Whether you’re taking a leap of faith into the real estate sector and wish to acquire a property that flows cash every month or you just desire a place to dwell during holidays, or you want to find a flawless beach decampment or a commuter home near a major city, second homes let you experience that “privileged” lifestyle.
Dr Atul Goel, Goel Ganga Group Owner, and Author of the book “The Real Rich”, in an interview recently said that Now is the Wow time to invest in the real estate sector, in Pune, especially if you are looking for a second home destination here.
Purchasing a home in addition to your principal residence has numerous financial windfalls. 2 major ones are listed below:
Period Cash flow Generation
Leasing your second home as a short-term rental during the intervals you’re not hanging around there or as a long-term rental is an incredible way to get launched in real estate investing and begin building cash flow from it.
Appreciation of Net Worth
Although the real estate market encounters ups and downs, comprehensive tendencies reveal that property prices appreciate in the long term. This means you can expect a prosperous rate of appreciation in the long run, steadily accumulating your net worth.
Some due diligence and financial analysis are must pre-investment practices, the same as when you bought your principal residence. Though, variable costs, mortgage options, maintenance, and loan payments, can be considerably higher than your first home.
Purchasing another estate is a considerable financial obligation. It’s essential to put a figure on before you earmark to buy and own a secondary home. Therefore, before paying for a second home, one must evaluate if it is feasible to afford the property costs and overheads. A few expenditures to consider are Property taxes, Maintenance Charges, Utility bills, and Insurance Charges.
Here are some prime pointers on uncovering the perfect type of property by Atul Goel Pune:
• Determine if the property is for renting purposes, or second residence, or a mixture of both.
• Analyse recent market tendencies in the provincial area you are contemplating.
• Explore neighbourhoods to get a glimpse of the standard of living, conveniences, and proximity to major locations.
• Compare properties with respect to location and amenities to find the best deals.
• Calculate the average tariff of the comparable properties.
The subsequent step in the secondary house-buying process is to find a regional yet reliable real estate broker to find the exemplary deal.
Investing in an experienced real estate agent is worth it when buying a second home. They will encircle all bases to scout out the fairest pact as per your needs, especially if you are purchasing a property in a different state. They can excavate the ideal property as per your lifestyle requirements. The suitability of the property depends on the plan to buy a second home or rental property. Or do you want to move homes and shift to the new home and rent the existing property? They can also handle the preliminary negotiations with the owner saving you extra effort and time.
Make offers as the next process :
Once you have unravelled your fantasy home, it is time to make an offer. Utilize your negotiation strategy and plan on how much to pay with your real estate agent. This encompasses contingencies and how much earnest cash (down payment) to pay. Whether you propose below the listing price or satisfy the owner’s quoted price depends on if the house value is fair and how much you desire to buy the property. There might be counteroffers, negotiate and accept accordingly. If the seller accepts your proposal, you then commence the procedure of locking the deal.
Sealing the deal :
It can take anywhere from 1 to 2 months to complete all the formalities after the final offer has been accepted by both parties. During this period, the closing agent undertakes all the integral tasks to transfer the title of ownership from the seller to the buyer.
Buying a second home is a breathtaking process and can prove to be a smart and prudent financial move. It is therefore necessary that you conduct the due diligence in the project/property you are planning to invest in. For more visit Atul Goel Ganga Pune.
Goel Ganga Group Owner 