Recently, one of my relatives just paid up their home loan and are looking to invest in a second home. Now that they are all set in their dream home (as they say!), the idea of purchasing a second home appeared a bit strange to me. So, over a cup of coffee, I decided to bring this thing up and ask, a new home? why now? And how they explained it to me seemed quite justifiable as well. They said – “Of course we are happy with this home, but what we would really want now is a vacay sort of place, something a bit fancy and away from this fast-paced city life, more like a weekend getaway!” When I enquired more with others, I was surprised to get similar responses. This intrigued me to do a little research – why for an increasing number of second home buyers, Vacation Homes are the most preferred choice of dwelling? Let’s look at the reasons for the same:
Vacation Homes – Highly Preferred Choice of Second Home Among Buyers
The segment of buyers, who seek profits out of real estate investments mostly opt to invest in a second home. For others, it could be just a matter of ownership and prestige. Recently, Indians have been investing in second homes with quite a higher rate than earlier, according to a report from www.klassicbuild.com. One of the foremost reasons is that the focus has now been shifted towards something that offers more personal value, like a Vacation Home. Some benefits of owning a Vacation Homes are:
- A weekend holiday at one’s own place
- Such properties also offer the option of renting and earning income
People who hail from the middle & higher income group, tend to have higher expendable incomes. The purpose of buying such homes is either for investment purposes or mostly or just weekend-getaways.
Vacation Homes – Changing preferences
In today’s hurly-burly lifestyle, vacation homes are ideal retreats; they provide blissful timeouts with family or friends. The serenity of the place, in terms of environment and ease of accessibility, are few factors which one should consider, while investing in vacation homes.
While the mindset towards owning a second home is slowly changing, people are looking for innovative and affordable homes which not only provide a return on investments but also allow one to enjoy holidays at their own homes with minimum upkeep. Second homes in India are most likely either a few hours’ drives from the parent cities (of the buyer) or in some tourist destinations such as Goa, Lonavala, etc.
Well, not everyone can find a perfect option close to one’s home. When searching for a second home, price tags and the lifestyle quotient also play important roles. Secondly, when it comes to hustling-bustling cities like Mumbai, Bangalore, etc. no one chooses a weekend getaway in their own city.
Vacation Homes – Where buyers are investing?
Goa, Lonavala, Alibaug, and Karjat are some of the highly preferred destinations for Mumbaikars. Goa, a state of India’s West Coast, is a former Portuguese colony with a rich history. It has been attracting a steady flow of visitors, be it the hippies, the returning expatriate Goans, the tourists from around the world-mostly, pilgrims visiting Catholic and Hindu shrines, or the people going for medical treatment, and a growing number of those who attend seminars and conferences in Goa.
The dreams of owning an affordable home in Goa with all modern amenities yet with the idyllic, cultural Goan vibe is closer than one can imagine! Furthermore, there is a good supply pipeline of vacations homes in Goa from leading players such as Puravankara / Provident, Tata, Vianaar Homes and Umiya Developers, just to name a few.
Considering that, India’s prominent developer – Provident Housing and Puravankara Limited have launched Adora de Goa, a multi-use development of resort-style residences, retail, and resort in Chikalim village, Dabolim Goa.
Adora de Goa by Provident is expected to open its doors to holidaymakers in 2022 and is certain to raise the standard of a vacation in Goa. Best in class amenities, hospitality services, and beautifully designed private residences are more than one can ask for at budget prices in an international holiday destination. If you have ever dreamed of owning a vacation home in Goa, here’s an opportunity you can regret missing at leisure. Know more about the project in the article below:
The locations such as Lonavala, Alibaug, and Karjat hold similar values when it comes to finding a dream-like-abode surrounded by an impeccable tranquil territory of naturescape. When all this comes at an affordable price bracket, it’s a plus for the home buyers!
In the North, particularly in Delhi-NCR, people prefer to invest in nearby localities, and the most favored vacation home format is the farmhouse. Localities such as Mehrauli, Bijwasan, Rajokri, and Chattarpur have a plenitude of such Farmhouse developments, at a starting price of Rs.2.5 Cr*. Few other vacation homes destination in North India include Uttarakhand & Himachal, the reason being the availability of hill stations which hold good investment value because of the appreciated tourism sector in such states.
Being amidst nature with a breath of fresh air, helps one rediscover the soul, reconnect with loved ones and find happiness in small joys. Vacation homes cater to what everyone craves for – a weekend relaxation, a break from the robotic work-life and unwinding from the daily grind. Historically, the concept of such homes was often restricted only to the prosperous. As living standards of people from the various sectors started flourishing in the country, purchase of vacation homes as second homes have become quite popular. This mode of dwelling offers great potential not only as a holiday/weekend getaway but also as an avenue for rental income.