Perfect Your Vacations: The Growing Trend Of Second Homes In Goa
Indians seem to be finally outgrowing the basic survival mindset and embarking on a newfound quest for a more comfortable and fulfilling lifestyle – one in which work-life balance does not come as an afterthought, vacations are not about torrid schedules and hurried sightseeing, spiritual retreats and back-to-nature breaks are a part of life, and buying a second home is not a wasteful indulgence. It is little then wonder, that the demand for second homes in popular holiday destinations seems to be on the rise. The stunning natural beauty, the laidback lifestyle, and the serenity that Goa brings with it make it an ideal destination to look out for when you are planning on buying a vacation home.
Vacations at home
A second home in Goa does come with a number of advantages. The skyrocketing tariff of hotels and resorts in this quaint but very popular tourist destination and an inability to avail the preferred accommodation at short notice is an increasingly common phenomenon. People living in cities like Mumbai or Pune who prefer to take short but frequent getaways will find it greatly to their advantage to own seaside homes in Goa and not worry about hotel bookings even during peak tourist season.
Own and earn
Traditionally, second homes were bought to create a secondary source of income by leasing them out for longer periods of time. A second home in a beautiful place like Goa is essentially purchased for personal use and a long term tenancy would foil the very purpose. This, however, does not prevent the owner from letting it out for short stays as a holiday home. The popularity of AirBnB is a testimony for the success of such endeavours.
More about the ROI
More than anything else, a property is an investment and the ROI determines how wise your investment has been. Property prices in sprawling cities like Mumbai, particularly in the older residential neighbourhoods, are at an all-time high. This also means that the prices are saturated and the possibility of a great deal of increase over the next one or two decades is very low. A 2 BHK luxurious apartment in Goa on the other hand, is very much affordable and the current rise in demand will ensure that property prices will boom over the next 10-20 years. This means that if you plan a resale anytime in future, the ROI shall be worthwhile.
The heart wants more
Buying a home in a congested city is as good as walking a tightrope. Any choice you make will be a trade-off – between cost and location, community and amenities, nature and convenience. Proximity to work, schools, hospitals, markets etc. are often the prime consideration. Buying a second home in Goa, however, can be very different. You may want a luxury apartment with an in-house gymnasium and a swimming pool, energy saving technology, and a calm serene neighbourhood.
Leading market experts believe that currently the boom in demand for second homes among Indians within the 30-45 age group is due, in a great measure, to the need for vacation homes and the expectation of better capital returns. As a prospective homeowner, you know the secret, though. Forever you have come to Goa on a vacation with friends and family, indulged in the sun, sand, and surf felt an unchained sense of belonging and whispered, “I wish this place were home”. Well, now it can be.
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