Joanna James
With a decline in interest rates and enticing property prices, a lot of individuals are enthusiastic about getting into an investment property. If you too are considering investing in an apartment, the following article looks at ways to turn your investment into a profitable venture.
The best way to gauge a location is to consider yourself living there; if you are looking at investing within one of the fantastic apartment projects in Sri Lanka, make the location a top factor when choosing where to invest. If you look at John Keells Properties, or any other top property developer in Sri Lanka with an impressive portfolio, location will be the main selling point. So, put yourself in the shoes of your would-be tenants and think, 'would you find the location convenient'? Is it conveniently located from shops and supermarkets and how far is it, from central Colombo and schools? These are a few questions you need to answer in the positive, to understand if the apartment you are looking at is well located.
Once you find an apartment complex you are interested in, do your research, check to see what the rental values in that area are; you can then gauge the amount of rent you can charge in comparison to your investment. This method will also help you evaluate the pricing structure compared to similar apartments in the neighbourhood, a good factor to decide if the apartment is being sold at a reasonable market price.
Try and avoid investing in large projects, instead look at the more stylish and tailor-made apartment complexes promising a refined lifestyle. This way you don't lose you 'individuality' edge to a huge development consisting of hundreds of apartments and offices.
Apartments which are located at a lower level requiring a walk down must be avoided. The amount of natural light entering these abodes is less, and a well-aired sunny apartment has more allure and potential of getting snapped up.
The better planned the building complex, the more facilities; true that purchasing an apartment with a lock-up space and parking is a tad more expensive, but you can well make up for this additional expense with your increased rental. People need both parking space and storage space and being able to offer both puts your place in high demand.
Apartments come in all sizes, you can choose from the studio type to the one-bedroom and move on to the more spacious and luxurious boasting 4 to 5 bedrooms. If you are looking at a smaller apartment, a one-bedroom, for example, make sure the total floor area of the apartment is not less than 50 square metres. Anything smaller and you may have trouble financing your purchase via a bank loan.
Consider reserving part of your budget to renovate your newly purchased apartment; unless the complex is brand new and you see no need to improve on the layout, consider adding some changes to create a unique aspect to your apartment. This factor will definitely improve your properties potential as garnering a higher rental.
A true believer that the pen is a mighty weapon, ventures into reaching the minds of every reader with the earnest hope of leaving an indelible stream of thought.
A travel writer who has a passion for fashion and a deep interest in admiring new and exotic attractions around the world.
