Owning a house is great. Owning two houses is even better, isn’t it? If you have the money to invest then buying a second property is a great idea. It’s a great choice for investment and might prove to be rather beneficial in the long run. If you’re thinking about buying a second property then we’ll tell you upfront – it’s a choice that has its own set of good and bad that comes with it. But at the end of the day, it’s surely an amazing idea if you can afford it. We’ve listed the top seven reasons why you should Buy a Second Home. Check them out.
- A second property adds up to your assets
This is pretty obvious – a second home is a solid addition to your assets. Especially with the real estate market in our country that’s growing at a fast pace, the property value of the house would also boost up over time. You can choose to sell this high-value asset after a few years which would earn you quite an amount as profit. - A great way of investment
Investing in mutual funds, fixed deposits, gold, etc is a good idea for sure but investing in a property is a better deal. If you can afford it then it’s a bigger investment. Real estate investment would give you better returns than any other form of investment. - Rental income
Putting your second property up for rent gives you a remarkable option for a stable source of income. The rental charges crawl up along with the real estate prices. So renting out your property can earn you a decent amount of money – a stable income. - Tax benefits
If you bought your second property with the aid of a housing loan then you can avail tax deductions up to 2 lakh rupees if the house is not rented out. Sounds like a good deal right? - Retirement home
A second home is a great retirement gift that you can get yourself. Once you retire and want to get away from the chaos of the city, you’d have the country house you bought years ago. If you don’t want to move at all then you can rent it out. The house would still be a good source of income after your retirement. - A backup option
If you want to switch to a new place then you always have a backup option with your New Home. You can move to the new one and rent out the old – it’s as simple as that! You can also have properties in two different cities if you’re looking for a change. - Working away from home
If your workplace is far away from home and if the commutation is costing you a huge deal of money then it’s best to consider the option of buying a property next to your workplace where you can stay during the workdays. Living in a hotel might not be everybody’s cup of tea. So it’s better to have two homes – one for the weekdays, another for the weekend with family.
There’s no doubt about the fact that buying a second home is a splendid idea. But you should think it through before making the final call – assess your financial condition, make sure that you have enough emergency funds, evaluate the benefits and drawbacks, and then make a decision.
