The breath-taking natural beauty of Goa, its palm fringed beaches, the music and dance culture, lush plantations, the balmy weather, and a laid back, warm culture. This little state is indeed a tourist’s paradise. It is also a booming economy that attracts many investors. All these make Goa the ideal place to buy a second home. Given the affordability of real estate in the state, this must certainly be a luxury apartment.
Buying a property must always be a well-considered move. It needs a clear idea about your needs as an investor and about the potential benefits of the market you invest in. This is almost always a balancing act. Goa, however, is a gamechanger. The reasons homeowners and investors look forward to buying a luxury apartment in Goa has more to do with beauty, lifestyle, comfort, and convenience than need, necessity, and ROI. This does not mean, however, that you should not carefully consider the value you stand to gain. Here are some of the important things to keep in mind before you start looking for luxurious apartments in Goa.
Location is still king – Since this is Goa, you may be willing to make many concessions. Location should not be one of them. All you may want is to buy an apartment in a sea side gated community in Goa but it is also wise to look out for its proximity to the main markets, medical facilities, and the transport options. This will be very important once you start to live in the apartment or if you lease it out.
Consider the ROI – It is important to have clarity on your reasons for buying an apartment in Goa. If you travel to Goa frequently with friends and family for a vacation or for work, it may be well worth investing in a property and save on the exorbitant room tariff that hotels and resorts charge. Despite this advantage, it is worth buying the property only at a time and in a neighbourhood where the likelihood of ROI over time is worth the investment.
Premium does not always equal luxury – Buying a second home or a luxury property is the fulfilment of a dream. You may want to look out into the expansive Arabian Sea from your patio or balcony and take long walks on the sandy shore. It is also important that you look out for amenities offered by the developer of the apartment. Does the apartment come with state-of-the-art security systems, a swimming pool, gym, and club house? Is it a smart home made with energy saving materials? Before you pay the premium for your apartment, it is important to ensure that your dream home is a reality.
Plan, plan, plan some more – Goa has something for everyone – from the small 2BHK apartments to luxurious beachfront bungalows. It is an investor’s market. This makes it all the more necessary to plan well before setting out to buy your apartment. What are the prospective neighbours in the apartment complex like? Does the apartment complex allow non-resident ownership? Can you turn it into a guesthouse or rent it out if necessary? Will the apartment be a good place for family vacations or for retirement? These are some of the questions that you must have clarity on before you invest.
Real estate developers – Like any other place one of the most important considerations must be the real estate developer you are considering. Look into a reliable builder with a great track record for delivery. Speak to other home owners and then go ahead with buying a luxury apartment in Goa.