A second home in the area around Mumbai, is as important for a property buyer as the first home. The sentiment and process to buy a property may be same but the preference of property varies a lot when buying the first home and when buying the second home.
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The distinction in terms of preference is of need and want. The first home is a basic need and it is the most important decision for most of the first homebuyers and hence, one needs to be exceptionally cautious before deciding on the final project.
The homebuyer needs to make his decision based on convenience, connectivity to the city, fringe benefits like open spaces and social conveniences such as shopping facilities, schools and hospitals. Whereas, the second homebuyer's preferences change as per the need whether it is as an investment property , a getaway, or a place to eventually retire in. First homebuyers focus on their cities of residence with an accent on convenience of location because they need access to their workplaces. Second homebuyers seeking luxury, are focused on properties in less cluttered and naturallyendowed surroundings which are, nevertheless, located within motorable distances from their primary homes.
Rohit Poddar, managing director, Poddar Developers, enlisted some key differences between the first and second homebuyer. He said, “A primary homebuyer is, by and large, purchasing his first home and hence, financially, he is considering his combined household income to ascertain how much of a home loan he can get. A second homebuyer is using his discretionary spending availability to make the purchase where a home loan is not a must.
A primary homebuyer will look at factors such as connectivity distance to work, family infra requirements such as school for the kids, higher education, primary and secondary healthcare including specialised hospitals; social infra such as malls, multiplexes retail shops, restaurants and other entertainment options. A second homebuyer will consider additional lifestyle options in the project in comparison to their existing primary residence. A pollution-free and lower stress environment would also be high on the wish-list.“
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Experts believe that the project location is very important; it should be pollution-free and low on stress; the project offering should have high-quality amenities and a property maintenance company . Additionally, the quality of the product, its value proposition and the type of people who have also bought the property in the community, are important. “When choosing a second home, buyers need to keep in mind the returns they would receive. Since the purchase will be made with investment in mind, they need to pay attention to the location of the property, credentials of the developer and mortgage payments that could be incurred.
With a lot of the crowd moving away from the bustling city, Panvel, Ulwe, Nerul and Kharghar are fast becoming some of the best residential hotspots in Navi Mumbai. Recognising the rising need of consumers, developers are building amazing properties in Navi Mumbai, offering the same worldclass amenities available in the city . With prime locations that are rapidly rising in value and great connectivity to the city , consumers are choosing to buy second homes from developers in Navi Mumbai,“ opined Siddharth Bhatia, marketing head, The Wadhwa Group. Experts believe that Mumbai's suburban luxury property market is well set to grow quickly. Prices in the suburbs are comparatively lower than Mumbai and thus, make it easy for many to buy high-end and luxury properties at a reasonable price.
The houses offer better amenities and larger project layouts.Kharghar, Ulwe, Karjat, Khopoli and Lonavala, are some other locations for lux ury second homebuyers in Mumbai. Second homebuyers who buy property in Mumbai's outskirts, benefit from the rapid appreciation of their investments, as Mumbai provides consider able fallout demand in most areas in its vicinity. This also means that such second homes have a lot of potential for good rental income should they decide to let their properties out.
Source Times Property, The Times of India, Mumbai