second home -investment present growing trend in pune

at first you are considering the options of buying a second home there are certain tax implications which one should be aware of. All the property transaction falls under the umbrella of income tax which means purchasing and selling property is taxable.  

PURPOSE

first the main purose of a second home is to provide an avenue for refreshment and to spend tme away from one;s fixed routine.home buyers should be clear in the mind about the purpose of investing in the second house and select a location according to their needs.

Financial Benefits

to start with,it is always advisable to the buyers to take a loan for buying their second home.taking loans makes you eligible under section 80 C to avai benefits. as home loan is cheaper than other loans and one can avai full tax benefits on the payable interest. another method which is more prevelent in the middle class indian families is-joint loan.in case of joint loan both the parties (father-son) or (husband-wife) can avail the tax benefits if both of them are repaying the loan amount from their own funds.

RERA APPROVAL

the project must be RERA approved and should be home loan approved by major lenders.

LOCATION PREFERENCE

generally outside the city or in a place that offers a clean environment. for investment purpose. the location should offer good rentals returns and capital appreciation

LOCATION

purpose, location preference price,resale scope and ROI prospects are the things a homebuyer must keep in mnd before investing in a second home. the second home shuld not be too far from city. check Probably best and budget fit project in south pune

GET TO KNOW THE AREA BEFORE BUYING

even if you’ve been visiting the same vacation spot for years, you nee to get to know the area from non tourist perspective if you plan to buy there. visit the place off-season, and talk to locals to get their take on the area.

RENT YOUR HOME OUT FOR EXTRA INCOME

if you need extra cash to supplement your monthly mortgage payment,renting out your second home could be good option.being a landlord comes with more responsibilities than many people realize, so familarize yourself with landlord /tenants laws and the fair housing act before renting out of you. check also housing blog tips to do & donts buy second home

CONNECTIVITY

proximity to daily needs, schools, collages,hospital,highway,amazon flipkart delievery  should availlabe.

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