As summer continues to be unbearable across many parts of the country, holiday homes are gaining momentum with people flocking to Hill Stations to escape the choking, polluted, and chaotic city life and residing in a serene space in the Lap of Nature. Covid-19 cases are declining, travel is on the rise, so is the demand for higher-quality, more home-like vacations. People are taking longer vacations, willing to pay higher prices, and travelling farther to find their ideal destination. With majority of people becoming aware of maintaining a healthy work-life balance, owning a Holiday Home has become a necessity more than a luxury.
India’s holiday homes sector is witnessing significant growth this year with the idea being widely accepted by middle and upper middle-income groups. It is no longer a privilege of the wealthy. One of the major demand drivers for second homes is rising affordability as the economy is gaining momentum. According to research, 70% of consumers want to invest in second homes within the next two years. The key parameters that are considered while purchasing a second home include the desire for a spacious and comfortable place that serves as an ideal spot to relax and rejuvenate. Other important factors include direct connectivity, internet infrastructure, and return on investment in short term and long term. Uttarakhand, Himachal, Goa, Lonavala, Dehradun, Shimla, Jammu, Haridwar & Nainital are emerging as popular second home destinations within India.
Let us look at some of the reasons piquing interests of everyone from potential investors to end users.
1. Desire for Luxurious Living and Privacy
It cannot be denied that holiday homes carry a charm and prestige of their own. Spacious homes stacked up with modern amenities are a great way for people to relax and unwind from the hectic life. Holiday homes let you enjoy your privacy to the fullest and provide freedom to do as you please without any disturbances. You would not want someone intruding while you’re on a vacation with your loved ones. Isn’t it? Moreover, owning these homes can be used as a venue for your gatherings.
2. Higher Flexibility
Quite simply, location of a property is a crucial decision as that cannot be changed. Booking a hotel room pose many restrictions as guests cannot choose a location of their choice or receive all the amenities they desire. On the other hand, the strategic location of holiday homes and customizable amenities enable people to plan their ideal getaway as per their convenience and comforts.
3. Budget-friendly Stay
With hotel room rates surging, renting a holiday home for your vacation is identified as a cheaper option. Rather than booking multiple hotel rooms, vacation homes provide guests with a lower average cost per night, potentially saving those thousands of Rupees.
4. Local Experiences
When on vacation, the major concern bothering many is the availability of good food. Living in a vacation home allows people to cook their own meals and eat what they want to instead of eating the monotonous buffet menus at hotels repeatedly. Vacation homes not only offer a fully equipped kitchen but also provide the residents with the opportunity to explore local farms and markets to purchase the desired groceries. Vacationers have a greater chance to live and experience life as a local during their trip.
5. A Lucrative Investment
Having your own home in a beautiful, well-equipped location makes financial and practical sense. A second home allows homeowners to become a real estate investor while soaking the beauty of a new location. Due to a higher capital appreciation, these are a safe investment option. These houses can be rented to homestays and tourism companies, a growing market that provides investors with a stable and consistent source of income. Further, competitive prices offered by developers have boosted the demand for second homes more than any other asset class.
With more disposable income, high-salaried professionals, HNIs, NRIs, retirees returning to their home country continue to drive demand for vacation homes and expand their Portfolio. The real offering of a vacation home which distinguishes it from all other asset classes is that there is a personal touch and a sense of belonging attached to the asset- making it a ‘Home Away from Home’. A vacation home is an investment for your future and a way of life. This is the ideal time to invest and spend the summer season in your vacation home. In the years to come, vacation homes will remain the most sought-after real estate investment avenue for buyers in the ‘New World.’
If you are looking to buy Second Home or Holiday Home, now is the best time to invest!
To sum up:
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