The Concept of Weekend Homes

Traffic jams, overcrowded streets, polluted environment of metro cities hectic lifestyles, don’t we need some respite from these? Even if it is just for a week- end?  Yes, for those longing for peace and solitude away from the maddening crowds. Think of huge farmhouses, private golf courses, beachfront gardens, but isn’t that meant only for the uber-rich and a luxury for most of us.

Not any longer !

With the concept of weekend homes fast emerging as a good and convenient investment option for those with modest means, people are looking at buying a second home away from the city.

What is a weekend home?

It is basically a vacation home bought with the sole intent of leisure and relaxation and is usually situated amidst beauteous, greener and more embracing environs like the beach side localities, foothills of Himalayas, shrines or religious destinations. Located at short distances from their place of stay, good connectivity, developed infrastructure and serene surroundings are the features people look for in their weekend homes. For some, it can serve as a residential property post retirement. When not in use, it may be rented too, making it an additional source of income.

Checkpoints before you buy

One needs to keep few things in mind before purchasing a weekend home.

• Go for a second home only when the primary home is debt-free and you have sufficient financial reserves. Paying two home loan EMIs is tough.
• There would be fixed regular expenses for the maintenance of the property every month like electricity, water supply and gas supply etc. If it is not rented then a caretaker would be required and his salary will add to your monthly expenses. Even if the property is rented, upgrade and upkeep of basic amenities will be required.
• Rental income is not very impressive too, ranging from 2 to 7 percent of their value. Location is the most important factor in case of rented homes. Hill stations will have seasonal visitors so you may choose places popular for seminars and conferences, corporate events or spiritual workshops. Such homes will not only generate good rental income but also good capital appreciation in the long run.

Few years back, buying a home was a lifetime financial commitment, which would eat into most of one’s retirement savings. But today, with strong economic growth, rising income levels and various home loan options, many people buy their first home in their late 20s. However, as a buyer, perform your research diligently and make an informed choice.

The Concept of Weekend Homes done right at Talegaon!

You may also like-

Invest in Flats in Kamshet