Maintaining a vacation home requires serious commitment and might be more counter-productive for your stress levels than you think!
Indians need a well-deserved break! There is no one who doesn’t need a break. Without a vacation the prolonged exposure to stress can make the stress levels turn chronic, leading to real health issues. On reaching this point of mental exhaustion even positive events leave one feeling anxious and overwhelmed. Yet, oddly, many people don’t use their vacation time wisely. According to a survey conducted by British Airways, 65% of working adults in India had leftover holiday allowance at the end of 2017.
Owning a Vacation home: Realistic or Grandiose?
Those taking time off will vouch for the healthy rejuvenation a vacation induces into their lives.
Happy vacationers come back wistfully thinking of when they will return for another holiday. And considering luxury vacation rentals are all the rage right now, some vacationers’ dream of having their own vacation home in their preferred location.
A word of caution here. Maintaining a vacation home requires serious commitment and might be more counter-productive for your stress levels than you think! And why take on the hassles of owning an estate when there is a growing offering of off-the-beaten-path, luxury homes in extraordinary locations?
Paucity of time
Maintaining a vacation home requires time and effort. The increased demands on your already-stretched time for the maintenance, upkeep and taxes on your second home are hardly the answer to an already stressful life. Those looking at vacation homes as investments do not take into consideration the amount of money and time that would have to be vested in buying and maintaining a home. Home owners may also not find vacation homes worth their money since they may not get a chance to visit the home other. After the initial novelty wears off, home owners rarely visit the home more than 3-4 times a year.
The British Airways survey, quoted above, found that of the 65% Indians holding themselves from taking time off, over 55% cited being too occupied to take time off and 32% attributed this to the short duration of the break
Considering the fact that taking too much time off is not a feasible option for most, vacationers are much better off renting homes to escape to.
Lure of New Locations
Having a vacation home of your own ties you down and compels you to go back to the same location and amenities over and over again. This robs you of the chance to experience new and interesting locales. Exploring different locations opens you to new cultures, cuisines and history deepening the experience and the memories you create with your loved ones.
According to a 2018 Harvard Business Review report, a study conducted on 485 adults in the US found that visiting more locations and deeper immersion into their cultures enhanced qualities like greater empathy, tolerance and the ability to direct attention and energy.
Return on Investment
The ROI on a vacation home will seldom justify the cost.
Apart from the price of purchase, there are taxes, insurance covers, furnishing costs and other ancillary expenses that tag along when you buy a vacation home.
Owning a vacation home has to do a lot with maintaining the home. Other than the cost of maintaining a villa against the climatic conditions of India, the time and effort required to be invested in visiting the home every week or every month just for the upkeep is a factor most new owners overlook while purchasing a land or villa. You stand to get far better worth for your money by choose a breathtaking vacation rental online, checking its online reviews and simply taking off. You can enjoy top of the line amenities and services in these well-furnished homes and leave at the end of the vacation without a headache.
Given the volatility of the real estate market, you might not even be able to sell your second home for a profit.
With a burgeoning market of private villas up for quick getaways, investing in subscribing to such facilities is more practical and pragmatic. As is the case with buying a gym versus subscribing to one.
Whatever you want
Needs for each group differ based on the size, composition and budget. Big milestones ought to be celebrated with a greater audience in an opulent 5 bedroom villa with an infinity pool, while special moments are to be cherished with only your loved ones in the privacy of a wooden chalet by the beach. Whatever your heart desires, a flexible subscription to a vacation home will satisfy. The needs of the holiday could range from romance, adventure, celebration or family get together. Since one size cannot fit all, choosing from a drool worthy list of luxury vacation homes trumps feeling obliged to go back to your sole option.
Luxuriously frolicking in a water front home, spending a sun soaked day golfing in a golf greens adjacent villa, enjoying a heritage home that tells a story, romancing in a cabin overlooking the mountains or languorously spending time in a villa with an infinity pool set amid lush greenery; there is so much more you can draw from renting a vacation home than being chained to one of your own.
According to Statista, this segment is expected to show an annual revenue growth rate of 9.3%, resulting in a market value of $362 million by 2023. The promise of growth also means that the vacation rentals business will be upping its game bringing more value, luxury and comfort for its users in the times to come. This is a good time to reap the benefits of this sector’s effort, whenever our schedule permits without decision fatigue bogging you down.
(By Deven Parulekar, Co-Founder, SaffronStays)