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Updated by Joanna James on Jan 21, 2020
Headline for How to Buy an Apartment- An investment for the future
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Joanna James Joanna James
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How to Buy an Apartment- An investment for the future

Buying an apartment is a major life-changing decision and involves a range of factors. This can make anyone feel at least a little nervous. Here are some tips to ensure you know exactly what you are doing.

1

Budget

This is the most important factor to take into consideration and will help you filter offers that are way past your budget. If you are not sure as to what a decent budget is, it helps to look around at some advertisements and look at the pricing- this will give you an average idea. Alternatively, evaluate your debt-to-income ratio by calculating your daily or monthly debt payments- loans, bills, credit card bills etc. Divide this by your monthly income value and find the percentage. This will tell you the margin of what you can afford.

2

Apartment necessities

As opposed to a single house on your own, purchasing an apartment unit from the building allows you and other house owners to contribute to the overall maintenance of the building. This includes the common electricity, elevator maintenance, security guard salary and so on. The cost is generally less than what you'd expect if you have to do it all on your own. Therefore, check the maintenance cost for each apartment you are looking at as the cost differs according to the type of condos.

3

Select a location

This is another important factor to look into. There is no point buying an apartment miles away from the location you will be mostly spending time at- be it work, classes, social life, etc. If you are a city person, check around the city. In Sri Lanka, there are many apartments for sale in Colombo- considering it is the metropolitan city centre of the island. It is a popular option and there is high demand. To cater to these, apartment complexes like TRI-ZEN tend to give great options and competitive prices. For the others who wish to live in a quieter place, the best is to choose a location not too far from the city thereby ensuring you strike the perfect balance.
Furthermore, you can also base your location hunt on views- sea view, city view, lake view and so on depending on your preference. For example, yoga practitioners would opt for a more scenic and calm view that will help them practice in peace. Each person is different and there are options that suit individual wants and needs.

Another factor to consider in any circumstance is the neighbourhood to ensure it is a safe place. A notorious neighbourhood will leave you agitated and anxious every day.

4

Working with agents

It helps to have an experienced agent to assist you in the whole process. They will be able to cross-check the agent's credentials for verification and references to ensure that you do not invest money in haste. Maintain a good rapport with them and pass any concerns and queries via them. Always keep yourself informed and if you have the time on your hands, spend some time learning the industry and procedures.