In search of a second home
Continuity planning during a disaster includes an escape plan. By Aliwassa Pathnadabutr
Back in 2011, Thailand was hit by one of the worst floods in our history, costing over a trillion baht in economic damages and affecting more than 13 million people, according to the World Bank.
The event triggered the need for second homes, an escape plan or a continuity plan for businesses and individuals alike who could afford it. Pattaya, Hua Hin and Khao Yai, all within driving distance of Bangkok, were the key beneficiaries during that time as developers launched numerous projects in response to the growing demand.
This year, the hazy skyline full of PM2.5 and the outbreak of Covid-19, where no one dares to predict what will happen even three days ahead, have again triggered that question in people’s minds: how can we best prepare ourselves for the great unknown?
The experiences of recent years have made us realise how little control we have over our future. Thus, similar to business planning, diversification is needed. Many buyers are now thinking of acquiring a second home, while considering the significant differences in living conditions in another property and their existing house.
While some urbanites search among a variety of properties in local beachside condominiums, villas and mountain resort homes, others have found their ideal second home overseas.
Second homes have been primarily purchased for a weekend getaway after people have decided from past visits that it’s a better idea to have their own space where their family and friends can visit anytime rather than pay for a hotel stay.
The second home has also developed into an investment product on which buyers could obtain a return from rental yields and benefit from using it several nights per year.
Social distancing, work-from-home policies and business continuity planning are being aggressively enforced to ensure that businesses will weather our current storm with all the vital parts intact. At the individual level, one must have a “life continuity plan” prepared, especially in an increasingly uncertain world like the one we’re facing today.
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Second homes have been primarily purchased for a weekend getaway after people have decided from past visits that it’s a better idea to have their own space.