Sri Lanka’s property market is booming, and millennials are increasingly entering the game. Whether you’re seeking a trendy pad in Colombo or a beachside retreat, navigating the process can seem daunting. But worry not, this guide equips you with the knowledge and strategies to conquer your apartment-buying journey!
Location
Sri Lanka offers diverse living experiences. If you want to buy an apartment in Colombo at properties such as Prime Residencies, consider the commute to work, the neighbourhood, and the security involved in your ideal purchase. If you’re looking for more of a holiday vibe, check out properties in Galle and Hikkaduwa.
Image via Prime Residencies
Know Your Budget
Be realistic about your finances. Factor in the apartment’s price, potential renovations, stamp duty, and ongoing costs like maintenance fees. Utilise online mortgage calculators to estimate affordability so you don’t fall into trouble later on.
Market Trends
Research current market trends to understand pricing and potential future value. Consulting a real estate agent specialising in your preferred area can provide valuable insights into curating your perfect home.
Inspect Thoroughly
After finding potential candidates, make sure to look for signs of water damage, cracks in walls, and the overall condition of electrical wiring and plumbing. If necessary, consider hiring a professional inspector for a detailed evaluation.
Read the Fine Print
Before signing anything, meticulously review the purchase agreement. Ensure you understand all terms and conditions, including payment schedules and potential penalties. It is better to secure the services of a lawyer to note down all the details.