In the recent years we have seen a rise in the demand for weekend homes and rightly so. Given the increased hustle and bustle of daily life in a city, there is a strong desire to break from the routine and seek relaxation.
Usually located within couple of hours drive from the city, these homes are set amidst nature and offer a refuge for you to recharge. While in the past, weekend homes were a luxury that could be afforded by few, in recent times we have seen rise of affordable homes in developments build as weekend destinations.
If you are looking to invest in a weekend home, here are few things you must consider.
What to look for in your weekend home?
Location matters the most
Location is considered as one of the most important elements for buying a home, even if it’s a weekend home. Apart from a continuous supply to basic amenities and necessary resources within vicinity, you should also concentrate on areas with appreciating costs. A development offering good connectivity, social infrastructure in the form of retail outlets, restaurants, and near to scenic tourist spot, will provide a good return on investment.
Never exceed your budget
Buying a property that puts a strain to your bank account is exactly opposite to the idea of a relaxing weekend home altogether. When considering the overalls of buying a weekend home, include its upkeep and maintenance costs in mind. Look for secondary homes with property management services that will take care of your house, even if you are not around. While it’s okay to start small, you can always upgrade in the future.
Look out for more than just a living space
When shortlisting your weekend home, consider all the development has to offer. Apart from your unit, look at the experiences that you can avail. For instance, at Lodha Belmondo, is a 100-acre luxury riverside resort with 90 acres of open greens and featuring a 45-acre golf course designed by golf legend Greg Norman himself. It also offers an extravagant 50,000 sq.ft. clubhouse, offers you every comfort of a global lifestyle, from an exclusive spa to a gourmet restaurant. Residences here have been designed to co-exist in harmony with nature and you can opt from a studio apartment to even a duplex or a villa, depending on your budget.
Go with a reputed developer
Make your purchase ideally with a reputed developer so that you can be certain of all elements like land title, construction permissions, construction quality, upkeep and management of the development in the long run. You may invest in a development that offers attractive lifestyle experiences but if these are not well managed in the long run, then it will defeat the purpose of buying the weekend house.
Be realistic with your needs and goals
You should be exceptionally sensible about the sort of home that suits your needs. Put significant energy in describing your requirements while looking for a weekend home. If you're looking for a retirement home, you may need to look for healthcare facilities around the area. If you are looking for a place to crash for the weekend, you could look for a location that is just about a day's drive from your current living place.
Research the area for around the year
It's a smart thought to visit the zone where you intend to purchase your home during each season. In the case of coastal areas, the seashore might be lovely but during monsoons it not be ideal. Knowing the terrain and what to expect in each season is important to save any disappoint later.
Think before making the final call
It is necessary to evaluate the decision of buying a weekend home thoroughly. If you are spontaneous, you may end up with a weekend home that doesn't meet your requirements and becomes a financial burden for you. Therefore, be patient and locate a home that you can most relate with. You should search as much as you would like before finally making that down payment of taking over the keys to the new weekend home.
One of the most common dilemma you face when buying a house is whether to invest in a ready-to-mo
World over, there are several cities that are transforming themselves and providing better lives
From an asset allocation perspective, experts advise that one should spread out their investments
Once you have zeroed in on the property that matches with your preferences of a developer, budget
Thanks to several government initiatives like reduction in stamp duty and other tax benefits, the
The Goods and Services Tax Council has proposed a reduction of the taxes levied on under-construc
The process of home buying has undergone a sea of change for the better. Today, you will find the
Home loan is by far the most common type of loan that’s availed by individual
The COVID pandemic has brought about sweeping changes in our lives. It has compelled us to view t
A well-developed township offers a plethora of advantages – a great community, better quality o
Despite the recent reduction of interest rates on home loans by most banks and NBFCs, the burden
Owning a home continues to be a priority for most Indians. However, this is step is generally tak