If you are looking for making a long-term investment, what can be better than buying a second home? After the demonetization and GST application, the market is again getting up on its feet and of course, real estate sector is a sector which promises guaranteed growth with little bumps in the way. But which sector doesn’t, right? If you are looking for buying a second home in Chennai, we will give you the reasons why you should do so.
Why Not Put Money In A Retirement Plan?
Several people ask this question as to why they should buy a second home when they already have one and not putting money in a retirement plan. Let us tell you the reason. First one is that you will earn a fixed rent from this property in your old age. Secondly, the rental income will always increase.
Third, the prices of the property will always increase, except in some circumstances. Fourth, in case of an emergency or need of lump sum amount of money, you can always sell your property.
You can put it as collateral for financing purpose if such a need arises. You can make the comparison yourself now.
It’s not that you should not think about retirement plans but when you can find a good house for rent in Madipakkam at an affordable price which gives you so many more benefits than a retirement plan, why not go for it? Madipakkam which is a growing suburb of the city offers a price range which is affordable and offers great perks to the residing families. Owing to a place in this area can be wisest decisions in terms of your investment.
Where Can You Get Your Second Home?
The best residential areas in Chennai counts Medavakkam, Madipakkam, Porur, Ambattur, Tambaram, and some others. Talking about central Chennai, the prices increased rapidly in 2015. Even now the central, north and south regions prospect a double-digit growth in the coming years. The city is developing fast. There are industrial zones and fast turning commercial zones which are increasing job opportunities.
The government is also working on projects like Chennai monorail, Chennai metro, Mass Rapid Transit System and others. These projects are going to produce some good investment opportunities and a large market. Acquiring a home this time will surely increase your return on investment in the near future. As we are talking about a second home, you can always get a house for sale in Madipakkam. Acquiring an apartment in Madipakkam for less than 4.8 million is a good deal.
Is Chennai Safe To Live In?
Your home is your safe haven. After a rough day, all you want to do is go home. Safety plays a vital role in choosing a place for making a home. Whether you want to live in yourself or wish to rent it, this factor is always considered and should always be. We can talk about investment, tax benefits, consider several factors but safety is something which cannot be jeopardized on any rate.
As we are talking about Chennai, you should know it has been rated as the safest city in India. A survey on Quality of Living was conducted by Mercer which is a leading consultancy firm which rated Chennai as the safest city for women and kids. Though steps are being taken to increase the quality of living in the city, you can choose this city to buy a second home.
A Home Away From Home
Yes, your home is your safe haven. But sometimes you want a change and want to spend some time elsewhere which is as comfortable as home and as cool as a tourist place. Buying a second home in Chennai can give you this satisfaction.
There are so many tourist places in Chennai, the view is amazing and it is safe as we have talked earlier. So you can buy a home away from home in Chennai as your vacation home.
Some Relief From Tax
As a house property owner, you already know that there are tax benefits. But if you wish to own a second home, then you should know your income tax on the second home. You can avail tax benefit if you have taken a home loan. On the rental property as well, you can avail a 30% standard deduction.
The Chennai Community
You want to live in a place or want a property in a place which has an emotional appeal and where you can connect to people. Neighbors are a very important factor in choosing a place. If you can find a place where people are friendly to make you feel like home, you can find it in Chennai.
The suburbs of this ancient city are developing rapidly. People come to this city for cashing employment opportunities. Most of the families you will find in this city are middle class working people which will give you a sense of community.
A Good Rental Income
Several infrastructure projects are being run in the city. They are at different stages of completion. The real estate market is flourishing. There are several posh areas like Ponmar, Tamabaram, Madipakkam, etc. As for house for sale in Madipakkam, the area is open for both commercials as well as residential projects.
One other thing to consider is the crowd in the city. Just like Bangalore, Chennai has its fair share of IT crowd. People come to the city to earn but not to stay back. They require rental places and you can give them one.
Combining the two points, you will understand that, you can earn a good rental income if you own a place in Chennai. A little extra income does no harm, does it?
Conclusion
Buying a property is not a decision to make in seconds a number of factors need to be considered. But if you are looking forward to making a long term real estate investment India, you are on the right way. Be it safety, community, retirements plan or any other factor, you will find Chennai as a great place to acquire a second home.
