Joanna James
It is no longer considered that owning an apartment is somehow less of a priority or status denote as it is buying a house. Real estate is becoming more and more expensive, especially in commercial hubs such as Colombo and owning an apartment can be a great investment.
Considering how affordable apartments are becoming recently, now is one of the best times to invest in one. Apartments are also considered an entry point for first-time investors who are looking to play the field. If you have a surplus of capital, consider buying apartments in various locations and situations so you could diversify your assets, portfolio and thus the risks can be mitigated.
Apartments in Colombo Sri Lanka are set to go on high demand in the future especially due to the ever-expanding population. This is mostly due to both preferences and convenience, especially in recent years the people moving to Colombo or people moving into apartments to live alone, have significantly increased. According to this increase in the expanding urban population looking for apartments means that for investors in properties like John Keells Properties, means more choice over who to rent your apartment to, increased renter demand, higher rental yields and greater security on investment.
Now that apartments have a higher appeal across the board with urban populations you will find that there is a higher buyer appeal. Both first-time buyers, investors and in some case, downsizers will make up the buyer market which means there will be enough competition for your property that prices will be driven up. Appealing to the mass market creates dynamic activities around your property which means your investment will keep bringing you higher values.
If you own a building unit you will be sharing the cost of maintenance with everyone else who lives, there. This will also include building repairs, insurance and other aspects of owning a unit. While the apartment complexes in Colombo are becoming much more modern and full of better and more advanced facilities, the cost will also go up. But at the same time, this means that the future value of the unit will keep going up and you might be able to charge higher rent in time to come.
When buying an apartment, you should consider these following tips so that you can guarantee you are making a proper purchase. Firstly, choose an apartment in an area where either the amenities or the surroundings offer a unique advantage that other places don't. Also, consider inner-city apartments over apartment complexes that are built in the suburbs of Colombo. Be aware of all the fees and what you are paying for, are there any hidden costs? Don't pay a huge premium on your apartment if they are on the higher floors of high-rises. Instead, choose apartments in the middle floors; neither too high nor too low.
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