Weekend home: Investing in solitude
If you are longing for peace and tranquillity in a secluded place which you can call your own and which is away from the din and bustle of city life, there is no better way to get your piece of solitude than buying a weekend home.
Jul 30, 2017 11:07 IST India Infoline News Service
If you are longing for peace and tranquillity in a secluded place which you can call your own and which is away from the din and bustle of city life, there is no better way to get your piece of solitude than buying a weekend home. Not only that, a weekend home, also called a vacation home or a second home, is also a great investment as one can earn excellent returns in the form of rentals if it is rented out to tourists and also in the form of capital appreciation as the value of the property will rise over a period of time.
There are many locations in India which have over the last few decades emerged as weekend hotspots offering weekend homes, including Lonavla, Igatpuri and Alibag (in Maharashtra), Shimla, Mussourie and Nainital (in Uttarakhand), Kasauli (in Himachal Pradesh), Wayanad (in Kerala), Ooty (in Tamil Nadu), Coorg (in Karnataka), among many others.
All these weekend getaways offer serenity, good weather and good infrastructure with all modern amenities, which makes them such a draw with the tourists. Also, since these tourist destinations are located within a radius of 2-3 hours travel time by road or by air from a major city, the potential for earning good rental income is high, apart from the premium value (capital appreciation) that properties in good locations command.
Of course, it must be remembered that an investment in a weekend home involves costs that need to be incurred on maintenance and upkeep of the home. If the home is offered on rent to tourists, the rental income must be sufficient enough to meet the costs of maintenance and upkeep. However, if the owner proposes to keep the home only for his personal use, the income of the owner should be sufficient enough to meet these costs. If these financials aspects are taken care of, it does make sense to invest in a weekend home.
There are many locations in India which have over the last few decades emerged as weekend hotspots offering weekend homes, including Lonavla, Igatpuri and Alibag (in Maharashtra), Shimla, Mussourie and Nainital (in Uttarakhand), Kasauli (in Himachal Pradesh), Wayanad (in Kerala), Ooty (in Tamil Nadu), Coorg (in Karnataka), among many others.
All these weekend getaways offer serenity, good weather and good infrastructure with all modern amenities, which makes them such a draw with the tourists. Also, since these tourist destinations are located within a radius of 2-3 hours travel time by road or by air from a major city, the potential for earning good rental income is high, apart from the premium value (capital appreciation) that properties in good locations command.
Of course, it must be remembered that an investment in a weekend home involves costs that need to be incurred on maintenance and upkeep of the home. If the home is offered on rent to tourists, the rental income must be sufficient enough to meet the costs of maintenance and upkeep. However, if the owner proposes to keep the home only for his personal use, the income of the owner should be sufficient enough to meet these costs. If these financials aspects are taken care of, it does make sense to invest in a weekend home.
