Answer: Real Estate is often regarded as one of the best investment options for those who are looking for long term capital gain and lucrative returns on investment. IN the last two decades (2000-2020), Goa, the tiny yet mesmerizing state of India has emerged as a popular destination of purchase of property for residential and investment purposes.
There are several factors that need to be considered before investing in the real estate sector in Goa. Some of them are mentioned below:
- Location: The most important factor to be considered which purchasing property in Goa is the particular place where the property is based. A property with stunning views of the waterfront (seaview or riverview) fetches a great rental value and also leads to appreciation in price. Also a property located close to tourist hotspots such as beaches and churches also comes across as a great investment avenue.
- Budget: While purchasing a property it is vital to consider the budget of the property. The ultimate objective of profit generation needs to be achieved and also factors such as property taxes, maintenance charges, repair charges and utility bill payments need to be taken into account. Also factors such as home loan, personal savings need to be taken into consideration.
- Type of Property: Properties in Goa come in various shapes such as apartments, penthouses, villas, row villas, land and commercial spaces. Each one of these has its own advantages and it is advisable to choose the one that best suits one’s goals and budget.
- Market Research: Before purchasing a property in Goa, be it for residential or investment purpose, it is advisable to do thorough research of the property market. Factors to be looked into are price trends, rental yields and location of thee property.
- Amenities and Facilities: Check for amenities such as swimming pools, gyms, security, and parking. These can enhance the value and attractiveness of the property to renters or future buyers.
- Rental Income Potential: If you plan to generate rental income, research the rental market in your chosen location. Calculate potential rental yields to assess the investment's income-generating capacity.
- Resale Value: Consider the property's potential for resale. Factors like location, development in the area, and property condition can affect its future value.
- Maintenance Costs: Budget for ongoing maintenance costs, including property management fees, repairs, and utilities and furniture.
- Property Management: Decide whether you will manage the property yourself or hire a property management company to take care of rentals, maintenance, and tenant management.
Conclusion: Investing in real estate market in Goa can be a rewarding venture if approached carefully and with due diligence. Remember that real estate is a long-term investment, so make sure your choices align with your financial goals and lifestyle preferences. Consult with professionals, do thorough research, and seek legal advice to ensure a successful investment in Goa's real estate market.
