A vacation home, also known as a holiday home, could be a great investment if you get it right. Not only could you always rely on a place to have to unwind and relax, but you could also rent it out during the times you’re not putting it to use, thereby getting a steady stream of secondary income. These days, with home loan interest rates being affordable and home loan eligibility criteria becoming more accommodating, it’s easy to obtain a home loan to fund your purchase of a vacation home
That done, you’ll want to decide on one other pressing question – where do you go about buying a vacation home. Well, when it comes to vacation home destinations, here are some of the top contenders.
With villas and bungalows priced in the range from Rs. 50 lakh to Rs. 10 crore, Lonavala, located close to Mumbai, is a great choice to shop for a holiday home. This hill station is filled with lush green valleys that make for excellent spots to unwind and enjoy a vacation with friends or family.
If you’re looking for a nice spot to lock in a vacation home down south, Ooty, the queen of hills, is no doubt the ideal choice. You can find homes with prices beginning as low as Rs. 40 lakh here. The serenity of the hills coupled with the picturesque lakes and the deliciously famous Ooty chocolates are all things you can experience time and again with your holiday home in place.
If you prefer to own a vacation home by the sea, Pondicherry, located further south, is an excellent option to consider. You could also cycle from end to end, since Pondicherry is a relatively small city. This makes it perfect for people who love to stay active during their vacations. As the city quietens down each day, you could unwind by the rocky coastline by promenade.
With holiday homes as affordable as Rs.50 lakh, Mahabaleshwar is another great place to buy a vacation retreat if you live in or around Mumbai. With adventurous trekking routes, serene lakes and strawberry farms, there’s something in Mahabaleshwar for everyone from the adventure junkie to the relaxed and laid-back traveler.
Goa, of course, has always been a hot spot for people looking for holiday homes with a variety of options suitable for different budget brackets. Goa has endless choices for people seeking a nice spot to buy a vacation retreat. Perfect for beach lovers and trekkers, Goa’s ever-changing landscapes make it a strong contender.
There are also many other destinations to consider, like Coorg, Alibag, and Udaipur, among others. Do a bit of research and ensure that you choose a place that you and family will love to head out to on a regular basis. And if you’re looking for financing options, keep in mind that you can always avail a home loan to fund your purchase. You could also make use of a home loan EMI calculator to get a better idea of what your home loan EMIs could look like.