The ultimate guide to buying an apartment in Colombo

The business capital of Sri Lanka; Colombo, is a city of aspirations and dreams. Colombo has brought in convenience through its urbanization to many, over the years. Today the apartments in Colombo kiss the city skyline, providing convenience and cutting short commute for many. With the rising demand for condominium living, there is a majority looking into investing in their own apartment. The apartments in Colombo are ideal for such an investment.

Have you ever thought of what you need to know when you are going to buy an apartment? There are many factors that you need to consider and we will list down a few key points.

Research

Before making a vital investment decision it is very important for you to do your own market research. Talking to an independent valuer or a renowned real estate service provider like Acquest will help you to get an idea about the recent sales in the area. Don’t rely on a single source, talk to as many experts as possible who can give you facts and key market insights There are many apartments in Colombo but it is very important that you have a proper idea about the available options.

Finding the right apartment

Checkout a few apartments in Colombo that you are interested, make sure that it offers the required amenities. Ensure that the developer is trustworthy and if it is still under construction ensuring that the developer can fund the development to completion. Apart from that make sure that the building offers you ample parking space. Finding a parking spot in the Colombo city can be very difficult.

Location

Another very important factor that needs to be considered when investing in an apartment in Colombo is the location. The proximity to office spaces and business hubs are very important if you are a professional working in Colombo. Apart from the convenience to commute to work, the proximity of the apartment to supermarkets, recreational spaces for one to relax and the happening night life of the city is also a consideration before an investment. 447 Luna Tower the latest high rise in the heart of the Colombo City is an ideal investment opportunity creating convenience through its prime location. Occupying an urban hotspot at Union Place, this residential tower is surrounded by all the essential amenities from schools, apartments to all the recreational spaces in the Colombo city.

Price and affordability

Last but not least price is a key factor that plays a major role. All of this depends on the budget you have allocated to spend on your investment. As many apartments in Colombo are priced in USD the exchange rate fluctuations can affect the value of the investment, but there are a few apartments in Colombo priced in Sri Lankan rupees. This will offer the buyers the benefit of the value of the investment being unaffected by exchange rate fluctuations. Look for apartments priced in Sri Lankan rupees to avoid being affected by exchange rate fluctuations and make sure that these offer special payment plans or attractive mortgage facilities.

Changing lifestyle

When choosing an apartment in Colombo, these are some of the key factors to consider. However, it is important to understand that the apartment lifestyle could be very different, especially if you are compromising on the comforts of a large house to a smaller yet compact apartment. Investing in an apartment will certainly offer the convenience of not having a large house to maintain, reduce your commute time so you have more time to spend with your family or following your interests as well as give you the comfort of amenities such as 24-hour security, access to recreational facilities such as a swimming pool or gymnasium, however you should be certain that you have seen all the available options to ensure you have invested in the property that best suits you.