Goa is a province in India located on the Western coast of the country. The former Portuguese colony is proving a warm favourite for both tourists and real estate investors. Goa has been rated as one of India’s best states to live in. The state has a lower population density, peaceful social and political climate, low crime-rate and good infrastructure.
Some of the interesting areas to invest in North Goa are Panaji, Dona Paula, Kadamba Plateau, Porvorim, Nerul, Candolim, Calangute, Anjuna, Vagator, Assagao and Morjim, Moira, Aldona etc. In South Goa, one can invest in Margao, Colva, Varca, Palolem etc.. A near to beachside property anywhere is globally renowned to command premium rates due to its prime location as it involves a lot of commercial activities.
While investing in any property one must do a through research. Some investors/buyers may want to buy a property to use as a holiday home, others may choose to live in the home. Investing in real estate can be a great way to create wealth, but there are some golden rules to consider before diving into property investment.
1) Buy in a growth area
Buying for Holiday Homes then the buyer should prefer near coastal belt to have a feel of being close to nature and slightly far away from major development and at the same time few minutes driving distance from the beach. Even home can be run a holiday homes and earn higher rental income and higher resale value. Buying in Cities and nearby then the buyer should consider the easy access to the school, hospitals, transport etc to live in. Resale value of the home will be higher. North Goa is an ideal place to buy investment properties.
2) Know your budget
Before investing in property it’s vital to have a through understanding of your cash flow. Also, ask your bank for a pre-approval of your investment loan, so you know how much you’re able to borrow before you start hunting for properties in Goa.
3) Focus on Your Return on Investment
Invest in an area that will get a high return on investment. To obtain the highest return on investment (ROI), you will need to know the area and what houses are selling for in the neighbourhood.
4) Understand the Goan real-estate market
Consider what other properties are available in the immediate area and speak to your real estate agent. They’ll let you know if one side of a street is considered superior to the other. Make sure you do the leg work and consult professionals you can trust. It is also a good idea to find out what changes may be happening in your city.
5) Pick the right type of mortgage to suit you
There are many options when it comes to financing your investment property, so get sound advice in this area as it can make a big difference to your financial well-being.
6) Check the age and condition of the property and facilities
Even with negative gearing, needing to replace the roof or hot water service in the first few months of ownership could make significant difference to your profits. It is therefore advisable to engage a professional building inspector before you purchase to conduct a thorough inspection of the property to find any potential problems.
7) Take a long-term view and manage your risks
Properties are a long-term investment and you should not rely on property prices rising straight away. The longer you can afford to commit to a property the better and as you build up equity then you can consider purchasing a second investment property.
8) Find a good realtor and let them to do their job
A licenced real estate agent that is professional in its field, and its job will keep things in order for you. They can help you with ongoing advice and help you manage your tenants and get you the best possible value from your property, a good agent will let you know when you should review rents and when you shouldn’t.
Citihomes Realty is a RERA registered real estate company in Goa with over 1200 properties listed for sale/purchase on their web portals www.citihomesgoa.com helping you find the right property to buy, sell, rent and invest in.