Millennials buying homes can sound a bit surprising, given how unwilling most are to commit to a lifetime of EMIs early on in their career. However, many millennials are slowly changing their perspective toward real estate, while some are still very reluctant to invest in a city home. So, what has changed? Well, for starters, the emergence of staycation-led travel economy has given a huge opportunity for rentals of serviced holiday homes in popular tourist destinations. Owing to which , Indian millennials are slowly embracing the buying vacation homes trend!
Still, wondering why so many millennials are making vacation home investments? Here are some reasons why.
1. Rent Potential
Your vacation home will offer you the opportunity to rent out your home at a time when you are not using it. Especially if it is located in a real estate market with established tourism infrastructure, turning it into a rental property will give you a solid second source of income. You can use this money to cover your own rental expenses or to pay off the loan EMIs. The key here is to make sure the house is located in a popular travel destination, so you don’t face any troubles in finding tenants
2. Price Appreciation
Real estate values, especially in popular travel destinations, tend to go up over time. So, even if you don’t have the property out on rent, it could still build you a substantial amount of wealth over the years. With rent, you could turn your vacation home into a steady income source.
3. Vacation Getaway
If you take vacations more often, having a vacation home can help you save a lot on travel expenses. Unlike hotels that follow strict room policies, you can customise your vacation homes according to your needs and preferences. Also, if you have a pet, having a vacation house can save you the trouble of finding pet-friendly destinations, which are often quite expensive.
Lastly, a vacation getaway also allows you to invite your friends or family over and have a fun weekend. The socio-validation quotient of such properties is also significantly high!
4. Retirement Home
Finally, your vacation home could eventually be a full-time home. Buying a vacation house when you’re relatively young could not only offer you a mobility to move around throughout your career-days but also offer a desirable place of your own to retire down the road. Afterall, you truly need a home only after you've retired and who wants to retire in a chaotic city? Nevertheless, if you’re thinking of turning your vacation home into a retirement retreat, make sure the house isn’t in the middle of nowhere. Choose a property that offers cleaner air, fresh weather and peaceful surroundings as well as has easy connectivity to hospitals, shops, places of transport. What better place than a holiday destination to get the best of both worlds within an affordable budget!
To summarise, while a city home might feel like a necessity for you, a holiday home will give you freedom and flexibility without the financial burden to compromise on your present lifestyle.
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