Tips Consider while Buying Second Home

For more working professionals, the driving force for getting up every day and going on with their routine is actually a long term goal. And with the real estate prices across the country hitting an all-time high, buying a home becomes that long term dream/goal which we all start working towards. However, many of us in our middle-age (golden age) might have already achieved this dream or are on the end years of paying off those monthly installments on the property loan that you took.

For such people, the big question awaits! What next? The answer is simple - Buy a second home! As tricky and cheesy as this answer might sound, property is the best and safest investment that one can make in an urban landscape today! Anything else, including gold could be a gamble in the coming years. But the metropolitan cities like Mumbai and Chennai are running out of space and any land/apartment that you might have inside the city limits is equal to its weight in gold!

 

A second home can either be an investment or a source of rental income. As time flies by, it could also become your retirement location so choose your second home with the utmost care that you did when you choose your primary residence. Here are a few pointers that you must consider while diving head first into another long term monthly installment investment routine:

ROI:

Return On Investment comes foremost when you are purchasing any property, be it first or the nth. The location, scope for development in the later years, accessibility, infrastructure and facilities that determine the value and the price hike of the real estate in the future must not be overlooked even though it is your second home.

Retirement Plans:

Always consider the option of this possibly being your retirement home. You can never know what the future holds true so never assume that this property would be for selling off or just for rental income or a gift for your kids. Consider the fact that this could be your home in your twilight years and make sure that there are hospitals and roads that would connect your to the city when needed. Also look for a gated community with all the necessities instead of assuming that a colony's civic infrastructure would be developed by the local authorities.

MoneyMatters:

Bargain hard with the bank. Do not let them talk you down on the interest rates and other benefits based on your age. Always bring into play what the competition has on offer and also never be afraid to play the card of not opting for the loan. Banks need customers to go in for the loan so they need you more. Also, if you have an impeccable record of your last loan repayment, never be shy to flaunt it.

Be Smart:

Opt for joint ownership, register your wife along, evade taxes, take off the stamp duty charges from play, secure your spouse's future in case of the event of your demise. You would know all the tricks so dodge every bullet to get the best deal! And if you feel lost, check out our online sections for more advice

Article Source: http://www.landlinker.in/