Sitting on the fence to buy a weekend home? Here are the factors you need to consider before making the final call
by Shrutee K/DNS
If you are in the process of investing in a weekend home, considering these factors and checking them off your list will make your process easy
Punit Agarwal, CEO of Nirvana Realty
Weekend homes were looked upon as luxury before the pandemic struck. But with the current times of remote work culture rapidly picking up, home buyers are looking to invest in
weekend homes for change of scene.
Moreover, while investing in a second property, people are considering weekend homes -- the place where they can party with friends, spend quality time with family or get into the zen mode with oneself. All of this while the work life is one track. This is what a weekend home brings with it.
As the government has been relaxing taxes and duties on real-estate, several homebuyers are sitting on the fence about venturing into the weekend home space, researching further. And if you are one of them, here are the factors you must consider before you invest. Considering and planning well according to these factors will make your decision-making process easier.
1. Location: This is the most critical factor. Geographical location of your weekend home matters the most. Besides ensuring the full-fledged flow of basic supplies and amenities and necessary resources in the vicinity, one needs to consider areas with appreciating costs. Places in close proximity to cities, good social infrastructure and nearby touristy attractions or vacation spots yield an impressive return on investment. Ensure the location is accessible with good roads close to National Highway and transportation modes to the cities.
2. Design and infrastructure:
Move beyond your living room and balconies. While shortlisting the house, look at all things the development has to offer. Several weekend home developers now have themed villas, themed townships and some offer events and concert spaces hosting artists and celebrities. Check what fun and entertainment elements the development offers apart from the usual clubhouses and swimming pools. For instance, premium developers have extravagant villas designed on Bollywood themes or lavish exterior architecture, and surrounded by lush greenery. Many residences are made in such a way that they co-exist in harmony with the serene environment while ensuring you get the global lifestyle feel with gourmet cafes inside.
3. Facility Management Services
The major reason why people restrain themselves from investing in a weekend property is due to the hassle of maintenance and upkeep of the house. Premier, reputed developers are innovating themselves and providing end-to-end solutions taking care of the maintenance part. While you are away, the in-house management team does housekeeping, maintenance of amenities, fixes issues in the functioning of household systems if any and keeps them spic and span for you to come over next time.
4. Returns & room for growth
While you are away, what’s the point in leaving the house idle if it can fetch you good revenue? Weekend homes in idyllic locations a few hours away from the city can be let on Bed n Breakfast rentals. With an array of in-house service system already in place, one need not rush for cleaning or fixing the house last minute. And with several professionals exploring staycation options, your weekend home on rentals can yield a bounty of returns. This way, you can grow as a homebuyer and make optimum utilization of resources at hand.
Mapping out options based on these factors will help home buyers evaluate their decision before the final call. Closely examining and researching about the property and its offerings avoids chances of the weekend home being a burden on one’s shoulders. Be patient, jot down all the pros and cons, speak with the developer you are interested in and get to know them better. And you are all set to be the owner of a home that will call you closer, be it the weekends or not!
5. Developer Track record
Make your purchase with a reputed developer who has a track record of developing and maintaining weekend homes so that you are confident about the quality of construction, upkeep and management of the development, house documentation, construction permissions and land titles. You may be attracted with the classy lifestyle development options a developer offers and invest, but if these amenities are not well managed in the long run, the entire purpose of getting a weekend home will run down the drain.