Buying a Home in Goa – A Complete Guide

  • 9 years ago

Are you in search of a home or an apartment in Goa but find yourself clueless about the real estate landscape? You’re in the right place! In this blog, we’ll solve all your queries covering everything you need to know before making the big decision to buy a home or an apartment in Goa.

What Do Homes Cost in Goa?

Let’s start with the basics: the cost of homes in Goa. The price range varies widely depending on the type of property. Apartments can start as low as 50 lakhs, while luxury villas may begin around 2 crores. Understanding the cost spectrum is crucial for making an informed decision about your budget and preferences.

Best Location Zones in Goa

Another important consideration is the location. Goa’s real estate is typically divided into three main zones: the southern coastal belt, the coastal belt of North Goa, and North Goa’s Eastern belt. Each zone has its unique characteristics, costs, and appeals, catering to different preferences and lifestyles. Some of the best locations to buy beautiful residential properties at comparatively low rates are Porvorim, Panjim and Mapusa.

Is it Better to Buy Land and Build?

A common question arises about buying land and constructing a home versus purchasing a ready-made property. While the idea of building your dream home may seem enticing, there are several challenges and hidden costs associated with this approach such as complexities of land acquisition, permissions from govt agencies, and construction management. Unless you’re someone with a lot of bandwidth and someone who has the time to take on an Endeavor like this it’s not recommended trying to buy a plot and building on your own.

Ready-to-move vs. Under Construction

Choosing between ready-to-move and under-construction properties is an important decision, each presenting distinct advantages and considerations. Ready-to-move properties offer immediate possession, reduced financial risks, and a clear understanding of the existing locality, but often come with a higher price tag and limited customization options. On the other hand, under-construction properties provide a lower initial cost, potential for customization, and the possibility of appreciation, but entail the risk of construction delays and market fluctuations.

How much Token Amount should you pay?

In real estate deals, “token money” is a 10-15% upfront payment made when the buyer and seller agree to a deal. If the buyer backs out, the seller usually forfeits the token money unless a notarized agreement says otherwise. It’s a way to show commitment, and it’s important to have clear documentation in this transaction.

Additional Costs to Know About

Buying a Home in Goa | Ira Estate

Buying a home in Goa involves more than just the property’s purchase price. These additional costs, include stamp duty, registration, GST, brokerage, and maintenance charges, the values of which depend on the property you’re buying. Factor in these expenses and adjust their budget accordingly.

Conclusion

Buying a home in Goa involves understanding several factors. While building may seem tempting, it comes with challenges. With Ira Estate, the journey of buying a home in Goa becomes easier. Our expertise simplifies understanding costs, choosing ideal locations, and navigating the nuances of ready-to-move or under-construction properties.

Happy house hunting!

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