How to choose the right apartment?

Colombo offers convenience whether it is to be close to your child’s school or your workplace. Those intending to invest in an apartment in Colombo will surely have a myriad list of questions. Moving into a new apartment is always a very exciting experience, but you should be able to shortlist the best apartment which will suit all your needs. There are many factors that you need to consider before shortlisting what will become your dream apartment or ideal investment. There are few key factors that you need to consider in order to make an informed real estate decision. Listed below are a few:

Where is the apartment located?

The cityscape of Colombo has changed with more high-rises coming up. As we see a greater internal migration towards Central Colombo and an increase in traffic congestion, the location of your apartment always plays a key role in your property search. Even if it is an urban or a suburban apartment, the centrality and accessibility of the apartment to your office, schools or supermarkets are very important to ensure you do not burn countless hours in traffic which can otherwise be spent with your family or doing things you love. Ensure that your soon to be home is either a short drive away, within walking distance, or close to public transportation. Depending on your budget allocation investing in an apartment in Union place, would be ideal when considering the centrality of the location and if you are working in Colombo.

Is it affordable?

Affordability can be looked at in different ways. The most fundamental is the total cost of the apartment, value for money or even the flexibility to pay in easy instalments. A majority of apartments in Colombo are priced in USD hence making it less affordable with the current volatile exchange rates. In the current context, an LKR priced development can actually be a more affordable option as the total amount you pay out is fixed.

The most suitable way of comparing value for money is by looking at the per square foot cost and what you are getting for it. There are a number of developments where buyers pay a high cost per square foot and get mediocre or average finishes. 447 Luna Tower, is a development that is priced in Rupees that has a relatively lower cost per square foot compared to most other developments yet offers superior apartment finishes and specifications including Burma Teak flooring, German pantries, double glazed windows and European sanitary fittings. Furthermore, attractive payment options such as a 20/80 payment plan and also special loan facilities, make this development a compelling investment opportunity.

What are the common amenities?

The single most advantage of considering an apartment over a house is the fact that nearly all apartments come with the added benefit of the facilities such as round the clock security and common amenities. Most apartments offer a fully equipped gymnasium and a swimming pool and even a kiddies play area. This is a considerable cost saving to those who would otherwise need to get memberships to regularly visit the gym or pool as you can easily access it without having to step out of the complex.

How is the apartment layout?

The layout of the apartment can vary depending on the structure and the size of the apartment. There could be apartments with different layouts in the same apartment complex. Some apartments might have office spaces or a larger dining area in comparison to its much smaller bedrooms and bathrooms. It is crucial to determine the layout of the apartment that you will be calling home before the investment. This would also be based on your requirement, for example a smaller space would be more convenient if you are a busy individual as maintenance is lower, however if you have a family perhaps a larger space would be preferred to give freedom to work given the current pandemic situation. Most apartments have a range of options to choose from and different layouts from 2, 3 and 4 bedrooms.

It is important to consider these factors when you are investing in an apartment in Colombo. However, it is important to understand that the location of the condominium plays a very important part among the other factors. There could be changes in the prices depending on the location, but an apartment located in the heart of the city not only offers you the convenience of the prime location, but you will also experience the comfort of modern amenities. Choose the right apartment in Colombo considering all these factors and make an informed real estate decision.