More people these days in India are opting for residential properties that will become their second home and a lifestyle and investment asset. Let’s go back in time, say ten years back. When you asked people why are they buying a home again when they already had one. Their answer was as simple as: “I am buying a second home because once when I visited this place I liked it and I want to come back here whenever I want.” Do you realise how simple were people’s thoughts those days.
Now if you ask the same question, the answer doesn’t come that easily.
People still say they like the place. That part is still there. But they don’t stop there. There’s always something else added to it. Something like “it should also make sense” or “it should at least pay for itself.”
I’ve seen this happen in conversations again and again. Someone likes a place, maybe they’ve been there once or twice, maybe they’ve even stayed there. But before deciding anything, they start asking very different questions.
Second Homes: The way of thinking has changed
How often can this be rented out?
What kind of crowd comes here?
Is this place active only for a few months or throughout the year?
Earlier no one was asking all these questions for a second home.
Back then it was simple. You liked a place, you bought there. That was enough reason.
Now it feels like liking a place is just the starting point.
This is where it starts getting confusing
I think a big reason for this is that people have seen how real estate has moved in the last few years. Prices have gone up in certain areas very quickly. Especially where infrastructure came in. So even when someone is buying something personal, like a second home, they are still thinking a little like an investor.
And then there’s the whole work from home situation.
A lot of people don’t need to be in one city all the time anymore. So the idea of spending time in another place doesn’t feel like a holiday. It just becomes part of routine.
That changes things.
Because if you’re anyway going to spend time there, then owning a place starts to make more sense than just renting every time.
But this is where it gets slightly tricky.
Because not every place works both ways.
Some places are great to spend time in but they don’t really have consistent rental demand. And some places might have good demand but you may not actually enjoy being there for long.
I’ve seen people get stuck here.
They like a place but the numbers don’t add up. Or the numbers look good but they’re not really excited about the place.
There isn’t a perfect answer.
And then comes the part no one plans for
Another thing that people don’t think about enough is what happens after buying. Managing a second home from another city is not always smooth. Small things come up. Maintenance, upkeep and if you’re renting it out then handling guests. It needs some level of involvement.
It’s not just a one time decision. So yes, more people are buying second homes now. That part is clear. But the reason behind it has changed.
It’s not just “I like this place” anymore.
It’s more like “I like this place but will this work in terms of returns?”
And most people are somewhere in between those two thoughts when they’re deciding.
Sristi Anand has always had a thing for words and she has written across niches as different as entertainment, fashion and PSUs but she ended up enjoying real estate the most. Sristi loves to write insightful pieces around property, workspaces and commercial interiors. On weekends, she’s out trying new cafes. She’s a big foodie and honestly, there aren’t many places in Delhi NCR she hasn’t already tried.