Thinking about a second home, if you have enough savings to invest in a second home, it will be a very plausible idea with high-profit potential. Since the real estate market has always been a risk-free & safe investment choice. However, before you go ahead with the plan to buy your second home, you have to consider certain things like you have no overhead debts, you have sufficient reserve and emergency funds and of course, you have a good and stable source of income. If all these are fulfilled, you can head down to execute your plan for your second home. Going to own your second home has several benefits in terms of investment choice or getting a regular income. Here we list down some reasons you should go for your second home if you have enough cash for investment.
• The Promise of Assured Rent
With high real estate prices, the clearest benefit of buying a second home is the promise of assured rent. As rental income has improved manifold over a period which makes buying a second home to rent out is the right method for a stable regular source of income. Also with the implementation of RERA and GST in the real estate market, now investing in second homes for rental income will progressively more become a trend.
• Adding a High-Value Asset
Owning a second home is obviously another investment in your investment basket. Due to the fast pace of growth in the real estate market in India, the value of your home would also be getting higher. So it will give you a high-value asset over a while and this may be sold later at a high price to liquidate the asset. For the time being, one can add to the rental income in their bonus perks.
• Retirement Home
As retirement emerges on the possibility, many of us commence worrying about their money & where to invest to relieve their retirement life. But owning a second home is the ideal investment choice & you got the freedom to go to a place for a change that is fully yours. Alternatively, even you can move to that home if you find it more suitable for your happy retirement life, renting out the earlier one. Otherwise, a second home can be used as the fixed source of income after your retirement if you put it on rent.
• Tax Savings
Buying a second home also comes with the extra incentive of tax savings. i.e. If you have taken a loan to own your second home, you can get tax considerations up to Rs 2 lakhs towards the interest paid & a tax deduction up to the total paid towards interest when the home is let out on rent. This aid you save tax on the loan simultaneously, adding up a high-value asset.
• Savings for Future Purpose
Despite providing extra rental income & tax benefits, second homes are considered good investment choices for the future purpose like children’s education, children’s marriage, retirement, future emergencies or events. Emergencies always come unexpectedly, so based on your financial state, you could very well sell your second home and use the cash to deal with your financial burdens.
So, now we have seen the perks of owning a second home. In the meantime, if you want to buy a second home for investment? Check Varma Homes projects right away! Visit: www.varmahomes.com. Being the best and the most promising real estate builders in Kerala, you can completely trust Varma Homes for your future investment choice. We have our ongoing residential projects in major parts of Kerala like Kochi & Thrissur & Trivandrum. So believe in us, have the best home and get the best experience with us.
If you are thinking to buy an apartment sooner or later in your life, begin saving at the earliest. The longer you try to save up for your deposit, the costlier your house is going to be. So it’s significant to start planning as early as possible. Here are some tips to keep in mind ahead of buying your first apartment to get the best deal. Decide On Your Budget The primary step in the funds saving method is budgeting. Decide what sum you can comfortably pay for. Heed at wherever your cash goes to each month & where you are paying the most sums of money. Note down the amount you spend on necessities such as utilities, rent, student loan payments etc. Then think through the amount you go through every month in the items like restaurants, entertainment, shopping & so on. Once you classify your expenditures, search for sections where you can cut back. Set a definite budget for every classification & stick to it & ensure you budget a particular amount to add on for your down payment each month. Go For a Side Hustle to Earn Additional Cash to Save For an Apartment Sounds crazy? However, actually starting a side hustle is one of the best saving tips for buying an apartment. Sometimes to earn extra income, there are several ways such as getting a second job, working extra hours or overtime, or beginning some kind of side hustle. Chop Down Your Debts If you are planning to take a mortgage loan for buying your first apartment, but you already have additional debts like credit cards, personal loans, car loans or student loans they could definitely reduce the amount you can put into a home loan. So take time to pay off your debt before you head down for applying for a home loan. Look at closely how much you owe on your student loans, credit cards, personal loans or car loans & generate a plan to tackle it. This will not only help alleviate some of the financial pressure yet additionally help you secure a better mortgage rate. Cherry-pick Good Investment Options It is vital to direct some part of your revenue towards investment through Systematic Investment Plans (SIPs). For instance, if you begin to invest 25,000 a month via SIP with a modest return of 10% for just 3 years you can get Rs.10.53lakhs. In this manner, you can easily save for your down payment without nerve-wracking about lifestyle changes. Also, there are some other investment options for the short term: equity-based mutual funds, ELSS etc. Be Financially Disciplined Where does most of your monthly income go? On rent, groceries, dining out, shopping, entertainment? Start analysing this. Categorise your expenses and determine how you’re spending your money and then make a budget. If you want to save for your dream apartment, start cost-cutting, avoid wasteful spends, clear your debts and may be try to expand your income pool. Rent Out a Smaller Place If you are living on rent, to save for your apartment buying, you may consider shifting to a smaller house for the time being. In case you are single, think about living with family or companions for a year. Any sort of savings will assist you with getting close to realizing your dream about purchasing your own home. When you’re ready, you can begin the apartment purchasing process. But before that, you have to find a reliable builder. If you're looking for owning your dream apartment in Kerala, then here is your right choice- Varma Homes, the most trusted builder in Kerala. Varma Homes is one of the best residential builders in Kerala, who have residential projects in several locations of Kerala like Kochi, Tripunithura, Thrissur, Kozhikode & Trivandrum. We fulfil your dream of a home with our unique designs with guaranteed quality checks of process & materials to ensure you a perfect home in reality. So get started with buying your dream home with us!Read More
