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Investing in Apartments in Sri Lanka – Four Things to Consider

by Catalina Forbes
written by Catalina Forbes

Investing in apartments in Sri Lanka can be a promising venture, but it’s essential to navigate the market wisely. Here are four key considerations to help you make a sound investment choice.

Location is Key

Location significantly impacts the value and returns on your investment. Consider factors like proximity to amenities, public transport, and the neighbourhood’s growth potential. Upcoming apartments in Sri Lanka offered by popular real estate developers may offer attractive options in emerging areas.

Budget and Financing

Budget and Financing

Budget and Financing – Photo by Scott Graham on Unsplash

Determine your budget and explore financing options. Whether you plan to buy off-plan or a ready-built apartment, understanding your financial capacity is crucial. Keep in mind that additional costs like registration fees and taxes may apply.

Property Developer’s Reputation

Research the track record of the property developer. Reputable developers such as Prime Residencies often deliver quality apartments and ensure timely completion. Look for reviews, past projects, and any potential red flags.

Rental and Resale Potential

Assess the rental and resale potential of the apartment. Consider the demand for rentals in the area and the potential for capital appreciation. Research market trends to make an informed decision. Additionally, consult with local real estate experts or agents to gain valuable insights into the current rental rates and resale market conditions, helping you make a well-informed assessment of the property’s financial prospects.

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Pros and Cons of Apartment Living in Sri Lanka – The Perks and Drawbacks

by Catalina Forbes
written by Catalina Forbes

Living in an apartment in Sri Lanka comes with its own set of advantages and challenges. Here are the pros and cons to help you make an informed decision about this popular housing choice.

Proximity and Convenience: Embracing Urban Living

One of the primary benefits of apartment living is the convenience of being close to urban amenities. With shopping centres, restaurants, and public transport at your doorstep, apartments offer a lifestyle that’s both connected and vibrant.

Maintenance Made Easy: Shared Responsibilities

Apartments often come with shared maintenance responsibilities. While this means less individual burden for upkeep, it also requires cooperation among residents. Regular meetings and effective communication play a key role in maintaining a harmonious living environment.

Security and Community: A Sense of Safety

Security is a significant advantage in apartment living. Gated communities and surveillance systems provide a sense of safety. Additionally, the close proximity of neighbours fosters a sense of community, creating opportunities for social interactions and shared experiences.

Limited Space: The Trade-Off for Urban Living

Urban Living

Urban Living – Photo by Francesca Tosolini on Unsplash

On the flip side, limited space can be a drawback, especially for those accustomed to more expansive living arrangements. Balconies and common areas may compensate, but the compact nature of apartments might not suit everyone’s lifestyle.

Investment Opportunities

For those considering real estate investment, apartments present promising opportunities. With a rising demand for urban housing, exploring apartments for sale in Sri Lanka could be a lucrative venture. It’s essential to conduct thorough research and consider factors like location and market trends. Reputable real estate providers like Prime Residencies should be considered when making decisions about purchasing an apartment in Sri Lanka.

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Apartment LivingBudgetingInvesting

Investing in Real Estate- Important Factors to Consider

by auburn
written by auburn

When investing in real estate, it is vital to prudently evaluate factors that may influence your investment. Here are some crucial things to consider without fail.

Location

The location of the property is one of the most important factors to consider. When seeking that idyllic property to invest in, always choose areas with strong job markets, good schools, and low crime rates. These factors can undoubtedly contribute to the long-term value of the property. For instance, investing in the real estate of John Keells Properties, considered one of the leading property developers in Sri Lanka may give you easy access to the city not to mention world-class amenities and unrivalled returns on investment.

Property condition

Sri Lanka Properties

Sri Lanka Properties – Photo by Dinuka Lankaloka on Unsplash

Inspection is an essential aspect of real estate investment. Look for any major repairs that may be required since you do not want to burden yourself with heavy costs. For some additional guidance, it may also be a good idea to retain a professional home inspector to assess the condition of the property.

Financing

Consider your financing options before making an offer on a property. Always have a plan on how you can pay the down payment and mortgage payments. Try to have clarity on your budget and ask yourself crucial questions such as whether the investment is long-term or short-term or whether you will be staying in the property or wish to rent to a 3rd party.

The potential return on investment

Always consider the potential return on investment for the property. Will it generate enough income to cover the mortgage payments and any other expenses you will have to bear, or will the value of the property appreciate over time, etc.?

