The Apartment Age has dawned upon us with more consumer demographics calling for multi-income physical assets like urban condos nestled into the most scenic neighbourhoods of thriving cityscapes like Colombo. Here’s how to go about determining a feasible budget for a high-value apartment.
Reflect on your Vision
Buying your dream abode should not be a split-second decision, especially when you have a budget to consider when it comes to expenses like utilities, new furniture, and tech-savvy fittings. Therefore, whether it’s in-built modern conveniences like a fully-fitted kitchen, impeccable living room trappings, and contemporary washroom accessories that add value to the abode or an open floor plan, ample balcony, and heaps of natural lighting, make sure you select an apartment that checks all your non-negotiable boxes and aligns seamlessly with your holistic lifestyle goals.
Review your Financial Goals
If your focus is on a top-notch apartment well connected to urban business and recreation hotspots while affording serene escapes into nature, then paying a premium is worth it for long-term gains, as such abodes boast rental yields of 10% and annual capital gains of 15%. Therefore, if you’re browsing for cohesive apartments for sale in Sri Lanka that effortlessly combine prestige and hospitality, venture no further than the likes of Prime Residencies.
Investigate for Hidden Costs
A crucial way of being vigilant about managing your budget is to avoid getting so dazzled by artistic interiors, state-of-the-art amenities, and lush outdoor spaces, that you completely overlook costly pitfalls! For instance, levies are often common for apartments that follow a strata scheme, where apartment owners need to contribute to the upkeep of communal spaces and facilities.
Consult with Real-estate Experts
Colombo – Photo by Chamindu Perera on Unsplash
Even though your chosen apartment may seem like the perfect fit, it’s always a good idea to see through the eyes of experienced professional appraisers to confirm high saleability and desirable future returns.
