Suresh Reddy leads a hectic life glued to his laptop screen and making endless calls to the clients. For most of us, weekends are the only time when we can relax and unwind. Each of us has our own weekend rituals, be it sleeping in, spending time with the family or getting our fill of entertainment. Similarly, for Suresh, weekends are when he finds solace; a time exclusively reserved for his loved ones.
For many, spending that precious time away from city traffic and commotion remains a long-lost dream. Work and stress get in the way of planning that perfect weekend getaway as you are unable to make time to do a detailed search of hotels and villas. But Suresh does not let these minor setbacks take away the spontaneity from his weekend experience. He spends most of his weekends at his second home, few hours away from the City.
You too can have your own undisturbed weekend now. A weekend home is the answer to your needs. This alternative will give you a short yet much awaited escape from the workplace, in the solace of your family and companions without having to travel in a cramped flight or bus.
Envision having a home far from the disturbance of urban chaos and noise, in the lap of nature, yet easily accessible from the City. These weekend homes can give you peace and comfort - which is hard to find in urban spaces. You can also utilise this as a second source of income. Include a mountain valley or a beach and the value appreciation of your weekend home goes up numerous folds. It is the perfect option not only from the perceived comfort section, but also in terms of its economic value. These are some prime reasons why the idea of ‘weekend homes’ is catching up in India. The ever-expanding working class with high disposable income is finding it difficult to treat every weekend with monotony.
Safe betWeekend homes are a sound investment option, as a well-planned purchase can enhance your investment value. A weekend home should be in an appealing area with important infrastructural developments; this raises its value over its initial cost. You can get tax benefits on your weekend home; in the circumstance that you have purchased the property through a bank credit, then the premium paid on the mortgage is allowed as a deduction for tax purposes. Moreover, you can deduct expenses like property charges and taxes and municipal overheads that you pay from the rental salary.
Of course, due to your busy schedule, you may not be able to visit your weekend home every week of the year. Also, it is difficult to maintain the home in your absence. This is where the good developer steps in. The option of having a hospitality and maintenance team in place allows you to rent out your property to fellow weekenders or holiday goers. This choice of accommodation will become your second source of income. The overall benefit of having the hospitality team in place is that the team guarantees that your house is in good health when you decide to spend your weekend there. There has been a rise in demand for weekend homes from expatriates and the upper-middle class strata as well. Weekend homes were seen as a luxury for the influential and rich families, but they are now accessible to anyone who wants to enhance their lifestyle and social status. They are a good financial investment option and when chosen correctly, the same home has potential for great returns. The key points you need to keep in mind before investing is the developmental growth in and around the area and potential for tourist attraction. Weekend homes near a beach or valley, in close proximity of the city will have more potential for good returns on investment. Investing in the right weekend home accompanies certain reluctance and challenges from the buyers. The initial inquiries about the weekend homes and add-on benefits like the developer arranging interactive events or fitness centre and other facilities will help you in making this decision.
While not all locations are in close proximity to the urban areas, it is essential to keep in mind that investment near the urban space will lead to better returns. Focus on areas that might show potential growth in the near future.
Karjat (Pune-Mumbai), Dharmapuri, (Bengaluru-Chennai) and Lepakshi (Andhra Pradesh) are some potential investment locations. All these places are gifted with scenic beauty and rich heritage, which will keep you intrigued.
Whether it is to enhance your valuable family time, to put forth a style statement or supplement your income, weekend homes transform into the ideal asset sub-class. Go ahead, venture into one.
(The author is senior vice-president, Expat Projects and Development Pvt Ltd)