Griffs in Goa

Monday 19th March

Make sure you have a thorough knowledge of the area and that you buy in a good location. It is no good buying in a place which has no shops or restaurants.

Buying here is all about expectations. Some buyers have been promised and expect a year on year increase in the value of their purchase. Some have bought just because they love Goa and are quite prepared to have it for their sole use for two weeks to six months of the year and have it locked, shuttered and unused for the rest of the time. Others have bought purely with the idea of letting it out to gain income from the western holiday trade. This I think is the most problematic and probably the most stressful option if not done through an agent or an established tour company, both of which will seriously deplete your income.

Letting your property depends on successful marketing and giving any potential client the as much correct information about the property and the location as possible e.g.  full rental costs and what that includes, cost of taxi from airport, distance from beach, nearest pharmacy, restaurants, buses, etc.

Decide who would most be attracted to your property. All tourists have different expectations. Some want air-conditioning, some don’t, some want apartments with all mod-cons, washing machine, microwave etc., and are prepared to pay top rates for this and will probably never use them. Others are quite happy with the most basic amenities. Be prepared for a lot of work if you want a good return. The internet is a good medium to advertise if you have the skills needed to create your own website. If you are just going to let it to family and friends then expect low returns. It all depends on how much you think you can charge. There a lot of places here that charge 2200/- (just over 25 pounds) a night and remain empty more than half the season, yet those that charge 500/- (6 pounds) are constantly full. People that stay here on a long term basis expect and get a reduction in the rate. 

Finally, think about who you could trust to enter your apartment on a regular basis to clean it, laundry will have to be changed so you will need a maid and who you could use to carry out repairs. Breakages and repairs are an inevitability, particularly in bathrooms. The standard of materials and workmanship can be quite erratic. 

One piece of advice I have been given is to ignore the housing market and invest in the Indian stock market whiich is growing at 8% per annum.