Buying a home in Goa or investing in real estate is a lucrative opportunity for any buyer and one of the most crucial financial decisions. Whether you buy a luxury villa in Goa or an apartment in a gated community, there are certain factors that one must consider before investing in Goa properties. The process of buying a home, right from setting your budget to conducting market research and assessing properties, is indeed a challenging one, especially if you are setting your foot out as a first time buyer. To guide you through the property buying process, here is a checklist that will help you navigate through your journey. We have also added a list of documents, if you are interested in buying property in Goa. Read ahead to learn more:
1. Outline Your Requirements
Before you set out to buy a property in Goa, identify your requirements and expectations for a home. It is crucial to consider whether you seek a primary and permanent residence in Goa or a secondary holiday home. Next is to determine if you’re interested in purchasing an under-construction property or a fully-furnished ready-to-move-in house. Based on your needs, check if an apartment will suffice your needs or do you want to live a lavish life in a stunning villa with a swimming pool. Also consider the location, neighbourhood, and proximity of property from beaches, restaurants, banks, hospitals, schools and other necessary amenities.
2. Budget Allocation
Creating a budget is necessary and will facilitate your property buying journey in Goa. Once you are aware of your finances, it will be easier to check which type of property will fit your budget. Based on your budget and spending power, you can go ahead and search your desired property accordingly. This process helps save your time and protects you from any financial burden which may occur in future. During this stage, analyse whether you will be self-funding or seek a bank loan from a trustworthy bank or financial institution to buy a dwelling space in Goa.
3. Evaluate Industry Trends
Conducting thorough real estate market research and learning about industry trends is necessary for first-time home buyers/investors. Examine the real estate market via both digital and offline search to learn about the details regarding property prices, rental returns, capital appreciation, location, resale value, etc. If possible, visit neighbourhoods to get a clearer picture of an area’s vibe, noise levels and safety. Talk to local residents and gain valuable insights about the pros and cons of living in a certain area. Search for amenities such as schools and hospitals nearby and also consider checking any commercial or transit projects which may impact the prices of your desired property. Further, you can analyse comparable sales of similar properties in the same neighbourhood and look at real estate market trends, if considering investing.
4. Examine Your Developer’s Work
Your builder in Goa plays the most pivotal role in delivering a house of your dreams. For first time buyers seeking to buy property in Goa, look for a reliable real estate developer in Goa who carries a proven-track record of delivering successfully completed projects. Ensure that you engage with developers who not just promise but also deliver transparency and accountability. And before you finalise a developer for yourself, consider reviewing credentials of the builder, request a visit to already delivered projects, check the time taken to complete a project and its delivery to make a well-informed decision.
5. Site/Property Visit
It is always a wise idea to visit the property before you make the final decision of buying. It helps you assess any discrepancies and check for issues related to plumbing, electrical systems, etc. Learn about the nearby connectivity, amenities and infrastructures surrounding the property. This is also an opportunity to assess promised on-site features such as swimming pool, covered car parking, security and more. Doing a site visit will only help you make a fair and well-informed decision.
6. Legal Due Diligence
It is advisable to conduct a legal due diligence, ensuring your property’s title is clean. All the important legal work needs to be completed before you make that final purchase. This process includes arranging the following documents:
- Title Deed: The ownership of the property must be in the name of the seller only. In Goa, you can run a background check via Form I and IV.
- Approved Plan: Verify the measurements of your plot where you are planning to buy property in Goa. An approved plan or land survey helps you know the precise measurements of the property.
- Nil Encumbrance Certificate: A Nil Encumbrance Certificate or Form 16 ensure there are no outstanding dues or liens on the property. Properties with a nil encumbrance certificate are eligible for a new loan from a bank or any other financial institution.
- Completion Certificate: Get a completion certificate of the property before you move in. This is also accompanied with an occupancy certificate.
- RERA Registration: It is imperative that when you buy a property in Goa, it comes with a RERA certificate, this ensures your safety and interests as a buyer.
7. Make the Final Purchase
Once fully satisfied with the property, its locations and completing all the formalities and paperwork, move towards final purchase. Based on the negotiated offer, arrange for financing and make the final purchase.
Since 1981, Veera Developers Group has been a trusted name in the real estate industry, delivering superior-quality residential and commercial properties in North Goa and Delhi. Over the years, numerous homeowners have trusted us for building luxury homes, featuring opulent interiors, and elegance that matches their taste and preferences. If you are looking for reliable and trusted developers in North Goa, reach out to us and explore our ongoing luxury villa projects— Veera Eminence and Veera Savannah.