Blunders That Can Be Dodged While Buying A Second Home

Haven’t we all headed out of the city at some point in our lives and thought the same: owning a house somewhere beyond the mundane metros; one that you could call your own and escape to at the drop of a hat? To covert that thought into action, however, requires extensive research and meticulous planning – one wrong move and your dream of a leisure home could come crashing down.

We, at SaffronStays, once had a guest tell us, “I wish I owned a place like this! Couldn’t contain my jealousy” when he visited SaffronStays L’attitude, Kamshet. What is it that made this house so special? Over-ruling every little touch point that could have turned into an obstacle. But not all home owners invest in copious amounts of research before investing their money. So here are a few mistakes home owners often overlook in their zest to buy a second home:

Buy V/S Build

In most cases, the point of a getaway home is to have a place that is an extension of your personal self; one that you can escape the monotonous to. So rather than opting for cookie cutter created blocks of societies, designing a space from scratch shall have a personal touch that will make you feel at home the moment you step into it. It’ll be your own unique creation, after all.

Capital Appropriation

To say that second homes double up as a hefty investment would not be news. Buying a property, creating a home and maintaining the space requires home owners to dig deep into their pockets. Utilities, permissions, taxes and mortgages can add up to a sizeable amount, and owners should be well aware of what they are stepping into. Buying a land slab or property you have your heart on, and then falling short of monetary resources to maintain the home, or curate it as per your wishes is a criminal waste of effort. Site audits, inspections and regular check-ups can help keep a tab on expenditure, but if the initial investments are not backed, owners can be drawn into an endless pay cycle that beats the purpose of a relaxing and calming getaway.

Insurance

Like investing in insurance schemes for homes, your weekend getaways too will need a flurry of insurances: Theft, Mishap, Fire, and the shebang. Keeping indemnity in mind while valuating the property and proposal should be of utmost importance. Ever so often, missing out on the fine print can lead to extravagant losses and increase the spending by a home owner. It goes without saying that volumes of research for the best insurance policy would only benefit the homeowner in case of any damage.

Willingness to Travel

The essence of buying a weekend home lies in the distance from your current address. If you are investing in a home that you plan to visit twice or thrice a year, by all means purchase one in the opposite corner of the country. But if you wish to slink away and catch a lazy night every weekend, scout for properties closer to home. No one wants to spend 14 hours of a weekend getting from one place to another, irrespective of how lovely the drive is.

Access Route

They say the journey matters more than the destination, and it could not be truer. Imagine crawling your way through a kachha raasta every weekend or being denied access to your second home because the route was washed away? Not ideal for a place you and your loved ones want to head out to, right? The possibility of improving the current road system, and the probability of it degrading over time should be an added factor in purchasing a house or piece of land as a retirement stay option, given that old age and health issues can make travelling to far off locations extremely cumbersome.

Hiring Manpower

Buying a second home, maintaining it and ensuring its functioning requires capital and manpower. If the former has been addressed, the latter is the next obstacle. Hiring help from local villages around the property would ergonomically and ethically viable. To make your retirement home, truly a home away from home, you must put in your resources wisely – quantitative and qualitative hiring.

On-Site Presence

It may not always be possible to run away to your weekend getaway. See what your schedules look like? Can you skip town and visit your second home as and when needed? If the answer is no, it is probably not the right time to invest in a home that you may not have the ability to visit, yourself. While creating a home, an owner must be actively involved along every step, and his/ her absence may not yield the desired results.

Luxurious Additions

Before purchasing a property or setting out to create a home, an owner must decide the voice of the space, and in effect, the budget he/ she would want to allocate into creating this vision. From modern chic to regal traditional, and subtle luxe to obnoxious wonder, the ‘vibe’ of a home and the elements invested in the same, go hand in hand. It is advisable to chart out the end game, before setting out onto the field.

– Team SaffronStays

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