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Updated by Joanna James on Mar 16, 2024
Headline for 5 Tips to Start Investing in Real Estate—The Lucrative Option
Joanna James Joanna James
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5 Tips to Start Investing in Real Estate—The Lucrative Option

Investing in real estate is a lucrative way to make your money grow. It is an additional investment and a good method to grow your financial dealings. If you are interested in becoming a landlord or a property investor read on for tips to start investing in real estate.


Invest in Promising Property

Don't just go around buying up the first available property that meets your budget, instead become choosy and invest after plenty of deliberation. The property must be a successful investment, you need to make sure the market value is going to appreciate and not depreciate. If you are investing in a constructed building make sure the building is solid and has some value, if it does not renegotiate and ask for only the land value. The trend in Colombo today is to invest in high-end property projects. Apartment projects in Sri Lanka are very popular at the moment with people seeking the uber-chic lifestyle apartment living promises. Property investors too are finding that putting down their money on quality projects offers long term benefits of appreciating property values. Most projects by reputed realtors like John Keells Properties are quickly snapped up by savvy investors.


Consider Rental Properties as a Lucrative Investment

Becoming a landlord when it's the right type of property is good business. Investing in a well-located apartment will help you to earn a good income by renting out the property. Apartments in Colombo are highly sought out by locals and expats who find them highly convenient. Besides, choosing to rent out apartments is a whole lot easier when it comes to maintenance than a large house. You can even choose to invest in holiday rentals, which are easier to maintain as they go on short term rents. Villas or apartments by the coast are especially popular if you don't mind maintaining a property for an intermittent income.


Invest in Fixer-Uppers

If you have an eye for detail and you possess architectural or designing skills then consider investing in a fixer-upper property for fixing up and reselling at maybe double the price you bought it for. Most people with creative skills or even those who know some really good professional contractors choose this option since their initial investment is so small. By investing a small portion of your money, you can take you time to refurbish the property into an attractive piece of real estate that you won't have any trouble reselling.


Become a Landlord Within Your Own Home

Have the kids moved out and left too much space in your big old house? Or do you simply happen to own a large enough property where your family can spare an extra room? If so, renting out a room is a good way to bump up your income and gain some company in case you are living alone. There are plenty of people looking for a room to rent within a pleasant property and once you get down your required renting out criteria right, all you do is pop an advert in the newspaper and wait for the calls.


Look for Property Developers Online

You are not required to scour the newspapers and go property hunting, it's quite easy now with everything streamlined on the internet. Look for an online realtor that has all the details added to their website. It's easy to decide on the quality of a property when you choose to go with reputed realtors in Sri Lanka.