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Updated by Joanna James on Aug 25, 2019
Headline for Things You Should Know Before Buying an Apartment - Research before investing
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Joanna James Joanna James
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Things You Should Know Before Buying an Apartment - Research before investing

With the world becoming home to everyone there is a rise in the interest in apartments from around the world for those who wish to occupy it as a second home or rent it out.

1

Do your research

Buying your first investment property is a huge decision to make. With globalisation becoming more real by the day there are more avenues opening up for property investors. It is important to do your research to look at the different avenues, the opportunities and the return of investment before you jump in. There is so much information you can find on the internet but if you are looking for specific information you can speak to agents in the industry such as Cinnamon Life Colombo. The city of Colombo has been one of the fast-developing locations when it comes to apartments and property investments. So it is important to find out numbers and facts from those who are in the industry, investors as well as the companies so you get an unbiased opinion.

2

Determine your budget

Sometimes it feels better to look at the options and then determine the budget but this is only going to make things harder if you do not wish to go for a budget in the range of millions. It is wise not to invest all your savings in one project and to start with an affordable yet not easily reachable amount of money. Most who invest in Sri Lanka prefer to either invest in several properties or different types of properties in order to be able to test the waters and see which way the river flows.

3

Broaden your search

It is likely that you decided to step into buying an apartment either because your eyes caught a lovely location or the idea of a good return on investment enticed you to do so. However, no matter what the reason is you need to broaden your search when you are hunting for the type of property that you would like to invest in. Keep in mind not to let your emotions play a part in this as what you desire by looks and comfort might not be the best investment when it comes to your money. If you are not planning to live in the house at any point, let the numbers make the decisions.

4

Calculate expenses and profits

This is a crucial step. You need to have a plan and an idea of the future of the project. Keep in mind that the ultimate goal has a sole purpose and that purpose only. Be wise to do the numbers yourself and allow the company you are dealing with and a friend with experience to give you advice on it. Those who have been in the industry for several years have better judgement than those who are new to the field.

5

Make a down payment

Once you have picked the ideal property you need to secure it fast. If your calculations have led to the right prediction then it is bound to lead someone else to the same numbers. Once you have made your mind, ask about making a downpayment and start processing everything formally so you do not have any regrets.

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