Real Estate is one of the most popular asset classes, especially in Goa. Real Estate in Goa has seen a boom over the last two decades. Buying a home for yourself is a lifelong goal for many as it involves large sums of money. When buying real estate it is important to do your research before making a purchase.
Many property development companies in Goa offer a wide range of options to choose from. Here are a few do’s and don’ts for when investing in real estate in Goa.
The Do’s
1)Decide which type of property you want to invest in: Generally, there are two options available to people residential and commercial real estate. Depending on your need and budget you can decide where you want to invest your money. Residential real estate is considered less risky as compared to commercial real estate.
2)Have a clear goal: Your investment should be focused on a Goal like asset appreciation, rental income, etc. Different properties can give you different returns. Investing in unfinished projects is usually cheaper and appreciated quicker once the project is completed. Similarly investing in a developed project like a flat will be better if your objective is to get rental income from the investment.
3)Research the market: The real estate market like other markets is subject to risks and market fluctuations. The real estate market in India has seen tremendous growth over the past years. Always do your research before investing, timing of the market is difficult but beware when investing when prices are high.
4)Set a budget: Budget is a very important factor to consider when investing in real estate. Real estate is usually one of the most expensive purchases you will make. You need to analyze your cash flow and check your financial situation before investing. Calculating your principal amount and the interest rate and interest payable are important things to consider.
5)Set a timeframe: Often people wait until they save up the down payment or a significant amount before investing. Waiting for too long can also have negative effects as the market rates can fluctuate and property prices might soar making it more expensive to purchase a home. This is why setting a timeframe is important
The Don’ts
1) Don’t buy because you’re getting the lowest rates: Since real estate is very expensive you will most likely be opting for a loan. Banks and financial institutions often tempt you with the “lowest interest rates” but be cautious as the lowest might not always be saving you money. There might be hidden charges in the terms and conditions and they might change your rates according to market conditions. It is advisable to take loans only from reputable lenders.
2) Don’t base your decisions on emotion: Our emotional attachment to real estate is one of the biggest reasons we buy a home, but you should not let emotions cloud your judgment. Make a list of things that need to be taken into consideration before even thinking about purchasing a home like reasons for purchase, property rates, and your finances.
3) Don’t purchase without a plan: There should always be a plan/objective when purchasing real estate. Since it is a decision that is going to impact your life in a big way there must be a strong reason behind the purchase. People have different reasons for buying real estate like buying it to live in, renting the property for rental income, etc.
4) Don’t rush: Rushing when buying a house is a recipe for disaster, rushing can make you overlook the fine details and might leave you with a purchase that you regret purchasing.
5) Don’t avoid professional advice: Most of us do not have the time to research in depth about the real estate market, it is always best to get advice from a trusted professional before buying real estate.
Buying a home is a tough decision that will take a lot of thought, one of the most important things is to purchase from a reputed real estate developer in Goa so that you are assured of a quality purchase.
You may also like to read: How to Check Builder’s Credibility Before Buying Home in Goa
