Buying a vacation home could be your ultimate dream but are you ready for it?

economictimes.indiatimes.com:

His search led him to his pride and joy, the 1,500 sq ft, twobedroom Villa de Ahaa! in Assagao. A private retreat far from the city has usually been the preserve of the uber rich. Not anymore.

In recent years, individuals from the upper middle class have joined the rush for their own weekend nests. While it is still aspirational for most, the chasm between dream and reality is no longer insurmountable. “The people who have come into a bit of wealth are actively considering having a small haven as a second home to escape the hustle and bustle of city life.

After the pandemic, people started appreciating the value of privacy and now feel the urge to build a nook for themselves,” points out Devendra Parulekar, Founder of SaffronStays, a network of private vacation homes.

Shravan Gupta, Founder of Yours, a platform enabling co-ownership of luxury holiday homes, observes, “Earlier, only the very wealthy had farmhouses or second homes in hills. Covid totally transformed this segment, with people waking up to the idea of owning a second home for the space and privacy it affords.” The remote working culture has also afforded people the flexibility to work and stay amid natural environs, disconnecting from congested city lives.

Homestay platforms: How to unlock value
For homeowners, the ability to unlock the value of their houses lying vacant most of the year marks a paradigm shift. The owner typically frequents his weekend home for a maximum of 30-45 days.

For the rest of the year, these homes lie vacant and unused. If no caretaker or agency is employed for regular upkeep, the homeowner faces the ordeal of making it habitable before each stay. Even if a caretaker is running the place, the asset keeps bleeding cash in upkeep