There is no doubt that first time home buyers are spoilt for choice with a plethora of benefits offered by real estate investment. However, investing in a second home can be as advantageous as your first property, whether you are buying it as a form of investment or to secure your future. Few of the benefits are listed below:
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A home away from home
After a tiring week at work, wouldn’t it be a relief to get out of the city and still unwind within the comforts of your home? A second home would do just that for you. Investing in a house which is close to a beach or in a hilly region would be the ideal relaxation home. You can fill the home with cosy furniture, greenery and basic home appliances that will just let you unplug from the chaotic city life. Investing in homes that are in Chennai’s outskirts can be the best way to ring in the weekend. This can be your summer retreat to even escape from the scorching heat. It can also be your alternate abode when you are busy renovating your home.
Rental income
The purpose of having a second home need not be restricted to your usage. You can rent it out. With professionals migrating to the big cities in search of jobs, there is always a demand for vacant homes to be occupied. You need to understand what will get your house occupied if you are renting it out for the first time. With social media’s advent, you don’t need brokers to help you find tenants, and you can also forget paying them a huge fee for the deal. All you have to do is handle the maintenance of the apartment. Renting your second house to a family would give them a chance to make memories in the lovely house that you have built. Additionally, having a company occupy your second home would provide you with a lump-sum rent that can aid your finances every month.
Save it for the rainy day
Immovable assets are a great backup resource. If you want to start a new business or arrange funds for your children’s education, selling your second home would give you a quick monetary solution. However, it is important to remember that the credibility of the builder will play a vital role when you consider selling your home. Not only will it offer the stamp of high quality construction, but it will also speedup the rate of property appreciation, which are major factors that contribute to the resale value. We here at Lancor have 32 years of experience in the field and have delivered premium quality projects. By investing in a brand like Lancor, your house will sell itself in no time.
Tax benefits for your second home
Buying a property with a home loan makes you eligible to avail tax benefits. Given you are living in your first home, you will be qualified to claim deductions under section 80C if you have repaid up to Rs. 1 lakh of the principal amount. Moreover, if you’ve repaid Rs. 1.5 lakhs of the interest you will be qualified to claim deductions under section 24b. Now, if you are buying your second property with a home loan, you are eligible for further deductions on the interest paid. And it gets better because:
- There is no cap on the interest amount repaid to claim a deduction. For example, if you are paying Rs. 5 lakhs as the interest, the full amount will be eligible for a deduction.
- If you have a second home and rent it out, it is called a ‘let out’, and you are eligible for a standard deduction of 30%.
A retirement abode
After decades of running around and toiling tirelessly, living in a home away from all the buzz would be the best way to retire. A quaint little house in your native place will not only be a good solution to relax but also take you on a trip down your memory lane. This could be a great opportunity for you to get back in touch with your roots. In today’s day and age, no one has the time to visit the town they grew up in or go to his or her ancestral homes. But this retirement plan is the right fix if you are looking to unwind and relive your childhood.
With all these benefits, what are you still waiting for? Go book your second home already. We here at Lancor are committed to giving you the home of your dreams with state-of-the-art amenities in the leading localities of the city.