It is an excellent time to invest in real estate in Goa. From vacant plots to apartments, to row houses to luxury villas there are plenty of options to choose from. It does some a bit of skill and research on your part to find the fit for you. Although some want apartments, others prefer self-catering homes. Real estate developers have today provided their customers with plenty of options each catering to a specific type of clientele and price range. Commonly the biggest choice a buyer has to make is between an apartment and a villa, especially when either fits in the buyer’s price range. Although each does have their own pros and cons, however, a lot depends on personal preferences as well.
Added values amenities such as security staff, sufficient car parking space, back-up power supply, water systems, fire alarms, and surveillance systems form a part of a medium to luxury apartment project.
An independent villa would require an additional budget to implement these amenities. A rough estimate would be 2-3% of the total value of the property which would be an average spend to have these facilities included in an independent villa. Additionally, upgrades to the property in the form of an inverter system, a back-up generator, or even a pressure pump to all bathrooms will slightly increase the cost as well.
If there is a colony of these villas, the residents can form a resident welfare association (RWA) if the villa property forms a part of the same settlement. Then the RWA will divide the expenses that are common to all residents such as having 24- hour security personnel, maintenance staff, etc. On the other hand, in an apartment complex, the developer provides all of these facilities for the first 2 to 3 years by collecting an advance from the buyers of the property. Subsequently, RWA takes over the management of services.
Cost of Maintenance
Maintenance costs on gated villa communities are a lot higher than on apartment complexes simply due to the fact that the cost is shared by a large number of homeowners in a high rise as compared to the number in a gated villa scheme. Thus the cost an independent homeowner would have to shell out is almost 1.5 more than what an apartment homeowner would.
Purpose of Investment
In Goa, a majority of investments made into apartments and villas as second homes meant to be let out as serviced homes for holiday goers. In a number of societies, there are restrictions that prevent apartments in a complex to be rented out as daily rentals. Villas on the other hand are independent structures that are gated and thus do not have these limitations.
Appreciation value for both apartments and independent villas go hand-in-hand however, the scope for achieving a better rate of return on a villa that rests on an individual plot of land remains a lot more attractive to potential buyers. The selling prices for an apartment in a complex are more or less the same however for independent villas the prices vary significantly even in the same locality.
Room for expansion
Villas on independent plots can be expanded in the future adding to the value of the property. Outhouses, covered parks, and extensions to the existing structure are common upgrades that can be carried out. In an apartment, on the other hand, there is no scope for any external modifications, and all the upgrades or remodeling is restricted to the four walls.
The ownership of the land and villa is solely the homeowner for a villa home. In the case of an apartment, the ownership of the land is divided amongst others in the complex.
Freehand in Modifications
Independent homeowners are free from any restrictions when it comes to making any changes to their residence. They have a complete freehand in deciding any changes to the façade, the landscaping, or even within the structure. In an apartment complex, there are several restrictions laid in place by the homeowners association that restrict or limit these modifications.
Privacy & Spacious
An independent villa is your very own sanctuary that separates your living space from the rest. Privacy is one of the biggest factors that influences a buying decision. Even more so when a buyer is looking for a holiday home space to just unwind and relax and be away from the crowds.