Buying A Second Home

If you decide to buy a second house as an investment

, Pune is the right choice. Top real estate developers in Pune provide residential and commercial complexes with modern amenities. You need to consider some important points when you opt to buy a second house.

Financial benefit:

You need to know the cost of buying and maintaining a second home. More often people end up spending on the property. You need to calculate the extra expenses considering the fact that you dont occupy the property.

Where is the property located?

The location should be a prime location or should have a scope for development in future. The investment is not profitable if you cannot rent, sell or use it during vacations. Study the local economy, the rate of property taxes, proximity to schools and hospitals, travelling facilities, etc. You can consider some top real estate developers in Pune as they will have properties in prime locations.

Can you afford a second home?

If you have a loan under your first home and you are paying the EMIs for it, you need to think if you can afford a second home. You need to consider the stability of your income while making calculations. If in the long run your income falls, it will be difficult to meet the payment schedule. You need to also calculate how much you need to save for emergency.

Taxes to pay:

When you buy a second home for investment purposes, you should consider the capital appreciation of the property and the rent you can fetch from it. When you rent the house it can also attract taxes. If you buy it for using it during vacations, then, you have to calculate the cost spent during your stay and the maintenance cost when you dont use the property.

Methods for borrowing:

Builders in Pune and elsewhere provide loan facility. When the down payment is high the loan amount is less. You need to find new ways to avail to loans. You can borrow against your insurance policy, refinance your car. You can opt for non-traditional methods like borrowing from family and friends.

Before choosing builders in Pune there are some common factors to consider. The prices of the property, age of the building, the reputation of the builder, the layout and design, construction quality, legal status of the construction.

by: Sarika Dusane

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