Goa, as marvellous as it is, is a top location for locals and non-residents to scout for new residential projects to invest in. While the prospect of investing in residential projects in Goa especially in Porvorim & Mapusa is enticing, navigating the different elements that affect the property value in this area can be intimidating, particularly for newcomers. Here we will be taking a closer look at 7 factors that impact the residential project values in Goa.
- Location: This is one of the most crucial factors impacting the value of residential properties. Properties situated in well-developed areas will normally cost you more compared to the ones in underdeveloped locations. Coastal or city properties are typically better investments.
- Property Size & Type: The property type and size also impact the value of the residential projects. Whether the property is an individual villa or a villa complex. Independent villas offer privacy, while the complex offers amenities such as gyms, security, and swimming pools. Secondly, the number of bathrooms, bedrooms, and outdoor spaces also plays a role in driving up or down the value of the projects.
- Surrounding Infrastructure: Social infrastructure and surrounding civic issues also impact the residential projects prices greatly. Therefore, a property with hospitals, public transport, shops, schools, etc. in the vicinity will have a greater value.
- Influence of Property Taxes: In real estate, property values aren’t static. They can differ, at times dramatically, in response to a collection of factors. One of the most important factors is property tax. In Goa, this tax is levied by the local municipal corporation or panchayat. The tax rate is computed as a percentage of the property’s assessed value, which is decided by the municipal corporation.
- Financing & Budget: Financing and budget also play a prominent role in the value of new residential projects in Porvorim or Mapusa. Besides the price of the property itself, there are additional costs such as stamp duty, legal expenses and registration fees. Additionally, if you plan to rent out the villa, you must consider the potential rental income and associated costs. All these expenses can severely impact the value of the residential projects in Goa. Home loans are typically advised and can help with your income tax burden.
- Paperwork: Documents such as Title Deeds, clearances, build certificates, Sale Deeds, etc. prove a property’s legality. Therefore, they are crucial to the evaluation procedure. With these documents secure, a residential property will have a greater value compared to one riddled with pending documentation and awaiting approvals.
- Condition & Age: A residence’s condition and age are also crucial elements for its valuation. Newer properties are normally worth more since they require little to no renovations and repairs. However, more than the age, it’s the condition of the villa that is more important. A decade-old property that is well-kept can cost you just as much – sometimes more than a newer one.
Investing in a new residential project in Mapusa or Porvorim, can be a prudent decision if you’re aware of the factors that can impact property values. Whether you’re a resident on the search for a new home, an out-of-state investor looking for a profitable investment, or a property owner aiming to maximise the value of your assets, understanding the market and the different elements that can impact property values is crucial. By analysing and keeping the above-mentioned factors in mind, you can guarantee that investing in residential projects in Goa is a sound decision.
