Buying a second house is the best bet

Buying a second house is the best bet

A second house is definitely a good investment. Lessons from the purchase of the first house can help you make a better choice the second time around.

Buying a second house can provide numerous benefits to a home-buyer. Primarily, a second house would serve as a good investment and may prove to be a money saving mechanism, in the long run. That apart, one can always make a better and more informed decision, owing to their prior experience, when they buy another house.

Kumara V, a city-based marketing professional, concurs. “In 2012, I bought my second house in Chromepet (Thiruneermalai Road). I purchased my first house in Bengaluru. But since I have been working in Chennai for more than 20 years, I decided to invest here. The experience of purchasing my first house gave me a lot of clarity while sealing the deal. For instance, I knew that all the legal documents relating to the property would have to be properly verified. The design of the house is also important when you decide to buy a house,” he says.

He purchased the 3-BHK flat, which cost him Rs 3,700 per sqft. He says that in six years, the price appreciated to Rs 4,200 per sqft. He said that the house would be for self-use as well as be an investment. “I wanted to live in a gated community that had all the amenities like a gym, swimming pool and plenty of open space around, where children could play. I also ensured that the builders were of a good repute. Also, it fit my budget besides being located in a place that is well-connected to the rest of the city,” says the marketing professional.

He suggests that buyers ought to purchase a house that will fit their budget, for which the EMI or loan is not a big burden.

Ranjitha G, Times Property, The Times of India, Chennai