Over the past few years, the pandemic and the subsequent shift in work patterns have led many people to re-evaluate their lifestyle choices and investment options. This has created an ideal environment for many to invest in second homes. The need to diversify investments and enhanced affordability are the two most important reasons.
Over 70% of the consumers would like to invest in second homes within two years, says a study. The survey also reveals that more than 58% prefer gated communities for their second homes.
One potential second home location that’s a favorite with new-age home buyers is Hiranandani Parks, Oragadam. Home to luxurious 2.5 & 3BHK apartments and ready-to-build premium plots, the 360- acre township is packed with a fine range of features that includes 12+ sporting amenities, themed gardens, plenty of open green spaces, an international school – TIPS Oragadam, Rela multi-specialty hospital, and more.
Here are some reasons that make Hiranandani Parks, the best place to invest in a second home.
A major investment: Oragadam is a clear winner when it comes to a location that will give you the greatest chance of making a profit, either as a rental income in the near future or for long-term asset appreciation. The Sriperumbudur-Oragadam belt has witnessed massive growth in the last five years with some of the international automobile giants, and major MNCs establishing their foothold in the area. This has led to a large influx of professionals making it a real estate hotbed. An investment here will appreciate and give higher returns than any other asset class over the years.
Rental income: The income potential for a second home can be one of the most profitable investments in a person’s lifetime. The influx of professionals both local and ex-pats who work with the many MNCs located in Oragadam has led to a constant need for quality homes. The exclusive rental desk at Hiranandani Parks helps the owners who own luxury apartments in this township to rent out their homes. This offers a great opportunity for homeowners to rent out their homes and generate income.
Tax advantages: Owning a second home comes with multiple tax advantages. The payment of interest on the home loan would help save taxes. There are no limitations on the number of properties that a person can own, so if one chooses to purchase a second home, there are many tax advantages that an individual can use.
Price appreciation will generate good returns: As the rent appreciates, so will the value of the property. Investing in a second house is a safer bet since the increase in property value cancels out the rise in inflation.