5 Tips for Buying a Home in the Popular Holiday Destination of Goa

Thanks to its constantly improving infrastructure and housing property development projects, Goa now offers easy to rent homes. The sand and the beaches only add to the ‘perfect slice of luxury living.

Since the COVID-19 hit and Work From Home became a norm, many people from metros are looking to escape to a home away from home where they meet nature and tranquillity and can be away from the hustle and bustle of city life. The archipelago is tropical and is as close as you can get to paradise bliss.

Already thinking of owning a house in Goa? Here are some easy-to-follow tips that will make the process simple yet rewarding:

1. Know your purpose of buying: Is it going to be your permanent home or holiday home that will potentially fetch you enviable ROI. It is imperative to know your purpose of buying a home in Goa since that should determine the where what and in how much, as far as buying is concerned.

If it's for end use, you may want to stick to more connected locations in terms of access to supermarkets, local labour plumbing, electricians, etc., and of course care takers. If for renting alone then you should restrict yourself to select markets like, Siolim, Assagaon, Parra, Candolim and Arpora as they attract premium tourists who are willing to spend a premium for staying in gated or independent 3-4 Bed spacious villas which are well maintained.

2. Know your type of home: Goa offers residential options from apartments or villas in gated complexes alongside exclusive independent homes. You need to underline your preference and be sure about the nuances attached to owning a particular type of home. It is advisable to list features in order of importance for you like the size of the house, theme of the house, location, and others.

One must be realistic about comparing the right set of properties and also avoid equating one’s buying criteria with ones in your home city. Whether its an apartment, gated community villa or an independent villa, each represents pros and cons of its own. Gated villas and apartments are easier to maintain whereas independent villas attract a charm as well as privacy possible with good views as well.

3. Research the market: You must spend some time researching on the area or location you have in mind. Does it have good transport connections, hospitals, schools, banks, and commercial areas?

Consider aspects like proximity to local grocery stores, any road expansion plans in your vicinity, future developments that may affect your property positively or negatively, neighbourhood, and availability of basic services like plumbing, electricians, house help, etc.

4. Set a budget: Determine the price you can afford and how much cash is available for the deposit and buying costs. This will enable you to determine what type of property you will be able to afford. If your buying depends on a sale of another asset then wait it out or choose a property under construction.

If you are funding it yourself (without any mortgage) then choose ready to move in properties either pre-owned for not too long or something newly built. Having ready funds may also help in negotiations with the landlords. Usually, you may be able to buy an apartment in the North Goa coastal belt in the range of INR 50 lacs to 2 cr depending on size and type. Otherwise, any decent gated villa would cost you anywhere between 3.5 – 6 crs. depending on size, location, and stage of construction.

5. Seek professional help: From real estate professionals, of course, to enable a smooth buying process. Once you have listed your goals for buying ‘your type of home’ in your budget, it is best to let the expert assist you with the most suitable options.

Buying in Goa is fraught with ‘unknowns’ and while there are agents galore, it is important to engage with the ones who are experienced and can ‘wait it out till you reach your best-suited property. Professional advice goes a long way in a smooth transaction experience whether you buy a resale or an under construction property

While some may see Goa as purely a laid-back beach destination, for others it is their perfect home. With the above checklist in place, you are ready to go for your private haven in Goa.