List Headline Image
Updated by Joanna James on Jun 23, 2019
Headline for 9 Apartment Investing Tips - Apartment living heralds the future in Sri Lanka
 REPORT
Joanna James Joanna James
Owner
9 items   1 followers   0 votes   1 views

9 Apartment Investing Tips - Apartment living heralds the future in Sri Lanka

Since apartment complexes are currently proliferating, get in at the early stages ('off the plan') to have your choice of tiles, interior paint colour etc.

1

Get the location right

Hoping to buy an apartment in Sri Lanka? With the boom in apartment construction in Sri Lanka, every available space is seen as prime property even though it may not be in a desirable location. Some blocks are situated off narrow streets or near traffic lights and junctions in congested areas where getting in and out of traffic will be difficult. Do you want an area where everything is close enough for you to leave the car behind and walk? If you're not a city person, would you prefer the suburbs?

2

Check market rates

Do a thorough study of selling prices of apartments in your selected area not only for purchase prices but get an idea of rental rates. Also, if buying to rent or re-sell, avoid very large complexes where there is no unique or outstanding feature. At the time of purchase make sure to check the Deed, Certificate of Compliance from the local authority or Municipal Council and all other associated documentation.

3

You get what you pay for

Buying your dream apartment is one part of the equation but you still have to come up with an often-sizeable amount for monthly maintenance and amenity (strata) fees to cover swimming pool, tennis courts and gyms for instance. The more the amenities, the higher the fees. Make sure to budget long term for these add-on expenses. If you plan on using air conditioning regularly, factor the expense into your monthly electric bill.

4

Check all building features

Do a checklist of the following: Security, garbage disposal, cable TV, storage units, emergency exits, fire protection, guest parking, common amenities and so on.

5

Precious parking

Parking slots are usually limited. Are you a one or two car family? Will a second parking space cost extra? If you don't have a car can you sell off your allocated space?

6

Higher or lower?

The number of floors in an apartment block can vary, and so can the price per floor. If you have a fear of heights you may want to book the ground floor. If you're all about the views, then the higher the better. But what if there's a power cut - how many floors can you walk up or down in an emergency?

7

Where's the sun?

In a tropical island like Sri Lanka, it's very important to know the direction of the sun. Bearing in mind that the sun rises in the east, if you don't want the sun streaming into your bedroom first thing in the morning, you should choose an apartment where the master bedroom faces west. If, however, you want to see the sunset every day, make sure your living room faces west. Also, if there's lots of glass (French windows), you will have to invest in blinds or curtains to keep out the midday heat.

8

What's the neighbourhood like?

Before choosing an apartment it's important to stake out the neighbourhood. How central is it? Are there amenities like banks, supermarket, gym, hospital within walking distance? What will the commute to work be like? If you have children, how far will their school be?

9

Look beyond the major cities

Colombo and its suburbs are starting to see signs of a glut in apartments so it's worth looking at other cities and towns that are rapidly developing. With the advent of the Southern highway, a large stretch of coastline is now open to prime real estate development. Elysian Realty Mirissa, for instance, is a good example of beachside luxury development suited for local and foreign expats.

A beach property anywhere along the coast will certainly appreciate in value and can always be rented to tourists if you don't plan to live in the apartment full time. Similarly, the central mountainous region of the island is also worth considering, due to the salubrious climate and natural environment.