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Here’s Everything You Need to Do Before You Move into Your New Apartment- Embracing your Tailor-made Sanctuary 

by Caleb Falcon
written by Caleb Falcon

Your dream apartment must align with your tastes, values, and lifestyle goals, and a split-second decision based on superficial love at first sight is not the way to go about it! Here’s what you need to consider before making the first move.
Re-assess your Non-negotiables

apartments-preview

apartments-preview | img via Hippoxpx

Before signing any paperwork and circling a move-in date on your calendar, walk through the abode one more time and critically scan it from multiple angles. For instance, make sure that its open layout, sensor-rich smart home integration, and natural lighting are on point, and interview the landlord as to whether you can go through with the personalised tweaks you have in mind.

Review the Lease Agreement 
Aside from paying due attention to the rent price, security deposit, and late fees detailed in the agreement, also keep your eyes peeled for hidden costs like ‘levies’, which mean that individual apartment owners are liable to contribute to the maintenance of public amenities such as pools, gyms, recreation centres, and outdoor spaces.

Survey the Neighbourhood 
Take a turn around the neighbourhood to make sure that you have everything you need for a productive, well-heeled lifestyle, from minimal noise pollution and family-friendly surroundings to ample green spaces and premier access to urban hotspots. If you’re seeking sophisticated apartments for sale in Colombo, venture no further than those offered by the likes of TRI-ZEN.

Confirm Future Saleability 
Before picking out a mix of vintage and contemporary statement furniture pieces, pendant lighting, and pull-out pantry shelves, it’s essential to consult independent real estate agents and evaluators on whether or not the apartment will prove to be a valuable asset with prime ROI potential.

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Why smart apartment technology is a must for Gen Z – for smarter and more convenient living

by Fritzjames Stephen
written by Fritzjames Stephen

 Smart apartment technology is becoming increasingly popular among young people, and for good reason. For those in the Gen Z demographic, smart apartment technology offers a range of benefits that can enhance their living experience and make their daily lives more convenient and efficient.

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buy apartments in Colombo

colombo city | img by Nazly Ahmed via flickr

Who belongs to Gen Z?

Basically, all those born between 1997 and 2012 are categorised within Gen Z. Fondly called ‘Gen Zers’, this generation is treated as the most climate and socially conscious whose living habits are largely influenced by modern-day technology.

Smart home technologies and the property market

The word ‘smart’ best describes the property market that has called for a greater focus on integrating technology into its living spaces in a manner that would attract more Gen Zers. Facilitators such as TRI-ZEN whose services can be sought should you want to buy apartments in Colombo have also brought in gadgets such as smart locks and resident voice controller

<a style="text-decoration: none;" href="http://www.cipf-es.org/cialis-generico-espana/"http://www.cipf-es.org/cialis-generico-espana/

mechanisms to cater to a wider audience.

Convenience

Smart apartment technology can make daily tasks and chores easier and more convenient. For example, smart appliances can be controlled from a smartphone, allowing residents to turn on and off their appliances remotely. Smart assistants like Amazon Echo or Google Home can help residents control their smart home devices, set reminders, and perform other tasks hands-free.

What do owners look for?

One of the products that newbie renters and buyers desire is the smart thermostat which can be used to set custom temperature schedules and manage energy consumption even when outside. Also, smart locks and keyless entry systems are sought in order to address the age-old struggles of getting locked out, missing packages and letting delivery personnel in when the door attendant isn’t available. Gen Zers are busy people who constantly seek concierge services to make their deliveries. This is where smart lock technologies can facilitate a far improved living style by allowing guests and various users to enter on certain occasions.

 

 

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Reasons Why Gen Z Can Invest in Real Estate Already – A Fascinating Change in the Market

by Pushpitha Wijesinghe
written by Pushpitha Wijesinghe

 While Gen Z may encompass those that are relatively young (generally between 18 to 25 years), more and more of them are investing in the real estate market that’s usually the domain of older or seasoned investors. Here are some insights into why this change is taking place.

market-value

Market Value img by Nick Youngson via Pix4free.org (CC BY-SA 3.0) 

 

High Income & More Savings

In today’s world, the Gen Z set is enjoying the benefits of not only working in remote locations but also being employed by international companies that can pay relatively high salaries in US dollars; in some countries, the dollar conversion is extremely favourable too which increases the level of disposable income and savings that can be used for investing in real estate. Sri Lanka is an ideal example where young executives can invest in smart apartments from developers like John Keells Properties which are becoming increasingly popular.

Alternative Real Estate Investments

Gen Z is employing means of investing in real estate other than the more traditional methods. One example of this is called “house hacking” whereby a multifamily or single-family house is bought; while the owner sets aside one area as his / her living space, the other parts of the house are divided and rented out. The rent from the other occupants will usually cover a large portion of the monthly mortgage payment too.

