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goa's hostory

Prices and How much you will have to budget for a renting a villa

With the variety of accommodations available for vacation villa rentals there are a number of price points at that  a renter can explore.  This though is dependent on a variety of factors such as the type of accommodation, the locality, the amenities and the season. Prices also differ according to the type of lease or the period of stay you plan for. Low cost accommodation is also available in backpacker hostels that are popular among budget travellers and are in demand across the beach belt of the state. Here we explore then prices of properties and the costs incurred while you rent a villa for a  vacation home.

Locality

The locality is definitely the driving force behind the rents that are charged. Areas such as Candolim, Baga and Calungute are prime spots with vibrant nightlife, great food, bars and plenty of shopping having demand for accommodation all throughout the year. Rents for villas here begin at around Rs. 55,000 a night and also can reach Rs. 1,50,000 a night.  Most of the visitors here are vacationers that travel in groups and want an exclusive property to themselves. Hotels on the other hand can range any between Rs. 4,000 a night to Rs. 25,000 for non-peak season rates.

For those considering a year long lease, there are very limited options in these areas as most independent homes are let out for short weekly stays. A deposit which is a usually in the range of Rs. 25,000 to Rs. 30,000 is requested by the homeowner which is refunded at checkout.  Areas such as Morjim and Mandrem are best suited for long stays and homeowners here are a lot keen to sign long term 11 month leases.  Rents for independent villas begin at around Rs. 40,000 onwards.

The age of the properties also determine the rental prices. A modern home in Anjuna for example will cost Rs. 65,0000 per month, an older home in the same locality would be priced at around Rs. 40,000.

Seasonal rates

The tourist season in Goa begins in the month of September and continues till May with the peak season being in the months of November and December. Most Europeans visit until January-February. February onwards witness a rush of domestic tourism.  Vacationhome rental rates keep shifting as per these seasonal trends. Demand for independent villas is the most during peak season therefore the prices soar during this time. Most homeowners would prefer short-rentals during this time and hence the chances of a long-term yearly lease is unlikely during this period. If you are hunting for a yearly lease the best time to avail rock bottom rates is just when the season is about to end or by the onset of monsoon which is during the months of June.  For short term rentals the best approach to availing a good deal is booking a place at least 4-5 weeks in advance.  This will also give you the upper hand to also negotiate the price.

Type of property

Goa has to offer a variety of properties types depending on the type of vacationer you are. Backpacker hostels are available in many parts of the coastal areas with breakfast served along with an open kitchen. On an average backpacker hostels would be priced at Rs. 800 per day onwards. Most backpacker hostels are independent homes converted to hostels.  Studio apartments are also popular for single travellers. Studio properties are generally attached to apartments with independent access or are also available in independent homes. There aren’t many high-rises with these offerings however you will come across these as well.  Independent houses or villas are also popular among travellers visiting in groups looking for short stays or for the European travellers looking for a 6 month to a yearly lease. Hotels are all over the place with room rents as low as Rs. 1500 onwards for single occupancy. Rates vary according to amenities and the starred rating of the property.

Security Deposits

Security deposits are requested by most of the homeowners whether it is a short term stay or whether a 11 month lease. A three month deposit is the standard term of a deposit for a long lease. For short term stays it could vary from any where between Rs. 5,000 to Rs. 50,000 depending on the amenities and age of the property. The amount of deposit isn’t usually mentioned when the rates are quoted for the property and is usually discussed when payments are made. Ensure you budget for the deposit as it will be a compulsion when a property is booked.

Broker’s fees

Brokers charge a single month’s rent as their fees for locating the property. This fee is typically charged for a eleven month lease. In addition to this there is also a fee for putting together the lease papers that are signed via a public notary’s office which generally range between Rs. 2500-Rs.5,000. As a side note, you would also have to fill-in the tenant verification form with the local police station as well. Your real estate broker will assist you with this as an add-on service if you need assistance.

Utility bills

Electricity and water bills are the basic utility bills that you will have to cover each month. Electricity bills are dropped off each month while the water bills arrive once every quarter. Enquire with the homeowner on how to make these payments both offline as well as via an online mode. In addition to this you will also have to budget for cable bills which are monthly,  on an average that will cost Rs. 500 onwards. An internet connection will cost you a minimum of Rs. 500 depending on the type of connection you opt for. If you live in an apartment, there are society maintenance charges for gardening, security and common lighting bills that would be a minimum of Rs. 1,500.  Domestic help is also commonly available for everyday cleaning, they are hired on a monthly basis for an hours work and charge a minimum of Rs. 2000 onwards.  There are also people available to wash you cars or bikes on a monthly basis charging a minimum of Rs. 1000 a month.