Second homes or vacation homes will gain ground in the near future
A resurgence of interest is likely in properties located in hill stations / beachfront properties or holiday homes in the countryside
May 11, 2021
4 min read
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COVID-19 has changed the way we live, work and even on vacation. In view of pandemic fears, long-distance travel has become unfavorable and inadvisable. In search of fresh air, a green environment, and less populated areas, people seek to move to places that offer them convenience and a lifestyle, away from the hustle and bustle of city life but closer to at home and in more serene and peaceful places.
Perfect getaway for families
It’s a feeling of already seen, as we almost see a recap of last year’s lockdown. After being confined to the home and many businesses adapting to the concept of working from home, “work from anywhere” is the new normal. Fortunately this year, with the second wave of the pandemic, people are choosing to handle the situation differently on their terms before normalcy returns through “works” because it doesn’t matter where a person is operating from. As we learn to coexist with COVID, people are choosing to leave bustling city life for exotic places for a well-deserved break that offers both comfort and safety. Spacious built to suit second homes with personalized fitness and in-home wellness facilities are high priority options for a rebooted lifestyle.
Great investment avenue for vacation rental
Real estate is a safe haven in times of crisis and second homes are an excellent investment avenue for vacation rental. With low interest on home loans and reduced stamp duties and registration rates in some states, now is the time for people to consider investing in a second home. In fact, the prices will eventually get higher because the supply of quality projects is limited and the demand is very high. Lonavala, Mahableshwar, Alibaug (Mumbai, Pune) Mokila, Chevella (Hyderabad), Nandi Hills, Hosur, Anekal (Bengaluru) Pulicat, Pondicherry, Mahabalipuram (Chennai). In fact, at S Raheja Realty we have seen an increase in demand and sales for our weekend home offerings.
Stands to give good returns over a long period
Along with rental income and other tax benefits, second homes are seen as excellent investment options for future stages like retirement or any other unforeseen emergency. These are quality investments and the demand for them is driven by rising living standards and long-term capital appreciation. Buying a home and investing money in properties regains its old charm of being a proven way to continuously grow your investment. HNI buyers want to live in a home that announces their arrival and offers a higher lifestyle with a super luxurious furnished home than just a mailing address. Vacation properties are mostly located in popular areas and therefore are more likely to hold their value and appreciate.
A safe space to escape city life
While short breaks from the chaotic city life, rental income or eventual retirement have always been things to aspire to; the COVID 19 outbreak has left a deeper impression and an urgent motivation for the safety and security of family and loved ones. The hope of owning a second home away from crowded cities is an integral part of buyers’ overall choices. Since the pandemic, people have been locked in their homes; this leads to a better understanding of the importance of having a second home to go to. The post-pandemic era has reiterated how a vacation home is a tangible asset and a safe space in times of global crisis like this where they can live a fresh, outdoor lifestyle in a home away from home. from their house.
A resurgence of interest is likely in properties in hill stations / beachfront properties or vacation homes in the countryside. Local vacation spots that are easily accessible and require a shorter travel period will become more popular in the “new normal”. Therefore, the second home market is poised to transform due to the impact of COVID-19.