Second Homes concept gaining ground in New Normal

You have compelling reasons to buy an apartment in the woods, a beach house, or another retreat if you've been dreaming of doing so. Since coronavirus cases aren't going anywhere, being able to get away from busy places is appealing. Many people plan to work from home for the near future, and some are allowed to do so permanently. Second Homes cater to consumers and suit their purchasing appetite, acknowledging the lifestyle change brought on by the pandemic this year. The trend of low inventory and pent-up buyer demand is affecting many famous vacation destinations such as Kasauli (Himachal Pradesh) that have exquisite residential projects up for grab.

Although people's vacation expectations have shifted due to the pandemic, going on a vacation in a healthy and secure setting is now more important than ever. A 'second home' is one of the best and most dependable solutions for spending leisurely times with your near and dear ones. These projects offer a pollution-free and stress-free atmosphere for rejuvenation, which is required as people's stress levels increase every day.

Real estate as an asset class has reached maturity, and the modern age necessitates creative thinking. To be game-changers, market participants must recognize this and think ahead of the curve. Still reeling from the pandemic's devastating consequences, this sector is taking steps toward normalcy while acknowledging that certain improvements might be lasting. Second Homes are the product of real estate's unwavering dedication to innovating to meet changing lifestyle dynamics while retaining a high standard of living.

People who own a second home have the perks of being able to plan a vacation whenever they want, including in the event of a pandemic; this is because, more than ever, a second home provides the necessary personal security and complete ownership of your surroundings with ample resources.These homes are perfect for those who have the opportunity to work remotely because they can handle their professional duties while relaxing in the comfort of their luxurious abodes. Above all, it will help you to generate additional income by allowing you to rent these homes during peak vacation seasons when not using them and receive a reasonable sum per year.

Weekend homes/second homes located in the outskirts of the city can be bought for a low price and produce high returns over time. These homes may also have tax benefits, such as mortgage deductions. One can also relax in the backdrop of nature and live in a cozy home once the working years are on the verge of completion, and retirement draws closer.

Authored by:
Prateek Mittal, Executive Director, Sushma Group