Yes, it is clear that the real estate developers and homebuyers were the biggest winners in the Budget 2019, and therefore the industry's housing extents may see a commendable shift. Real estate experts welcome the tax benefits and the various exemptions declared within the Interim Budget 2019 are probably upsurge the demand for real estate and in the affordable sector. The Finance Minister Piyush Goyal presented the budget on February 1st, the real estate industry had the major reason to happy as various direct, and indirect measures were proposed for the damaged sector. The property area, which has been fronting a number of multi-year demand slowdown, particularly with falling sales, may profit significantly from the new proposals of this budget. Let’s check out what real estate gained in budget 2019: No need to worry about two self-occupied houses - People who own up to 2 self-occupied properties do not need to pay any notional rent tax on them. Exemption of notional rent on the 2nd self-occupied house can give extra savings within the hands of the second home purchasers and will additionally boost the capitalist activity within the sector. Considering the problem of the middle class has to take care of families at 2 locations on account of their job, care of parents, children’s education, this move will offer a space to save more on housing taxes. Many folks would additionally request choices to purchase for homes after this rollout of the new benefit in housing investments. Capital gain advantages on 2 housing investments -The good thing about the change of capital gains underneath section 54 of the Income-tax Act is going to be boosted from investment in one residential house to 2 residential house for a taxpayer having capital increases up to Rs 2crore. This profit will be availed once in a lifetime. This reinvestment of capital gains in 2 homes, is expected to increase investment in residential real estate zone and make this market more attractive. TDS threshold for the tax deduction on rent hiked - The TDS threshold for deduction of tax on rent has been proposed to be increased from Rs 1, 80,000 to Rs 2, 40,000, which provide much relief to small taxpayers. Therefore, this move will definitely drive up the sales of affordable housing. Relief for housing developers & home buyers- The Interim Budget 2019 will offer abundant chances for the homebuyers to invest. Extension of the exemption limit for taxpayers will upsurge the purchasing capacity of the homebuyer, thus providing a path to attain ‘Housing for All’ vision. In addition, builders do not have to pay notional rent on unsold flats for two years after the year in which the construction is finished, which is a great step. Income tax rebate-The tax rebate concept helps Individual taxpayers, those having taxable annual income up to Rs five lakh can get the full benefit for the tax rebate and so won't be needed to pay any income tax. This proposal can facilitate in increasing the budget of house buyer’s and might give a giant boost to the demand for housing. The budget offers additional income within the hand of the residential land client, encouraging them to push their budgets up for brand spanking new homes, whereas conjointly providing tax incentives for finance in a very second home. It ought to increase demand in the residential niche market. The much-awaited auspicious time of the year is here, when persons look forward to spending cash on several kinds of stuff, especially homes and golds. Because of this favourable budget 2019 of Government, the real estate market gets a big boost and the homebuyers gained more benefits. Therefore, it is clear that this 2K19 is the perfect year for both housing developers and homebuyers. Experts say that there cannot be a better time to buy a house than now. If you have any plan for buying your dream home in your preferred location, then it is the right time. Also, you no need to worry about choosing the right builder; here is your solution Varma Homes, the best builders in Kochi. We building living spaces that truly matters your happiness. You can catch your dream apartment with us in the major prime locations of Kerala. So hurry up, now the decision is up to you…Read More
Here are some things to think about before deciding on the property you want to purchase if you're intending to buy a house in Thrissur. This will assist you in purchasing a home that will improve your quality of life and yield a profit when you decide to sell it.LocationThe most crucial thing to take into account is location. Your ideal home should be situated in a decent neighbourhood that is secure, clean, and well-equipped with amenities, and that has had significant expansion in recent years. It should have easy access to parks, public transportation, health facilities, educational institutions, governmental agencies, shopping centres, and other areas of the city.Value of appreciationThe property you select must be situated in a neighbourhood that has recently experienced expansion. With the passage of time, property value should have increased significantly. The best place to invest is here because it offers a wealth of services and will yield decent profits. If you decide to rent out the home you purchase, you may also anticipate receiving a good rent in such a location.A well-planned living areaExcellent space design is a key component. A well-designed home will ensure optimum ventilation