Purchasing an apartment for the first time in Sri Lanka is an exciting and significant milestone. As a rapidly developing country with a vibrant real estate market, Sri Lanka offers a diverse range of properties, from modern high-rise apartments in bustling cities like Colombo to serene beachfront condos along its picturesque coastlines.
Image via Prime Residencies
Double-check your finances
Before entering the property market, it’s crucial to clearly understand your financial situation. Establish your budget, taking into account the down payment you can afford and the monthly mortgage payments you are comfortable with.
Do your research
Take the time to research the real estate market in Colombo. Explore various neighbourhoods, compare prices, and understand the factors influencing property values. This will enable you to make an informed decision – and you should always be prepared when looking for apartments in Sri Lanka.
Location, location, location
Location is key when it comes to real estate. Consider the proximity to your workplace, schools, healthcare facilities, and other amenities. Think about the lifestyle you want and choose a location that aligns with your needs.
Property Inspections Matter
When you find a potential apartment, conduct a thorough inspection. Check for any signs of damage or issues that might require repairs. It may be beneficial to hire a professional inspector to ensure everything is in good condition. Prime Residencies, and other famous brands in Sri Lanka, will have these likely inspections done no matter what – so rest assured if you’re looking at a property from such brands.
