Vacation homes are emerging as first home preferences

Vacation homes are emerging as first home preferences Latest News

The lockdown spurred two noteworthy trends among people-one that saw Mumbaikars staying Indoors within their urban dwellings and the other that saw an exodus to the hill station  homes, beach houses, and farm houses on the city's outskirts Getting away from the congested spots coupled with the work-from-home(WFH) and work-from-anywhere(WFA) trend was a common driving factor. While those who already owned vacation homes in Karjal Lonavala. Alibaug and Mahabaleshwar made a quick getaway for it. The rest began scouting for holiday homes with gifted layouts. The demand for vacation homes is only set to rise in the coming months among homebuyers, who already own home in the city, who are looking for an affordable first home or plot of land away from premium market. 

The need for a vacation stems from a desire to get away from the burgeoning city. Its hustle and bustle, hours of ledious commute, heelle work schedules and all the pressures associated with an urban lifestyle. But all of that changed with curbs on trav el and entertainment Imposed during the lockdowns. Buyers are now looks to live in locations far away from the congested city life. 
In a recent survey report, released by a prominent real estate, about 45 percent of respondents said they are more likely to buy a stand-alone family home now than they were prior to Covid-19, with many favouring waterfront homes (40 percent) and rural homes (37 percent). Not surprisingly, 66 percent of the surveyed respondents said large gardens and outdoor space are essential features, especially with the lockdown emphasising the connection between well being and the outdoors. Privacy is another feature in demand-52 per cent stated it's more important now than ever to maintain a certain amount of physical distance between neighbouring apartments while 33 percent wanted an annex for family members with the pandemic underlining the desire to have the elderly or extended family members living close by. 

A recent real estate research report, conducted by a premier International property consulting Orm, states that aspiring second-home buyers are more Inclined towards domestle locations, be it holiday destinations or slaycation homes nestled in the mountains or by the beach. Approximately three-fourths of potential buyers would like a second home In locations like Dehradun. Nainital, Shimla, Goa, Alibaug, Lonavala, Mahabaleshwar. Khandala, Panchgani, Karjal, Igal purl, Coorg. Ooty and Wayanad. With respect to Maharashtra, the report highlighted that HNIS of Mumbal and Pune prefer second homes In the Immediate vicinity. Apart from this, the mature holiday - market in these two cities is full of options for buying and renting prop Kerties. Additionally, the survey emphasised the presence of premium developers in popular second-home destinations in the state.

Be it a primary or secondary residence, a home is usually an emotion led purchase for buyers across age groups, states a study. A vast majority wants to hold on their second homes for a longer duration. The long term investment option does not change, even when the end objective is to rent it. Across a majority of the price points greater than 10 years. Infact as ticket size of the property increases, so does the intended investment period reflecting on intent to attain capital appreciation and rental return before eventual exit from the cherished property.

Given the level of uncertainty caused by the pandemic that continues to keep the world on teaterhooks, homebuyers are speeding up their holiday home purchase once again. Over 26 percent of respondents said that they were I likely to buy a second home to us grade their current lifestyle and use the second home as a retreat in the event of future lockdowns.
Moreover, the rental yeild in popular holiday home destinations are witnessing on growing trend. 
From a financial standpole while residential property prices seen to offer minimal scope for appreciation in the current scenario, the vacation home market seems to be gearing up for generating increasing returns.

Source: Mumbai Mirror


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