Home is where the heart is. For many who are looking to invest in their dream home, this is a one time purchase and there is no looking back. Unlike buying a car where you can take it for a test drive and choose from multiple makes and models when it comes to buying a home, the choices are limited. For some, choosing to buy a luxury villa in Goa might be an expensive affair, so they would rather opt for a luxury apartment in a gated community or complex. Whatever the choice, there are a few things that one needs to consider before making that investment in their forever home.
Location of Your Villa
Assuming that this is an immediate investment where you’re looking to buy a villa in Goa that you will be moving to immediately, then location is probably the first point you need to consider. Unlike a long term investment where you’re investing in a property that will be developed over the next few years, in this case, you need to find a location that meets your requirements now. These requirements could be the distance to work, the kind of amenities available in the area, proximity to essentials like hospitals or stores. One key amenity that often gets overlooked is phone network and internet connectivity. All of these make for important reasons to consider when choosing the location of your home.
Total Cost of Buying a Villa in Goa
It is important to ask yourself why you are looking to invest in a luxury home. It may sound like second-guessing, but making this kind of investment is a big step. That being said, is this an apartment or house that you are going to be moving into immediately? Or are you going to rent it out? Either way, you need to consider something known as the ‘total cost’. While most real estate developers may give you the basic cost, you need to also consider things like internal and external development fees, location charges, parking charges, maintenance or facilities charges, and of course service tax. All of these contribute to the total cost.
Finding the Right Developer
There are so many luxury real estate developers in the state. How do you go about choosing the right one when you want to buy a luxury villa in Goa? At the very least, a trustworthy real estate developer is one who is completely transparent and works in accordance with the law. In addition, here are a few additional points to consider:
- Make sure you cover the title deed of the plan in detail
- On the off-chance, you’re looking at a resale property, ensure that the release certificate and property tax receipts are in order. You’ll also have to make sure that all pending bills have been paid.
- This is a long shot, but it would be prudent to check if the land is used as per the city master plan. You can get this information from the local panchayat or planning office.
- Following from the previous point, it’s also recommended that you check if the builder has all approvals from the local development corporation.
- With the introduction of RERA in 2016, it is important that the builder you are working with is RERA certified.
Type of Property
We mentioned this earlier, and though it might sound basic, it’s actually an area that requires a lot of thought. When making an investment in a luxury property, it’s usually an investment for life.
It’s hard to say for certain what the future might bring, so it’s important to be prepared. Will a three-bedroom apartment be sufficient? What about a villa? How big should it be? Here you will want to consider the difference between super built-up area versus carpet area. These are perspectives that a good luxury real estate developer should be able to guide you in.
With the real estate market on the upswing, there are many payment schemes and plans available to make investing in a luxury home affordable. Nowadays, real estate developers themselves are offering various kinds of subvention schemes, possession-linked plans, standard deferred payment plans, and many more. Then there are the banks that are offering loans over a 15 to 20 year period with interest rates as low as six percent. It may sound like a lot of work, but it’s important to review the different schemes and plans available before making such a large investment.
Investing in a luxury property, when you’re looking to buy a luxury villa in Goa or for beach houses for sale in goa, is a life-changing decision. These are just a few major points to consider while making an investment on this scale. Do you have any thoughts that you’d like to share? Let us know in the comments below.