and, as a result, a healthy life for its occupants. You must ensure that your home complies with Vaastu if you practise it. Your stay in your dream home will be enjoyable and stress-free if it is roomy and well-designed.Infrastructure and AmenitiesEnsure that a gated villa or apartment you are considering purchasing offers the essential utilities. There must include a gym, pool, kids' play area, security, and CCTV cameras. Having these things nearby is a bonus considering the hectic lives that the majority of us lead today.Percentage of common areasA skilled builder would plan their building so that the space set aside for hallways, tunnels, etc. is effective and not wasted. This implies that you get the most out of your home and hence, value for your money. Study the area options the builder has to offer and decide which is best for you.Upkeep and other feesThere are frequently hidden fees that have astronomical prices. The maintenance and other costs for luxury residences might occasionally, even frequently, be very exorbitant. Before you decide on a property, make sure to carefully review everything.The NamePick a name that is well-known in the real estate sector. This demonstrates the builder's excellent reputation and wealth of business experience, making them a popular option for Thrissur home builders.One of the greatest builders in Thrissur is Varma Homes. Years of expertise in the industry taught us that real happiness can only be found when the homes built are of quality and most importantly, eventually, become an investment worth a lifetime. For timely and efficient all-time delivery, we strictly follow efficient methods of planning in advance, training labourers, and staff members and adhere to safety procedures.Read More
When it comes to making real estate decisions in the vibrant city of Kochi, prospective buyers often find themselves torn between the allure of spacious bungalows and the practicality of contemporary apartments. While bungalows offer their unique charm, there are compelling reasons why apartments in Kochi are emerging as a preferred choice. This article delves into six key factors that underscore the advantages of apartments over bungalows in this bustling South Indian metropolis, emphasizing the investment potential, convenience, sense of community, competitive pricing, reduced maintenance costs, and high-quality construction that apartments offer.Investment PotentialThe real estate market in Kochi is quickly expanding, with rising demand for both commercial and residential buildings. Property values are predicted to improve over the next several years, making this an excellent time to invest in the city's real estate market. Kochi is a major commercial centre in South India, with a diverse economy that includes businesses such as tourism, information technology, and manufacturing. This implies that there are several investment prospects in the city, which is expected to develop further in the next few years. Kochi is experiencing considerable infrastructure development, including the extension of the metro rail network, the creation of a new international airport terminal, and the construction of a new port. These developments will increase connectivity and make Kochi an even more appealing destination to live and work.ConvenienceAs previously said, several developers in Kochi provide ready-to-occupy flats, which means that homeowners may move in right away rather than waiting for development to be done. Most Kochi apartments provide a variety of conveniences that make daily living easier. Security, parking, power backup, and garbage management are examples of such services. Several Kochi apartments are in ideal locations, adjacent to major facilities like schools, hospitals, and retail malls. This can help you get to whatever you need on a daily basis. Flats can provide a sense of community since members live in close proximity to one another and share shared areas. This can promote a sense of belonging while also providing possibilities for socializing and networking.Established CommunitiesLiving in a well-established neighborhood might give possibilities for socialization and meeting new people. Many flats feature communal areas where tenants may congregate and engage, such as gardens, parks, and community halls. In a flat, an established community may create a sense of protection and security. To safeguard the safety of tenants, many apartments have security measures in place such as CCTV cameras, security officers, and access control systems. The maintenance and repair of common spaces and facilities in an established community are normally handled by the residents' organization or the builder. This implies that residents are not responsible for the upkeep of communal facilities like gardens, parks, or swimming pools.Competitive PricingKochi's real estate market thrives on competitiveness, with multiple Builders In Kochi and builders in Kerala offering homes at attractive price points. Also, the price of an apartment in Kochi might vary based on numerous aspects such as location, facilities, and the builder's reputation. Buyers have a variety of alternatives to pick from, and they may compare and negotiate prices with builders to obtain the best bargain possible. However, before buying a flat, it is critical to conduct rigorous research and due diligence to ensure that the pricing is competitive and the property is a suitable investment. Kochi has various regions with economical land, which can assist cut construction costs and allow builders to provide competitively priced flats. Certain Kochi builders employ new building processes, including pre-cast concrete construction, to assist cut construction time and costs, allowing them to sell apartments at cheap pricing. The Kerala government provides numerous incentives and subsidies to builders and developers that establish affordable housing developments, which can assist lower building costs and enable them to sell apartments at reasonable prices.Reduced Maintenance CostsFlats may have lower upkeep expenses than other types of homes such as detached houses or villas. This is because the maintenance of common rooms and services in a flat is normally handled by the residents' organization or the builder. This implies that the expense of maintaining common facilities like gardens, parks, or swimming