The pandemic has had a significant impact on the real estate market in India. As a result of being cooped up during the lockdowns, many people have reflected on their real estate goals. Before the lockdown, people did not spend considerable time at home, probably only during the weekends. Now, they are keen on improving their quality of life, starting with deciding where they want to live. While many were trapped in their apartments, some savvy buyers who had a vacation homes outside of the city were able to escape right before the second lockdown.
Location is no longer an issue with work-from-home options, as technology has displaced traditional offices. As a result, if you have a high-speed internet connection, you can work from anywhere. Why suffer in suffocated city apartments devoid of nature when you can escape to the countryside, where fresh air, nature, and sunshine are just a few steps away? Surprisingly, research indicates that humans have an innate connection to nature. When we are in nature, we heal, rejuvenate, and refresh. This notion has been reinforced by the pandemic. Staying in confined spaces has almost resulted in claustrophobia, emphasizing the need to get outside and improve one’s physical health. People were mostly sedentary before the pandemic, and with the work-from-home arrangement, the situation could worsen, causing everyone to reconsider their ways of life and places of residence.
While finances are the most important considerations before looking for second homes that can be used as vacation rentals, here are a few other reasons why investing in vacation homes might be a good idea.
• If you are the type of person who does not need to be in the centre of everything, such places may appeal to you. You may prefer the solitude on the city’s outskirts to the hectic life that comes with living in the city centre.
• Look for second homes that will increase value over time and gain similar benefits as your primary home.
• We are all subjected to pressures and stress in our daily lives. It quickly turns frantic and mentally exhausting. Vacation homes in a peaceful or scenic setting will help you stay grounded and stress-free. You’ll have a much better chance of becoming mentally and physically healthier in environments that encourage you to move your body and breathe in the fresh air.
• When you decide to retire, you will already have a home in a beautiful and peaceful location. You can consider selling your primary home and make your vacation home your primary residence, allowing you to live a life of leisure and rest.
• The opportunities for generating a side income from your vacation home are limitless. Listing it on platforms like AIRBNB, renting it out for smaller gatherings, or hosting your events are great ways to generate an income.
• Increase your assets and wealth by investing in vacation homes that you can pass down to future generations.
• Living outside of cities, in smaller but more beautiful towns, fosters a sense of community. With a smaller population, it is more tightly knit and has a more positive outlook on life, which is lacking in larger cities.
• Keep in mind that once you own a vacation home, it will need regular maintenance if you want to rent it out to guests when you do not use it. Ensuring your property is booked mainly during the offseason and fully booked during the peak season would bring maximum benefits. People are ready to book vacation homes for months with work from home scenarios. The right agency will make sure it is listed on all online portals. It would be their responsibility to screen guests who might want to stay longer. Financing, screening, repairs, and maintenance can be a challenging task, but it will be as smooth sailing as possible with the right agency. An agency would be an extra cost, but if the property is unique and booked out regularly, making the investment in an agency worth it.
• Also, it can be tricky to look for a vacation home outside of your city. To avoid complications it would be best to get hold of an experienced real estate broker with local knowledge of the locality/town that you are interested in as it would speed up the process of buying a vacation home.
Overall, owning a second home that doubles as a vacation home outside of the city is a great way to generate a substantial passive income while enjoying the conveniences of a second home close to your base city, providing much-needed respite from the hustle and bustle of fast-paced cities that no longer guarantee a well-rounded healthy lifestyle. With improved health and wholesome environments, the advantages of investing in a second home in an idyllic location with maximum exposure to natural surroundings far outweigh the benefits of investing in a rental home in the city for extra revenue.
