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Why wise people buy "Weekend Home" Property at tourist location?

06 Jan 2020

Invest Home Vacation:

Investing in a vacation home is a dream come true for many people and also a good lifestyle choice.

There was a recent survey and in that property buyers were asked that what is their dream vacation destination home? And according to that survey their interest for farm house is 40%, Beach house is 33%, city apartment is 7% and mountain cabin is 20%. In the same survey they also suggested like what has to be invested in a vacation home.

What is the main purpose of buying a Vacation Home?

Following are the verbal reviews of some users registered on 3brick.com  (real-estate website and android app, where end user can search for property and submit their own offer price against the builders quote)

  • 33% of the people said, that vacation home would be a stay during their vacation where they can enjoy with their family and friends.
  • Other people said it will be their property investment and even they want to stay as home stay business.

Before purchasing any home even you should ask yourself some questions like:

  1. What is your income status and how much strong it is?
  2. Does your vacation home have rental income potential?
  3. Are you mixed out of your mortgage indebtedness?
  4. Is there any requirement to finance vacation home?
  5. Do you have any planning to own your vacation home for at least five years?

Above questions are very important and should be cleared before buying second home property.

Evaluation of Long Term Target:

If you are investing in a vacation home you can also make returns on it either you can do renting or selling or retiring your home, you should know in advance only that the investment of home is for own personal stay or any kind of income out of it or is it both.

Understanding of the Current Market Trends:

Investment in a property that too very easily and fast, sometimes it is emotional decision and a pitfall that you should not get in, you need to decide and do thorough analysis of the market, current market trends and its future potentials to invest any property.

What type / kind of vacation home do you want?

  • Beach would be a great scene from your house but insurance is on higher side.
  • Hill bungalow offers potential expense to a larger area at a lower cost than other type of vacation home but challenges remain around permission requirement and high cost of construction.
  • Urban condominiums have very easy access to city amenities but cost which is associated with ownership can be high. Just make sure that such type of homes not only meets your requirement but it should be viable for you.

Some of the vacation destination to buy property near Mumbai are lonavla, karjat and alibaug.