Goa has been the destination of choice for travellers from across India and the world. This coupled with the small size of Goa’s Land has made Goa a popular destination for land investment.

In addition to this, the high standard of living and quality of life has made Goa a popular destination to live and work from. 

Renting or buying a home is a big decision because of the financial implications at stake 

Since the pandemic, there has been a rise in remote workers who operate from Goa. Flats become an ideal choice since it meets the requirements of most individuals and is cheaper to maintain compared to independent houses. 

Here are some of the factors to consider when choosing between renting or buying an apartment:

Duration

If you plan on living in Goa for the long term then buying your own apartment will be a viable option. If you are living for the short term, staying in a rented apartment is ideal.

Responsibility

When you buy a home the responsibility of the maintenance and upkeep of the flat is usually your burden. This is why it’s important to purchase from reputed property development companies in Goa. Check if your builder offers warranties on the flat.
On the other hand, if you are renting then, usually the responsibility of maintenance is with the landlord which can save you the additional burden of upkeep.

Investment

Apartments are considered a good investment in Goa. You can live in the apartment when you are in Goa and rent the apartment when you are away giving you additional income.
E.g. Buying a luxury villa in North Goa is considerably expensive as compared to renting one. But, if you are renting the property and look at property appreciation in Goa, then over the long term there will be a good return on property investment.

Liability

If you are purchasing a home then most likely you will opt for a loan. With property rates increasing exponentially over the years homes are becoming more expensive. If you are buying an apartment then along with the home comes the liability of payment.
In the case of renting the liability is the monthly rent due which is considerably more affordable.

Capital Appreciation

If you are buying a good apartment from a reputed builder and in a good locality, chances are that the property will appreciate in value over the years, giving you a good return on investment.

Movability

If your occupation requires you to relocate frequently then renting is the most logical choice. Renting gives you the freedom to relocate as per your situation.
If you have purchased a home and are moving to another location the EMI’s still continue. This is a major factor to consider when making the decision to purchase or rent.

Convenience

Apartments in prime locations near major facilities and attractions are usually more expensive and it falls cheaper to rent in these areas rather than purchase a home.

Whether you are looking to buy an affordable 2 bhk apartment In Goa or want to buy a Luxury Villa in North Goa the decision to rent or buy is as per your situation and your objectives. One key point to keep in mind is to purchase from the best real estate developers in North Goa who has a good track record of delivered projects.