Advantage And Disadvantage Of Buying A Holiday Home
Although the idea of vacation homes has always existed, its significance and target audience have quickly changed. No longer limited to the upper middle class, the middle class is also enthusiastic about taking this potential into consideration. The most important factors influencing a mindset change are flexibility and a passive source of income. However, buying a vacation house may also provide certain difficulties.
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Do you envision owning a home in the country or by the sea where you can spend quality time with your loved ones and create priceless memories? A vacation home is the ideal setting for relaxing and escaping from everyday life. Due to the increased demand following COVID, the second house market, also known as the vacation home industry, is expected to gain significant traction soon. People can now think about making such investments because to the culture of remote work, which allows them to travel more without sacrificing their careers. As a result, there has been a noticeable increase in demand for vacation homes. A Savills India poll found that nearly 70% of respondents who were thinking about buying a vacation home preferred houses priced between Rs 80 lakh & Rs 2 crore.
What is a vacation home?
A vacation home is a residential building outfitted with all the modern conveniences that travellers could require. In recent years, vacation homes have supplanted hotels as the accommodation of choice. The demand for vacation houses has increased as a result of numerous benefits; including the independence and flexibility they bring, to the point that they are now a popular investment option.
Advantages of buying a vacation house
Here are the top five reasons why individuals prefer purchasing vacation houses over booking hotel accommodations.
Work from home possibility
Major corporations all over the world have embraced the work-from-home (WFH) concept since it allows them to significantly reduce their costs for commercial space leasing and other overhead costs. When working for such a corporation, you are not required to remain in one location. If you have a vacation house, you can go there to continue working while also taking advantage of the fresh air.
Whenever you wish, check in
The demand for taking short trips has increased as working from home has become more common. There can be confusion on the hotel front when these brief breaks cannot always be arranged well in advance. But if you own a vacation home, you can take a trip whenever the mood strikes, unconstrained by the set check-in and check-out times of hotels. This implies that you are free to depart at any time after packing your bags.
Understanding of the destination
The lack of locational surprises is another benefit of purchasing a vacation home. To reach your preferred vacation spot, all you need to do is travel for a few hours. You will quickly be able to become familiar with the neighbourhood and learn where the greatest cafes, restaurants, and scenic spots are located. When you want to spend a long weekend away from the hustle and bustle of the city, this is ideal.
Great results
There was a time when saving money in the bank would earn you a sizable interest. But as of late, the amount of money in banks either doesn’t seem to increase or decreases significantly. As a result, buying a vacation house has gained popularity since it offers promising long-term profits. You can choose to sell your vacation home if you no longer need it and use the proceeds to fund your retirement.
Stable rental revenue
Many tourists prefer staying in vacation rentals and homestays because they offer more freedom than hotels, which require observing a number of restrictions. Additionally, you can earn a monthly income by renting out your vacation house anytime it’s vacant. Both a passive source of income and a means of relaxation are possible.
Cons of purchasing a vacation house
While purchasing a vacation home is quite simple, keeping it virtually for the majority of the year might be challenging if you don’t have the money or the desire to do so. Here is some typical issues vacation house owners’ encounter, particularly if they rent out their property:
Employing a caretaker
Giving visitors the keys can be very difficult since you will be running the rental business from a distance. If this happens, you can either use smart locks that can be handled virtually or employ a caretaker to manage the property’s upkeep and handle business on your behalf. However, there are additional expenses.
Seasonal improvements
You can have problems like frozen pipes if your vacation property is located in a cooler climate. Alternatively, if the area is coastal, monsoon may cause seepage problems to appear. As a result, you need to be cautious about problems that are related to seasonal fluctuation. Additionally, since you’ll be maintaining your home remotely, having the numbers of nearby repairmen on hand is crucial.
Complaints
Even if you worked tirelessly to set up the lodging, there will undoubtedly be tiny and large complaints if there are guests. Customers’ negative reviews and feedback on websites online may have a negative impact on returns and reduce your profit margins.
Routine maintenance
You won’t be aware of problems like jammed windows and AC that breaks down in the middle of the night unless you spend more time at the property. While it is advised to visit and stay at the vacation home at least twice throughout different seasons of the year in order to understand and resolve any concerns as soon as possible, this may interfere with your office duties.
Best places in India to own a vacation home
When searching for a vacation house for their own use, many seek calm, charming areas. From the perspective of investment, tourist hotspots in India are quite well-liked. While popular hillside sites like Ranikhet, Mashobra, Rishikesh, Coorg, & Ooty exist, beach fans now favour Goa, Kerala, and Port Blair. People wanting to purchase a vacation house are also taking into account unusual locations like Chakrata and Kausani.
Even while having a vacation property has grown in popularity among millennials, it is still a good idea to think about your income before making the purchase. These supplementary expenditures and investments may be sizable. To secure quality investment, you must therefore balance your funds and carry out in-depth market analysis.
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