In the northern region of the country, Tricity is the best place to live in. Chandigarh, Panchkula and Mohali are connected with each other and are known as Tricity. These places are famous for providing the best infrastructures and facilities, helping everyone to live a luxurious life.
Having your own home is a dream of many people in this area. But having a chance to invest in or purchasing a second property is leisure. Not everyone is able to spend such a huge amount in purchasing another property, one needs to consider various factors before investing.
Since the market is fluctuating constantly, real estate is becoming the prior choice for investment by many people. nonetheless, there are also some setbacks to take into consideration before a second home is bought.
We’ll help you make the right decision by bringing out the pros and cons of owning a second house in Tricity:
Pros of Buying A Second Home:
- Good Investment Option: Buying a second home is without a doubt a good investment option. As it can be used for your own purpose such as to celebrate some functions or to take a break from your usual life and use the second home as a vacation home at a prime location. In the current economic times where the stock market and usual investment options are not being profitable, owning another property is considered a good investment option for the long term. As inflation is rising, the value of the property is also tended to be appreciated which makes it the right decision to invest.
- Rental Income: Earning some extra income is never a bad option. The most obvious perk of buying a second home is that you can rent it out and earn rental income from the tenant and can also use this income to pay your EMI.
- Tax Saving: Another perk of buying additional property is that you can save tax. If you obtain a home loan for a second residence, tax deductions on the principal loan under section 80C would be assured. In compliance with Section 24 B, the interest paid to the mortgage also results in a tax deduction.
- Financial Aid: Life is full of uncertainties and when any uncertainty occurs you can use your second home as financial aid. If a situation of financial difficulties arises in front of you, you can sell your home and can solve your problems. And for a property in Tricity, you can get a really good amount as it is well developed and dream place of everyone to reside in.
- Easy Connectivity: owning a second home in Tricity gives you the benefit of having great connectivity with famous hospitals, educational institutions, famous tourist landmarks and also convenience with transportation. This accessibility is one of the major reasons why people prefer to buy apartments in Tricity.
Cons of Buying A Second Home:
- Maintenance Cost: Before investing in the house, you must evaluate the maintenance costs. Based on the project and the scale of the residential property, the maintenance costs can be calculated approximately. You need to make sure that you can bear that cost. Rental income can help you with it but only if you get a good tenant, which brings us to our second con.
- Risk of Not Finding a Tenant: If you’ve already opted to purchase a second house in order to rent, you have to explore to see whether it’s convenient or not. You should do prior research on your own to check if the property or area you are investing in is high in demand or not. You should invest in an area that has a high demand for residential property. In Tricity, Mohali is the area where demand for residential property is quite good as there are many students and adults working who look for a premium place to reside in.
- Tax Saving Gains Decline Over Time: there is a significant amount of interest to be paid during the initial EMI instalments on a home loan. However, the interest rate reduces in the proceeding years of the debt redemption and this affects the interest benefit available under Section 24 B on home loans.
- Liquidizing of Property: Though the property is a great investment option but in times of emergencies it is difficult to get cash/ money by selling the property as it takes time. Which may or may not be favorable for you.
- The Extra cost of insurance: If you buy a second home you need to take care of its safety by doing home insurance which is an additional expense to safeguard your property against any damages.
These were some of the pros and cons of buying a second property, considering all these factors you can take an accurate decision of whether to invest or not.
But if you are considering to invest than SBP Group is the best option for you. We have been providing dream homes to thousands of families from over a decade and are the No. 1 Housing Company in Punjab. Customer satisfaction always had been our main motive and with our every project we have been able to provide nothing but the best to our customers.
Our most premium projects are in Mohali namely ‘City of Dreams’, ‘Gardenia’ & ‘Elite Homes’. Each one of these projects offers you top-notch amenities and are at affordable prices. Our projects offer you great investment value as it is situated at prime location and are nearby major landmarks such as PCA Stadium, International airport and famous multi-specialty hospitals.
Taking into considerations the current scenario of Covid-19, we have given our utmost priority to health and safety of our customers. The premises of our projects are properly sanitized, the security personnel take proper precautions, wear masks, wash their hands at regular intervals and maintain social distancing as well.
SBP Group Offers you the value for money property in Tricity as well as in nearby areas. You can explore the ultimate leisure of life with us.
For any kind of query, you can connect with us on our social networking platforms.