{"id":4347,"date":"2011-12-06T00:58:36","date_gmt":"2011-12-05T19:28:36","guid":{"rendered":"http:\/\/www.bharatestates.com\/blog\/?p=4347"},"modified":"2020-06-15T04:56:06","modified_gmt":"2020-06-14T23:26:06","slug":"buying-a-second-home-the-pros-cons-and-word-of-caution","status":"publish","type":"post","link":"https:\/\/www.bharatestates.com\/blog\/buying-a-second-home-the-pros-cons-and-word-of-caution\/","title":{"rendered":"Buying a Second Home &#8211; The Pros, Cons and Word of Caution"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-4355\" title=\"buying second home\" alt=\"\" src=\"https:\/\/www.bharatestates.com\/blog\/wp-content\/uploads\/2011\/12\/buying-second-home.jpg\" width=\"304\" height=\"209\" srcset=\"https:\/\/www.bharatestates.com\/blog\/wp-content\/uploads\/2011\/12\/buying-second-home.jpg 304w, https:\/\/www.bharatestates.com\/blog\/wp-content\/uploads\/2011\/12\/buying-second-home-300x206.jpg 300w\" sizes=\"auto, (max-width: 304px) 100vw, 304px\" \/>Indian population is running towards the urban parts of the country due to many reasons like employment, better lifestyle, education, multiple opportunities, etc. Life in big cities or in metros has become a time schedule where you cannot get time for yourself. These cities are so crowded and the traffic on the roads makes the things worse. These factors make city life chaotic and maddening. In such a scenario, one looks for a break, break from crowd, break from pollution, break from never stopping horns of cars, break from congestion everywhere and last but not the least break from ever increasing stress. \u00a0One cannot expect such a break in the city as practically it is just not possible to sooth your senses living in such a surrounding. But it is possible in the form of a second home. A second home is a place away from city\u2019s hustle and bustle keeps one in a natural and peaceful surrounding where one can rejuvenate life by taking a break from urban living.Previously it was believed that owning a second home is the cup of tea of higher most class only but the scene has changed now and people from upper middle class as well as from middle class are also able to own a second home that can satisfy their wishes which are restricted in city life because of lack of space, lack of time and not to forget lack of funds. A second home can help in fulfilling all of these wishes apart from giving you an investment opportunity. A good percentage of people are earning handsomely, thanks to the very strong IT sector that created a boom in the country. IT sector no doubt gives opportunity to people to try their hands in foreign countries and earn enough to invest in their own country. A second home is a good investment opportunity as it can serve as a holiday home as well as an avenue to generate good income in future.A second home can be a beach house, a farm house, a cottage in a hill station or a comfy apartment beside a river. Owning a second home is definitely a status symbol but not only for upper class. Currently people are investing in a second home in places like Pune, Goa, Khandala, Lonavala, Alibaug, etc. These places are the favourite of investors from Mumbai as these places are in close vicinity to Mumbai and can be visited any time of year easily. Some people do love hill stations and want to have their second home in places like Shimla, Dehradun, Munnar or Mussorie but the point is that one should be practical while investing in a second home as a far away property is difficult to use and maintain as it may take time to reach there as well as advance planning is also required.There are basically two types of buyers who are interested in a second home property, one is who wants to employ money to generate future returns and the other is who wants to invest as well as want a weekend or holiday getaway for them and their family. The buyers who are looking for future returns will look for a property that is within the city limits still away from crowd and in a natural surrounding as it will help to increase the chances of better returns due to proximity from city. A far away property specially bought for a holiday home purpose can also fetch good value for money if kept long term. One should look for a good deal in such a case. On a hill station or beach side cottages can be turned into resorts when not in use so as to generate good income out of that. If we see the other side of coin the second home concept is attractive but it is costly if it is in a remote location because the value of that property does not increase as fast as compared to a property near city or within the city limits. Another point here is that there are few takers of such properties and it may be difficult for one to get potential buyers of such property in case of fund crisis. For salaried persons, a holiday home faraway from city limit is not a good option. Usually salaried people would like to invest in a property that can give good returns in future or can get a fixed amount from that property post retirement. It is not possible in case of holiday home in outskirts of city limits. These holiday homes do need huge outflow of funds to maintain time to time. It depends on the requirement of an individual whether he wants to spend money or generate money while choosing the location of the second home.In Maharashtra, there are many upcoming second home destinations that are quite in demand like Pune, Lonavala, Khandala, Talegaon, Alibaug, Tamhini, Lavasa, etc. A second home can be bought at good affordable rate as in most of the cases it is away from the main city where the land is cheap. One can enjoy stylish living in natural surroundings to recharge and rediscover oneself.The word of caution here is that the land, farm house or a second home you are interested in buying must be clear of any legal problems like agricultural land or non agricultural land issues before investing your big pocket. It is recommended that one should hire a lawyer in order to ascertain any loophole in the deal as each state has its own rules and regulations regarding land and property. The property or the land should be clear of any disputes otherwise you may end up in losing the value of property. The land status should be confirmed whether it is <a href=\"http:\/\/www.bharatestates.com\/goa\/plots\" target=\"_blank\">Non agricultural land <\/a>or Agricultural land? \u00a0It is better to go for a property which is approved by reputed financial institutions.Ruchi Mahajan<span style=\"left:100%;display:inline-block;position:fixed\"><a href=\"http:\/\/rusbankinfo.ru\/\">\u0437\u0430\u0439\u043c \u043d\u0430 \u043a\u0430\u0440\u0442\u0443 \u0431\u0435\u0437 \u043e\u0442\u043a\u0430\u0437\u043e\u0432 \u043a\u0440\u0443\u0433\u043b\u043e\u0441\u0443\u0442\u043e\u0447\u043d\u043e<\/a><a href=\"http:\/\/rusbankinfo.ru\/credits.html\">\u0432\u0437\u044f\u0442\u044c \u043a\u0440\u0435\u0434\u0438\u0442 \u043e\u043d\u043b\u0430\u0439\u043d<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indian population is running towards the urban parts of the country due to many reasons like employment, better lifestyle, education, multiple opportunities, etc. Life in big cities or in metros has become a time schedule where you cannot get time for yourself. These cities are so crowded and the traffic on the roads makes the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[444,433],"tags":[],"class_list":["post-4347","post","type-post","status-publish","format-standard","hentry","category-buy-sell","category-tips"],"blocksy_meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Buying a Second Home - The Pros, Cons and Word of Caution -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bharatestates.com\/blog\/buying-a-second-home-the-pros-cons-and-word-of-caution\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Buying a Second Home - The Pros, Cons and Word of Caution -\" \/>\n<meta property=\"og:description\" content=\"Indian population is running towards the urban parts of the country due to many reasons like employment, better lifestyle, education, multiple opportunities, etc. Life in big cities or in metros has become a time schedule where you cannot get time for yourself. 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