Looking to buy your second home in the hills?
Here is what you must know
15 October, 2020
A cosy cottage sitting comfortable amidst pretty majestic mountains. Lush greenery around with sunlight feeling like an ecstatic luxury. And you sit in your garden, sipping on your hot coffee as you gorge on your scrumptious breakfast.
Sounds like a dream? Isn’t it?
People are living this dream thanks to the mainstreaming of work from culture. More and more people are choosing to stay in the hills to enjoy the picturesque view as they work on their laptops.
This isn’t a fad or trend that would die away soon. Because humans will always long for comfort in the laps of nature. We have an inner calling for peace and mountains somehow facilitate it better than anything else.
Unsurprisingly, this has been motivating buyers to look for their second homes in the laps of hills. It is an investment that generates both monetary returns and peace. It is yours, so you can head to hills anytime you are looking for comfort.
But before you make the decision to buy your second home in the hills, here are a few pointers you should remember.
The location must be easily accessible
It is a bliss to live in a home sitting atop a hill, with nothing else in vicinity except lush greenery. You get to enjoy the pristiness of nature’s abundance. Tracking atop the hill and the cottage appears out of nowhere. Pure unadulterated bliss!
But life is more about practicality and reality checks. Unless this is your third or fourth home, do not opt for remote locations that are difficult to access. Your second home should be easily accessible with drivable roads. Prioritize long term feasibility over short term bliss. You might someday want to live here for a considerable amount of time.
It should be within drivable distance from your first residence
Your second home should always be within 6 to 8 hours of drivable distance from your first home. It makes it easier for you to check on your properties. You can enjoy your second home on even weekend getaways. And of course, emergencies never come with prior announcements. You would want to reach there in just a few hours.
Look for growth aspects
You need to look at the growth aspects of the town or city you are considering for your second home. Resale value of properties in the hills is generally very good. But certain localities do not offer the same appreciation. It depends a lot on the growth aspects.
Regions which have basic infrastructure and amenities have a brilliant chance in comparison to those places in the nascent or budding stage. Popularity charts for the hills matter too. Look how popular it is among favorable tourist destinations.
Do not overspend
Do not stretch yourself thin trying to buy your second home. Instead of burning holes in your pocket trying to buy a mansion style home in the hills, look for an abode that sits comfortably within your budget.
Your second home should be within 50 lacs to one crore. Do not go overboard. Floor plan, location, and comfort triumphs over outlandish luxury when it comes to your second home.
Proper due-diligence
Never buy property in the hills without due diligence. Ensure that the property has all the necessary clearance certificates and permissions. Ascertain the property would get good resale value if you do need to sell it off in the future.
If you are unfamiliar with the region, research about the local property rates before buying your second home there. In case you are buying a plot, ensure the land is demarcated appropriately. Leave no scope for doubts or uncertainties. The plot should have basic amenities like electricity connection and water supply.
Narrowed in on the property you like? Before you close the deal, make sure that the property has these 3 features:
- The property should get ample amount of sun throughout the day
- The property must be accessible through a four wheeler. In short, you are able to drive to the property
- You should have your own parking
Look for ROI aspects
Well, you aren’t going to live in your second home all year round. So, have you thought what to do with it when you are not using your abode in the hills?
You can easily use it to generate disposable income through rentals and homestay plans. Look at the overhead charges like maintaining the home and compare it with the rental demand in the area. If you choose a popular tourist destination, you can always convert it into a homestay or Airbnb.
Just make sure you manage bookings in a way that you too can enjoy a stay at your home over the weekend or whenever you want to
There is another important thing you should pay attention to. Look for a managed community where day to day upkeep and maintenance are already in place or planned. This will be a great help in the long run.
Check local and state laws
Lastly but most importantly, check thoroughly that the property has all the necessary legal permissions. The property should have a clear title. Check for restrictions imposed by the state or local administration. For instance, non-natives in the state of Himachal Pradesh are required to seek state government’s approval before buying a land. Non natives in the state of Uttarakhand cannot buy more than a 250 square metres of land. For plot sizes larger than this, they need to seek state government’s permissions and other approvals.
Similarly, Meghalaya government controls the transfer of land. Non tribals cannot buy property from tribals except in certain cities.
Overall, the gist is to ensure you are well within your rights while buying your second home in the hills. Stay on the right side of the law.
Planning to buy a beautiful home in the hills? You can check Bowali valley chalets to find your inner nirvana. At an elevation of 1654 metres, Bhowali is within accessible distance from Nainital and a gateway to picturesque tourist hot spots like Mukteshwar, Almora, and Bageshwar. E-visit Bowali valley chalets for more information.