India is a booming market for real estate enthusiasts. Most people invest in residential or commercial areas. Recently, people have started investing in areas related to tourism. Several people have understood the importance of having a second home in a beautiful location. 

Work And Learn From Home 

It acts as an excellent investment and a vacation lounge for the family. People can make passive income from a second home. Besides, people in most income ranges can invest in a second home. Here is a brief look at the second home trend in India.

According to an article by livemint.com, the second home industry will gain more traction in the coming years. It is because wealthy individuals are looking to get away from the bustling cities during the pandemic. Nearly 70% of people want to invest in second homes if they cost less than ₹2crores. Several buyers would like to purchase second homes in India within two years. However, they want to hold on to those homes for more than five years. The intended investment period increases with the ticket size. It reflects their intention of attaining capital appreciation and rental return before exiting the property market. Most people would love to invest in a second home inside a gated community with security and entertainment amenities. 

The market for second homes in India is experiencing an upward trend. During the pre-pandemic era, capital appreciation and rental incomes were the most significant factors in real estate. The increasing demand for second homes has added one criterion to this real estate equation - safe residential area outside pandemic hotspots. The rental yields of second homes are also increasing with time. Technology and media have also played vital roles in strengthening the vacation home industry in India. 

Several factors are responsible for the increasing demand for second homes. One of the most significant reasons for this rising demand is the acceptance of work-from-anywhere set up. If people can work from anywhere, they would choose to live in a place away from noise and rush. People select beautiful second homes to stimulate their working conditions and mental peace. Technological advancements worldwide have caused a rapid increase in sales of second homes. Several aggregators and operators have also highlighted the role of second homes in generating passive income. Here are some factors that make second homes a hot trend in India: 

People have gotten used to the work-from-home setting after the pandemic. Schools have also begun to operate remotely, relying on online platforms for everything. Travelling is no longer a necessity for some people. With this complete change in the modern lifestyle, people have changed their priorities. They want a home away from the city to balance their lives. A second home is also an excellent place for vacation. Buying a second home was never an alien concept in India. However, it has entered the mainstream in recent years.

Changing Lifestyle

People have begun to think seriously about their lifestyle decisions. They do not want to spend time as a mere cog in the machine. A second home is a perfect space for enjoying some me-time. People want to have a residence where they can kick back, relax and enjoy nature and greenery. They have become aware of mental health issues and the need for relaxation in their lives. A second home enables them to change their surroundings completely. Having a place where no one can remind them about work is a luxury for most people. 

Internet Advantage

The internet and digital marketing resources have played a vital role in popularizing the concept of second homes. In the pre-pandemic era, a second home was a luxury for people. Today, companies provide several options for investing in vacation homes away from cities. It extends the affordability of second homes to middle-class families. These amenities encourage people to invest in vacation homes for their benefit. They do it to improve their income.

Affordable Prices

A beautiful 3BHK home in a remote location costs less than a cramped apartment in a crowded city. People have grown sick of the loud, bright metropolitan areas. They invest in second homes because they can afford them. However, the steep growth of the vacation home industry will cause prices to increase in the coming years. It is why people are booking their second homes before running out of time. The stamp duty rates have also decreased, due to which people are more willing to buy property than before.

These factors make it easy to buy a second home in India. As long as work-from-home is a thing, second homes will have a high demand. People have adjusted to the new normal with a liking for second homes. Second homes are popular among Indians due to their tight work schedules. Everyone in India does not have enough free days to enjoy a long vacation. Buying a second home in a place like Ooty allows people to enjoy peace during their workdays. It is better to work in a serene environment than a chaotic one. 

Second homes are a growing trend in India. However, the second home market in India can get saturated with people rushing in quickly. It is advisable to seek help before buying a second home in India. India is full of beautiful, mesmerizing locations perfect for buying a house. A second home in any random hill station or beachside can generate some passive income for you. Besides, the real estate prices will only increase in the future in India. So your second home will become one of the most expensive assets after a few years.