Real estate investment, especially in Goa, has been a hot topic in Goa for over a decade now. This once sleepy village state has since turned into a magnet for real estate opportunities, with interested parties from across India and the world making investments. Even young Goans who are making a living abroad are simultaneously looking to buy a villa in Goa or for beach property for sale in Goa, for example, as an investment plan for the future. But it’s not easy to just pick a property and invest. There are many things to consider before putting in lakhs of Rupees in that ‘dream home’. So before making any kind of investment, here are five tips that you should consider.
There’s an old saying in the real estate world. The three most important points to consider when buying a house are location, location, location – and it couldn’t be more right. The very first tip you need to consider is location, especially when you’re looking at the length of the investment. If you’re in it for the long haul, currently working abroad, or living in your family house with the intention of moving only after 10 years or more, then investing in a property that is in a developing area might be a good idea. Prices will be lower, and even though there are no amenities around, you know that by the time you do move there, the value of your investment will have increased exponentially.
On the other hand, if you’re looking to move into a property immediately, then you will need to find an area that is more central, closer to public amenities, and well connected. While this might fall more expensive, it is still possible to find good deals if you take the time to look and be patient.
It is imperative to have a proper plan in place when making any major investment – especially when it comes to long term investments in property.
For this, it would be prudent to track local market trends and study the real estate market for a few months. You’ll want to gather as much market information from sources such as brokers, consultants, local dealers, and even the internet. Looking at bank loans and offers and comparing their features might be of help as well. There is so much to learn when it comes to making these kinds of investments, and understanding the market will definitely help you with the next tip.
Calculate your finances
They say that your total property acquisition should be no more than 50 times your take-home salary. Now whether that works for you or not, being able to calculate and plan your finances properly will set you up for a safe investment. No matter how much you read, it’s always advisable to consult with a financial planner or the bank that you’re looking to take your housing loan from. Sure no one can predict the future and there’s no way to know for certain how well the markets are going to do, but it is possible to plan for various scenarios which is why a consultant might be of help.
Network with other investors
There’s a good chance that if you’re looking to invest in property, there are others just like you who are looking to do the same. In your own friend circle, it’s quite possible to find a handful of friends who are looking to make long-term property investments, and those friends will have more friends, and the chain continues. It would be a good idea to network with people with the same interests and share valuable information. Attending property fairs and business fests is also a great opportunity to meet like-minded people and real estate developers where you can compare salient property features across various locations etc.
Invest in a quality property
Once you’ve found the right location, done your research, and planned your finances, it’s time to invest in a quality property. There’s a reason why leading builders tend to be more expensive than other smaller real estate developers, and that’s usually because of the difference in quality. A reputed builder will use quality materials from the foundation to the structure, the exteriors, interiors, and everything in between. You will want to study the intended floor plans to make sure that it makes sense for your living arrangements. Understand the sizing of the various areas, and ask to see the quality of electrical, kitchen, and sanitary fittings. All of these small details are what adds up to the perfect home.
These are just a few important tips to keep in mind when looking to invest in real estate. If you are looking to buy a villa in Goa, you can check our properties out. If you have any suggestions as well, we’d love to hear them. You can get in touch with us by clicking here, or leave a comment in the comments section below.