in an aesthetic environment.
The value of real estate keeps rising. No one has ever heard of the falling rates of properties. Hence the number of homebuyers, on the hunt of second home is rising. If you are also on the hunt of a home, be it a first home or a second one, then Good Time Builders have luxurious villas in two of its ventures- the Waterfront 3bhk Villas in Patancheru and Lakeside Enclave Villas at Isnapur. These villas are luxurious and serve for both the purpose, as first and primary residence and as the holiday home or the second home.
Waterfront has 3BHK villas projects in Patancheru which offer a full-fledged and comfortable lifestyle. The villas of Lakeside Enclave at Isnapur are also loaded with facilities and amenities. This project of Good Time Builder is a bit different from the other ventures because it has different types of homes, that is – apartments as well as villas. Both these ventures are on the verge of completion. You can go for a home in any of the two ventures if you desire to live a holiday lifestyle throughout your life. Being gated communities, both the ventures have a serene, comfortable and a lavish lifestyle with abundant amenities.
3. Advantages of a Second Home
Though there are a number of advantages of owning a second home, a few are mentioned here for your reference.
3.1. Financial Security Increases
One of the major advantages of a second home is the increase in financial security. It will bring a rise in the cash flow. Since you already live in a primary residence, the second home can be let out on rent and begin earning money. If you desire to live in the second home, then the first home can be given on rent. In both the cases, extra income is for sure at your disposal.
3.2. Real Estate Portfolio Swells Up
You can expand your real estate investment portfolio by investing in a second home. Multiple properties bring in more money in the form of rent. Real estate portfolio as well as investment portfolio, both get the advantages. It also strengthens the income generated from these investments.
3.3. Easy Retirement Plan
A second home, as said earlier brings extra wealth, which can offer a secure life after retirement. A second home after the retirement, will turn out to be a cozy and safe place because one prefers a serene atmosphere after living a busy lifestyle throughout the working period. Retiring to a second home, away from the hustle and bustle of the city will be an ideal lifestyle. It will turn out to be a retirement abode.
3.4. Benefits on Tax
One enjoys a few benefits on tax, with a second home. This is an added advantage. One can enjoy tax benefits on getting a home loan for a second home. Section 80 C and Section 24 B come into play here. One can claim a tax benefit of Rs. 1.5 lacs on the Principal repayments of the home loan and also a deduction of Rs. 2 lacs.
3.5. Second Home – Holiday Home
If you want to plan a holiday at your expenses, then it will not be possible many times in a year but with a second home, you will be free to go on a holiday whenever you desire. You get the freedom to travel without any worry of high rental rates. The tenure of stay can also be as per your choice. You also get the liberty of inviting your family and friends on a vacation.
3.6. Risk-free Investment
By now, we all know that real estate investment comes with least risk. Property investment offers more significant returns as compared to other assets. They are immovable assets and don’t get volatile. Their rates have never fallen to zero. As compared to other types of investments, real estate investment can be done by anyone and it does not demand any particular type of skills. It is a risk free investment, especially with the entry of RERA which has streamlined the process of selling and buying in the real estate sector. Now, no one can dupe or play any fraud with the property of others.
Written by Nikhil Gattu
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Written by Nikhil Gattu
