Demand for houses for sale in Goa has been on in healthy demand despite a sluggish market trend over the last few years. Old Goan houses have a unique charm to them, most of it due to the structure belonging to the Portuguese era. In addition to owning such homes, flipping old residential units 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 property is too extravagant. Many buyers influence their purchases depending on interest rates are lower, when one can afford a high-end car payment, a property purchase could probably be affordable provided that you don’t overspend for an old residential unit in a reasonably priced area.
Driving around the beautiful sleepy villages will give you a glimpse of the eye-catching dwellings 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 real estate investors to suit modern living ways but have also left the European style still prominent to it.
Houses also purchased as vacation rental properties as they are comparatively priced lower than then villas on the market. Real estate investors toy with the idea of remodeling it and flipping it as well. Adding value to it with new bathrooms and a 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 property’s current valuation, its future valuation, and also its structural capacity. Buying a residential unit on a whim can lead to 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 an ROI perspective, give it adequate thought to know whether it suits your lifestyle. A weekend getaway for example is a lot convenient when it’s within a day’s drive from your primary residence. Many look to also buy old Goan homes that would serve as a retirement spot for which the property’s accessibility needs to be assessed and also the proximity to health care centers in the area.
Being familiar with the locality
Getting to know 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 agent to help with shortlisting projects that will help you narrow down to a nice list of 3-4 units that you shortlist as real estate agents are very localized and will provide you with listings that are available on the market but not easy to find.
Deciding upon the type of property that suits you
Remember old structures require regular maintenance and plenty of upkeep which would require plenty of effort and time devoted to it. Structural repairs are also needed from time to time and does have significant costs attached to them. Although old Goan houses are marginally cheaper than new residential units, there is plenty of repairs and upgrades these properties require.
Calculate for additional expenses
When buying a house, looking at 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, kitchens, and also general maintenance. A budget of at least 20-25% must be set aside to meet these expenses.
Renting out the property
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 attract renters for short stays as well as long stays. Residential properties in the tourist areas of Baga Calangute, Anjuna, and Vagator are prime locations 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 properties 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.