Making Use of REITs

Real estate investment trusts or REITs are giving the Gen Z generation a chance to get involved in real estate without physically having to buy or manage a property. A REIT is basically a company which operates, owns, or finances real estate or related assets and one can look to invest in it and reap a share of the profits. Because they are publicly traded like stocks, REITs are highly liquid and easy to invest in as well.

Support from Parents

Interestingly, parental support can also be another reason that has enabled the Gen Z crowd to have opportunities for real estate investments. Quite a number of young people live with their parents (or relatives) even when employed; since food and lodging are covered, their savings are more and can be set aside for investing. Additionally, some parents will help their children by giving loans or making down payments for real estate (like an apartment) which no doubt plays a part in contributing to the trend discussed.

  

 

 

 

 

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What Is Property Management? – Let Us Tell You All About It!

by Roland Lefevre
written by Roland Lefevre

Property management, in simple terms, deals with the management of properties. However, it also comes with a lot of responsibility and daily tasks which require a lot of hands-on work. Read on to uncover the basics of property management.

In a Nutshell

Property management encompasses the management of properties which could be residential, commercial, or industrial. This role is provided by companies like John Keells Properties, in Sri Lanka, which envisages daily maintenance of the real estate while also acquiring tenants to fill vacancies in the properties.

What Do They Do?

Apart from the maintenance of the property, they are also responsible for all day-to-day repairs, security, and the general upkeep of properties under its purview. Property managers also work closely with the property developers in Sri Lanka who have erected high-rise apartments to take away the hassle of worrying about the maintenance of the said buildings.

Middleman

The property manager is the middleman between the owner of the property that is being managed and any tenant leasing the property. So, they are not also responsible for not only acquiring the said tenants but for also relaying messages back and forth. Property managers usually have a team of lawyers on board to review the paperwork of ownership to make sure everything is above board as well.

 

Curious to understand what property management entails and how it fits into the grand scheme of real estate? Read on to uncover the basics and more!

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Sri Lanka’s amazing house price boom

by auburn
written by auburn

Over the past few years, Sri Lanka has experienced a house pricing boom with prices surging to over 17% during 2018 and continues to do so even today. Here’s a look at the reasons for this fluctuation and the possibilities that lie ahead for the Sri Lankan housing market.

image via https://www.johnkeellsproperties.com/

House Prices vs Rental Yields

In recent times, rent prices in the country have drastically increased. Despite this, rent yields are reaching record lows as the increased prices cannot match the increase in house prices. Still, while gross rental yields won’t be attractive in the long term, they are better in high-end and luxury rental properties.

Interest Rates

The mortgage market of Sri Lanka is quite small – directly the result of very high-interest rates and loan offers. Private banks tend to offer adjustable mortgage loans while you can only opt for fixed-rate loans with state-owned banks.

Construction Progress

Perhaps the biggest reason behind the house price surge is the lack of new construction works. High costs of operation and fragmentation within the industry are the main causes of this problem.

Positive Outlooks

Now, just because house prices are soaring, it’s not all negative news. The fact is, Sri Lanka’s property market is still in its infancy and is expected to keep growing in the coming years. In many ways, property developers in Sri Lanka – say, for instance, John Keells Properties – are spearheading large real developments in the country, signaling future growth.

 

Over the past few years, Sri Lanka has experienced a house pricing boom – this is due to several factors. Here’s a deeper look into the subject.

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TIPS TO REMEMBER WHEN SHOPPING FOR ELECTRONICS – AVOID POTENTIAL DISAPPOINTMENTS

by auburn
written by auburn

During this holiday season, odds are that you’re either going to buy or receive electronics as a gift. Here’s what you should consider before splurging on these expensive items.

Consumer electronics are always a top contender for being wrapped as a gift item during a holiday season; however, many people rush to get the latest devices and appliances during last-minute shopping sprees. Here’s what you need to consider when buying electronics this season; may it be from that showroom of electronics that you pass en route to work every day or from one of the online stores in Sri Lanka.

Wait for Black Friday Offers

The day after Thanksgiving is the one you shouldn’t miss – especially if you’ve got eyes on that latest plasma TV. Although you may not find any fault with these sets for a long, long time, they may not belong to the premium line from manufacturers.

Read Reviews

Once you decide on an item you want to purchase, make sure you read reviews on that particular model of the device. You should be able to find what many others have said who purchased the device before you.

Site Reputation

If you’re thinking of online shopping, make sure that you only purchase from e-commerce companies such as Urban.lk that are known for running their products through authenticity checks before sending them to their customers.

Power On – and Wait!

Once you have made a consumer electronics purchase, you need to make sure whether it’s going to function well in the long run. If it’s going to cause you problems, it will be apparent during the first 2 days after purchase. Find that out by doing a stress test of the device by leaving it turned on for a good measure of time.

 

 

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