Demand for houses for sale in Goa has been on the in healthy demand despite of a sluggish market trend over the last few years. Old Goan houses have an unique charm to it, most of it due to the structure belonging to the Portuguese era. In addition to owning such homes, flipping old homes has also been profitable.
Old Goan Houses for Sale
Before heading to make the purchases there always are reservations that prevent an immediate decision, such as whether the home is too extravagant. Many buyers are influence their purchases depending on interest rates are lower, when one can afford a high end car payment, a second home could probably be affordable provided that you don’t over spend for an old home in a reasonably priced area.
Driving around the beautiful sleepy villages will give you a glimpse of the eye-catching homes that still exist from the Portuguese era. Their long verandas, broad porches and cone-sloped roofs sporting architectural marvels from the early 1700’s and 1900’s display ancestral Goan aristocracy. Many of these structures have also been restored by home owners to suite modern living ways buy have also left the European style still prominent to it.
Houses also purchased as second homes as they are comparatively priced lower that then villas on the market. Home owners toy with the idea of remodelling it and flipping it as well. Adding value to it with new bathrooms and comfortable bedroom still keeping the external architecture intact is often seen.
Resisting the impulse buy:
A significant amount of research is needed before a purchase is made on the properties current valuation, its future valuation and also it structural capacity. Buying a home on a whim can lead to a taking on a mortgage that is beyond your financial comfort or even ending up with a property that does not meet your needs.
Assessing Long Term needs and goals
Don’t only look at a property from a ROI perspective, give it adequate thought to know whether it suits your lifestyle. A weekend getaway for example is a lot convenient when its within a days drive from your primary home. Many look to also buy old Goan homes that would serve as a retirement spot for which for which the homes accessibility needs to be assesses and also the proximity to health care centres in the area.
Being familiar with the locality
Getting to know of the area from a non-tourists perspective even though you have been visiting the area for years will help you understand the conveniences around the property you plan to buy there. The off-season in Goa is completely the opposite of a full blown tourist season hence talking to locals from the area will get their take on the area.
Hiring a Local Real Estate Agent
Getting a professional real estate agency to help with shortlisting homes will help you narrow down to a nice list of 3-4 homes that you shortlist as residential agents are very localised and will provide you with listings that are that are available on the market but not easy to find.
Deciding upon the type of home that suites you
Remember old homes require regular maintenance and plenty of upkeep which would require plenty of efforts and time devoted to it. Structural repairs are also needed from time to time and does have a significant costs attached to it. Although old Goan houses are marginally cheaper that new villas, there is plenty of repairs and upgrades these properties require.
Calculate for additional expenses
When buying an house, looking it from a flipping perspective should also be considered especially since the property isn’t your primary residence. There may be expenses such as electrical and wiring, reconfiguring the plumbing lines, bathrooms and kitchens and also general maintenance. A budget of at least 20-25% must be set aside to meet these expenses.
Renting the home
The house while you own it should be able to fetch you rental income to cover the mortgage. This requires scouting for properties that can easily attracts renters for short stays as well as long stays. Homes in the tourist areas of Baga Calangute, Anujana and Vagator are prime location for recurring rents from short-stay holiday goers. Morjim, Siolim, Assagao and Mandrem are localities where a number of long-stay tourists prefer as the rents are lower.
Hot spots for Houses on the market
Old Goan houses for sale are listed around various pockets that are mainly away from the city’s hustle and bustle. These properties are found commonly in villages bordering tourist areas and not very often are listed on the market. Siolim and Moira are localities where a number of these properties can be found.
Buyers in this segment mainly look for homes that can double-up as rental properties and also be able to be flipped once fully renovated. Most old homes on the market have an age of at least 40-50 years to it and therefore a sufficient amount of work is expected in some cases structurally as well. There always is a demand for short-stays in these property types and also tourists that look to stay for the season. These homes are only left in villages and very limited in number. These properties are spacious in design and have orientations of the gone era that has a nice charm to it.