Few words bring us as much short term comfort to the
majority of professional, employed individuals as the word ‘weekend’ does.
These two days signify the time to catch up on those things important in life
that our work get’s in the way of. This is the time you get to sharpen the
proverbial ‘axe’ before you take on professional challenges head-on for another
5 days. Each of us has our prized weekend rituals, be it sleeping in, spending
time with the family or getting your fill of your entertainment quota.
When do weekends start to lose their charm? Senior
professionals amongst our readers will definitely have more of a say in this
matter. Should your career growth, additional workplace responsibility and
accountability always come as a double edged sword, meaning less time to enjoy
the fruits of your hard work? Work even gets in the way of a well planned,
annual, extended break where you find yourself glued to your laptop or stuck on
unending conference calls with colleagues halfway around the world. Maintaining
a balanced work-life equation has therefore become one of the biggest
professional challenges across the globe today.
What if there was an option to combine the comfort which
comes naturally associated with weekends, your home and the company of your loved
ones? This option could provide you with a short but effective furlough from
the rigmarole of the office, in the comfort of your family and friends without
having to travel hours on a cramped flight or rickety bus. You can avoid the
unpredictability of hotel comforts and accessibility while using this as a
source to supplement your income. These are some of the prime reasons why the
concept of ‘Weekend Homes’ is latching on in India.
The ever expanding middle-class with high disposable incomes
is finding it very hard to treat every weekend with the due importance it plays
in getting the family together. Imagine a place a short drive away from the
grime and grind of dense urban areas, in the lap of nature. These countryside
homes can afford you peace and solace which is rare to find in cities or a
sprawling urban annexure. Add in a mountain valley or a scenic beach and the
value of such places goes up many folds, not only from the perceived comfort
value but also its real economic value.
Typically, a well planned weekend home is a high growth
location near a city, with sound infrastructure and development which enhances
its value many times over its acquisition cost. You can
also avail tax benefits on your weekend home; if you have purchased the
property through a bank loan, then the interest paid on the mortgage is allowed
as a deduction for tax purposes. You can also deduct expenses like property
taxes and municipal overheads that you paid from the rental income.
Realistically, you may opine, it would be impossible for you
to visit this perfect getaway each week of the year. Also, it is highly
cumbersome to maintain the home in your absence, or so you would think. This is
where the role of a good developer comes into the picture. Taking into
consideration that many customers find these as challenging aspects while
deciding whether or not to invest into a weekend home; developers have
responded with solutions of their own. Hospitality and maintenance options let
you lease out your property to fellow holiday makers during those weeks of the
year when the house lies vacant. This can prove to be a second source of
income. The same maintenance crew ensures that your home is in proper shape
when you arrive to spend your weekend rather than you having to waste precious
time.
Developers have seen a spurt in demand for weekend homes
from Indian expats, who are keen to go to newer destinations during their
holidays back in India. They are also keen to retire in India and scenic and
peaceful destinations in the vicinity of big urban cities. We have also encountered a boost in the concept of weekend home from
the upper middle class families. This boost has managed to bust the myth around
weekend home affordability and up-keep. Weekend homes were always seen as the
investment restricted to the upper classes, but this stereotype has begun to
fade away.
Choosing the right weekend home comes
with a certain set of challenges but answering some key questions can assist
you in taking the correct decision. Let’s begin with the most important one
which is location. While not all cities have options for your consideration in
each direction, you would do well which has the best accessibility and growth
potential in the future. While current infrastructure availability is important,
look out for areas that might show exponential growth in the near future due to
external factors. Karjat (Pune-Mumbai), Dharmapuri, (Bangalore-Chennai) and
Lepakshi (Andhra Pradesh) are some great areas in India to invest currently.
Weekend homes can be villas, duplex homes
or even chalets depending on your preferences of privacy, space requirements
and budgets. Remember to ask you’re the developer you are considering for a
full range of facilities being planned as part of the project for all age
groups like relaxation zones, nature trails, landscaped gardens, swimming pool,
campsite, and sports facilities. The more thoughtful developers will
amplify the natural resources at hand and add man-made features to give
customers the best value for their money.
Whether it is to maximize your precious family moments, to
make a style statement or supplement your income, weekend homes form the
perfect asset sub-class in your real estate portfolio. Happy weekends are a
short drive away!
Publication: Property
Weekly
Author: Lansel D`souza, Senior Vice President, Expat
group