pools is shared by all residents, which can assist lower individual upkeep costs. Furthermore, some builders may utilize energy-efficient designs and materials, which can assist minimize energy usage and maintenance expenses over time. Professional property management companies may also assist in the efficient and cost-effective administration of maintenance duties.High-quality ConstructionFlats in Kochi are built to a high standard. Several Kochi builders and developers employ high-quality materials and building processes to create apartments that are long-lasting, secure, and comfortable to live in. These builders frequently adhere to construction laws and regulations, ensuring that the apartments are built to a high degree of quality. Moreover, some builders may employ sophisticated construction techniques such as pre-cast concrete construction, which can increase building quality while shortening construction time. They may also employ energy-efficient materials and designs, which can assist minimize energy usage and maintenance costs over time. It is crucial to remember, however, that not all builders and developers maintain the same level of quality in their construction projects. Conclusion:In the vibrant city of Kochi, the choice between apartments and bungalows is not merely about four walls and a roof but about embracing a holistic lifestyle. While bungalows hold their charm, the practical advantages presented by apartments, including investment potential, convenience, community, competitive pricing, reduced maintenance costs, and high-quality construction, paint a compelling picture. As Kochi's Builders In Kerala and Builders In Kochi continue to shape the real estate landscape, the choice to invest in apartments in Thrissur or flats in Thiruvananthapuram emerges as a prudent decision that encompasses contemporary living and promising returns.Read More
One of the greatest purchases most people make is purchasing a home, and with so many different types of homes to choose from, the process can be a little overwhelming. Trivandrum is a terrific place to live because it has so much to offer its citizens. Additionally, Trivandrum offers a large selection of flats to choose from due to the city's burgeoning real estate market.However, before committing to one, you will first need to make sure of these points which will get you a good deal. Research the market: Before committing to a purchase, it's important to familiarize yourself with the real estate market in Trivandrum. Understand the different neighbourhoods, the average price ranges, and the types of properties available. This will help you make a more informed decision about which property to buy.Get pre-approved for a mortgage: Getting pre-approved for a mortgage will give you a better idea of how much you can afford to spend on a property. It will also make the process of buying a flat much smoother, as you'll be able to move quickly when you find the right property.Hire a real estate agent: A good real estate agent can help you navigate the buying process and find properties that meet your needs. They can also provide valuable advice on things like negotiations and closing costs.Consider the long-term: When buying a flat, it's important to think about the long-term. Consider things like the resale value of the property, the potential for appreciation, and the overall livability of the area.Don't rush into a decision: Buying a flat is a big decision, and it's important to take your time and make sure you're making the right choice. Don't rush into a purchase just because you feel pressure to do so. Take the time to weigh your options and make sure you're comfortable with your decision.Here are a few key questions that you should ask before purchasing an apartment in Thiruvananthapuram1. What is special about this project?The builder ought to be able to persuade you of why this specific project is beneficial for you and provide financial justification for it. He should explain why it is superior to projects from other builders as well. This ought to address things like the calibre of the materials used, the after-sales services, the special features, and the excellent location.2. What is the built-up area of the flat?The builder should be able to answer questions about the carpet area, built-up area, and super built-up area precisely and accurately. The pricing of the apartment is based on the carpet area, which is the actual square footage of the apartment you are purchasing. To enable you to assess the overall cost and its viability, the builder should provide you with full details regarding the specs.3. Can you provide copies of all legal documents involved?You should request copies of the following documents, among others: the title deed, the commencement certificate, the approvals and NOCs from various agencies, the previous tax receipts, the RERA registration number, etc. All of these papers will make sure that the property is clear of any flaws that can later end up costing you money.4. What occurs if the project isn't finished on schedule?The builder should offer a detailed contract outlining his obligation to pay a specific sum for each month the project is delayed. This is one of the rationales behind the creation of the RERA statute.5. When should you anticipate the OC?Before you move into your Trivandrum apartment that is ready for occupancy, the Occupancy Certificate (OC) must be supplied; otherwise, you run the danger of being evicted.In conclusion, buying a flat in Trivandrum can be an exciting and rewarding experience, but it's important to do your research, get pre-approved for a mortgage, hire a real estate agent, consider the long-term, and not rush into a decision. With these tips in mind, you'll be well on your way to finding your dream home in Trivandrum.Since its founding, Varma Homes has effectively established itself as one of Kerala's most reputable builders. We started out with residential construction in Kochi and have since extended to Thrissur and Trivandrum. We'll be launching in Calicut and other big cities very shortly. To constantly produce the greatest service and quality in our pricing range, we make it our full-time goal. We don't have any projects that are stuck at Varma Homes since we firmly believe in creating satisfaction for both our team members and our stakeholders.Read More