Weekend home: Know the costs

With the trend of weekend holiday homes picking up,a number of developers are advertising projects that seem attractive to the young buyers who are stressed out by the fast-paced city life and want a getaway that can be an investment option too. This segment of buyers also have the wherewithal stretch budgets to finance their purchase.

However,a home away from home is not without problems. As lawyer Ravi Jotwani says,Prior to buying a second home that is not located in the city where you are currently staying,you should find out whether or not the land acquisition has been done as per rules,if there are any hidden charges for the fancy amenities promised by the developer,and the builders reputation.

Take the case of Pratima Chatterjee. A teacher by profession,she had bought her second home at Neemrana in Rajasthan. Within two years,she decided to sell the property. The developer had promised amenities like club house,swimming pool – most of which we were unable to use but ended up paying for. Besides,the maintenance charges were being hiked every year. It was getting expensive to maintain the house, says Chatterjee. However,as the price of the property had appreciated,Pratima managed to recover her cost.

Maintaining a second home outside the city can be expensive in terms of both money and time. Media professional Akanksha Mittal says that given her work schedule,she ends up visiting her house in Mathura district only once in a while. Every time we drive from Delhi,we find the highway toll tax and fuel charges have gone up. Besides,my hectic work does not permit me to stay there during weekends. I end up paying for power backup and amenities that we are not using, says Mittal.

Her advice to those buying a second home: While buying a property,negotiate with the developer so that you pay only when you use a certain amenity. It is important to assess the size,maintenance and time you need or can invest in your second home before deciding to buy it.

For a retired professor couple who bought a drive-in cottage inside a resort on the National Highway 2,the dream of owning a retirement home close to Delhi has turned sour.

Initially,it seemed all hunky-dory. However,in the five years since we bought the house,we have had setbacks in terms of our health and have been unable to regularly visit the place. The result has been general misuse. There has been power theft and we got an inflated bill of Rs 26,000 for a period when the house was vacant. When we visited the place after a gap of two months,we found that a neighbour had intruded into our property. The developer,who charges a hefty amount for maintenance and security,did nothing to stop the theft and the intrusion, says A Dasgupta.

As their demand grows,weekend homes are growing in scale too. But before one buys a second home,it is important to keep in mind the security,safety and maintenance of a property that will not be utilised frequently. Checking on the developers past records and calculating recurring cost to maintain the property should top the priority list. To ensure security,the owner needs to visit the house at regular intervals or employ a caretaker.

alokparna.dasexpressindia.com