When you think to buy a second home
Having your own home to live in. This is a dream of everyone. We also fulfill this dream at some stage of life. A home loan is taken for this. After a few years, the flow of money to you increases. You start saving money. And the idea of taking a second home somewhere in your head starts to come up. A nice place is chosen near nature, or a place comes to mind after seeing advertisements, and we buy a second home.
This is a concept that everyone wants. How beautiful and nice it looks on the surface. But once you take a second home, then a series of problems come up. And it seems that you have chosen this second home option. He wanted to invest somewhere else. Let's look at some of the reasons why this seems to be the case.
What problem you may face after buying a second home.
Taking a second home makes the mind very happy. We begin to feel proud in front of our relatives and our friends and surroundings. Once there, the mind is filled with natural scenery. But all this does not last long. Because we can't live there forever. Then when you go to live in your house, your second home is empty. But even if it is closed, other things are going on. The house runs a non-stop meter of monthly maintenance costs. Along with that, the light bill also starts coming month after month. The government's property tax goes up. So if you decide to rent your house to earn an income, there is no guarantee that you will get a renter soon as it is far from the city. And even if you get a tenant, the rent will be much lower than EMI you give to the bank against that property. And if you are tired of all this, you are thinking of selling your house. So it's hard to find a customer there. Then maybe we got stuck in all this by paying money. This feeling may come to your mind.
However, when taking a second home, could you take it in such a place? Wherever you want to sell that house, it will be sold easily.
What is a good time to buy a second home?
If you are thinking of moving there after retirement, if you are thinking of buying a house in such a scenic place and having enough money to repay the entire house without taking a loan, then buy a house without any problem. But if you are thinking of taking out a loan and buying a house with a bank's help, you should save the money in the bank. As you are about to repay the loan installments, keep investing the money in a bank or a mutual fund regularly. By the time you retire, that money will have grown significantly. And where you want to buy a house, however, house prices may not have increased that much.
also, check Mutual fund or other investment options
Or if you don't want to live there and are thinking of buying a house just for the sake of investment or a little bit of prestige in society, invest your savings in mutual funds or shares instead of doing so. And if you want to go on vacation in such a beautiful place, rent a house there for a month and go on vacation with your family. Enjoy nature and come back to your home after the holidays. Your money will be saved, and there will be no further mental stress.
Image source - Makaan.com
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