7 Things You Should Know Before Investing In Your Second Home

Do you want to buy a second home? Buying a new house demands smart moves and wise decisions. In the words of Anuj Goel, Director Goel Ganga Developments second home buying requires the same old procedure like picking the location, checking the amenities and surroundings, etc. He further says that the first prime aspect is your budget and needs. Here we bring you the most promising tips you should keep them in mind while buying a second home.

1.    The location – If you are going to buy a second home, be careful before choosing the right neighbourhood. Try to visit the location frequently to find out more about the locality and people. In addition, try to communicate with the locals to gather more information about the area and facilities. In fact, take some time to research the rental climate in the area.

2.    Identify your needs and requirements first - Knowing about the requirements like type of flat, locality, amenities and purpose of buying the second home helps a lot. Ask yourself what is the aim? Is it renting or just for investment, find a property that fits into your requirements. Try to search for a similar type of home which suits your budget and fulfils the necessities. 

3.    Calculate the expected expenses - Your second home will also require cash for expenses – both expected and unplanned. You have to make a budget, manipulate the other essentials like registration fee, real-estate agent fee, lawyers' fee, documentation charges, repair/renovation if required. And finally, you have to pay property taxes, insurance, potential homeowners' association dues, etc.

4.    Find a good real estate company - If you don't have enough information about the locality, you should find a local real-estate agent for the most suitable property analysis. Mr. Annuj Goel says that hiring an agent reduces the stress. With the help of reputed property dealers you can search the right flat within your budget. They assist in making searches fast and easy to save your time and money.

5.    Think about a home loan with low EMI – After finalizing the property, you must think about a home loan. Don’t forget to consider the terms and conditions of the loan. You have great past experience, so you can negotiate at the time of getting EMI benefits.

6.    Tax implications – Tax implications are another challenge for home buyers. You have to bear mortgage interest, property taxes, repairs, depreciation, and operating expenses. It asks for maintained records of income and expenses, ITR, CIBIL score and much more. 

7.    Going for rental income - If you are buying for renting, try to find out the rental rates in the particular area. It will bring great returns in your investment; it is a good time to invest your money. You must search for some location that can fetch you desired returns.

Therefore, buying a second home can be a smart investment. And choosing reputed builders in Pune eases the entire procedure of home buying.