Buying second home? Read tips here
Most of the Indians are content in being the owner of one house. With the new generations being interested in property investment, there is an increasing urge to double the residences. Buying a second property has a few different factors to it as compared to the purchase of the first one. The home loan procedure etc. remains the same; however, there a few details that you might want to give attention to:
Importance: One should be clear as to how much time the person is going spend in the second home. Whether the home would be the primary or the second place of residence? Whether it would be a vacation home or a place for hanging out every weekend? This evaluation will help you decide as to how much time and money you would want to invest in the purchase of the second home.
Maintenance charges: Be sure to calculate the maintenance charges of the second home before hand; this is all the more important when you are keeping the home for your personal use. After the purchase of the second home you should not end up spending a monthly amount on leaks and creaks. It not only disturbs the budget but also ends up all the excitement around the second home. Therefore, be sure to inspect the home keeping in mind that it is not going to be lived in at all times.
Rent value: You might be purchasing your second home for the purpose of having a home away from home; however, it is wise to think of it from a business point of view as well. There might be a need in future to put the house on rent and thus you should opt for a home that appeals to the masses and can attract good paying tenants easily.
Tax laws: The tax laws concerning the second home vary depending on how you use the home. Generally, you get a tax benefit on the purchase of a second home.
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