From being the perfect place to whisk away with your family for the weekend, to reaping huge benefits in the future—buying a second house can be very rewarding. But with such a big decision, there are things to consider. So, if you’re looking to buy a second home, read on to learn about everything you need to consider.

Find a finished home: Second homes are often located away from the city. This means unless it’s complete, you’d have to keep on making trips to check on its status which is unfeasible. Moreover, due to the current restrictions, it may take longer for the work to get done. Therefore, if you’re looking at houses in Mumbai, it’s best to look for a second home project in Mumbai that is fully ready.

second homes near Mumbai
second homes near Mumbai

Location: When it comes to second homes, it’s best to choose one in the suburbs. This allows for a change of scenery when you wish to retreat to your getaway home. Moreover, should you choose to resale in the future, having a peaceful house amidst greenery will make your property desirable.

Do necessary research: Before taking this huge step, make sure you’ve done adequate research. Learn about the tax and interest rates, weigh the pros and cons and investigate available deals for second homes near Mumbai, so you can choose the best option for yourself. If you’re thinking of renting it out, make sure to familiarise yourself with the terms of Indian Accounting Standard 40.

Purpose: Be sure to be very clear about your plans regarding the house before buying. Whether you want to use it as a source of income or keep it as is will determine the size of property you buy and how much your budget is. In recent times, the popularity of second homes has increased manifold. It’s a tempting prospect but can only offer rewards if you’ve thought at length before taking the leap. So, before you invest, make sure to update your knowledge, and analyze and evaluate every step of the way.