How to Find the Best Properties in Sri Lanka for Your Budget

How to Find the Best Properties in Sri Lanka for Your Budget

August 2, 2022
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Are you looking to invest in Sri Lankan property and get the best value for money? If so, buying property in this island nation can be a great opportunity. There are many affordable rental properties, combined with an increasing demand for vacation homes and other residential spaces. But investing in real estate in any country requires plenty of research. To find the best properties at the right price, here are some things you need to consider…

What are the different types of property in Sri Lanka?

There are many different types of property in Sri Lanka, including – Residential: This is the most common type of property in Sri Lanka, especially in Colombo, the capital city. Here, you’ll find a mix of detached houses, townhouses, and apartments. These are ideal for anyone looking to rent out a home for extra income, as well as for families who want to live near the city. – Commercial: This property is perfect for investors, hotels, and other businesses. You’ll find commercial properties in the cities and larger towns, as well as in coastal regions. – Rural: Rural property in Sri Lanka is ideal for long-term investments. Here, you’ll find large plots of land that can be turned into farms, as well as smaller properties that can be turned into guesthouses or holiday homes. – Beachfront: Beachfront properties in Sri Lanka are some of the most expensive properties in the country. However, they also offer incredible views of the Indian Ocean, making them ideal for anyone who wants to live near the beach. – Eco: Eco properties in Sri Lanka are built to be sustainable, using little to no water, electricity, and other resources. These are ideal for anyone looking to live sustainably.

The cost of buying property in Sri Lanka

The cost of buying property in Sri Lanka will depend on several factors, including the type of property and where it’s located. On average, detached homes will cost $80,000-$300,000, while apartments and townhouses will cost $50,000-$500,000. Commercial properties will cost $1,000,000-$15,000,000, while beachfront properties will cost $3,000,000-$15,000,000. For eco properties, you can expect to pay $100,000-$1,000,000. These prices are just average, so be sure to do plenty of research before making a final decision. If you’re planning to pay for a property in cash, you’ll need to have at least $100,000 if you’re looking for an apartment or a townhouse, $300,000 for a detached home, and $3,000,000 for a beachfront property. If you’re planning to get a mortgage, you’ll need to have a good credit score and plenty of savings to make a down payment of at least 10%.

Decide where you want to live and what you want to invest

Once you’ve figured out which type of property you want to buy, you need to decide where you want to live. Here are some things to consider: – City versus country: If you want to live close to the city, you’ll need to pay a higher rental price. However, you may also have to deal with higher noise levels and pollution. If you want to live in the country, you may see lower rental prices, but you’ll also have to deal with longer commute times. – Near schools and universities: If you have children who plan to attend school in Sri Lanka, you need to find a place close to the best universities and schools. You also need to find a place that has easy access to public transportation. – Near the beach: If you want to live near the beach, you’ll need to pay a higher price, especially in popular areas like Hikkaduwa and Unawatuna.

Research the market before making an offer

Once you’ve found a property you want to buy, you need to make an offer. You’ll need to negotiate a price that’s fair to you and the seller, while also making sure you can actually afford the property. If you want to purchase a property in Sri Lanka as a long-term investment, you may want to look for foreclosures. These are properties that the owners can’t pay the mortgage on, and they’re often sold at a discounted price. If you want a quick investment that you can rent out, you may want to consider a resale property. Here, you’ll find a mix of properties that have been repossessed, as well as properties that are for sale by owners.

Types of Residential Property in Sri Lanka

When you’re deciding which type of residential property in Sri Lanka you want to invest in, you need to first decide if you want a house, an apartment, or a townhouse. Here are some things to consider: – House: This is the most common type of residential property in Sri Lanka, and it comes in a variety of sizes. While the average single-family house costs $80,000-$300,000, you may also find luxury homes for $2,000,000 or more. – Apartment: If you want to live in a larger city, an apartment or a townhouse near the city center may be the best choice. Apartments can be a great choice for students and young people, as they’re often near universities and public transportation. – Townhouse: This is the ideal type of residential property in Sri Lanka for larger families or groups of friends. Townhouses are often found in gated communities, offering a high level of security.

Finding a reliable real estate agent

Once you’ve found a property that you want to buy, you’ll need to find a reliable real estate agent. This is someone who can help you negotiate a fair price with the seller, as well as anyone else involved in the transaction. Here are some things to look for in a real estate agent in Sri Lanka: – Experience: Ideally, you’ll want to find an agent who has plenty of experience in your region and the type of property you’re looking for. – References: Ask for references from past clients, and be sure to visit their websites. Here, you can read reviews from past clients and see what they have to say about the real estate agent they’ve worked with. – Commitment: When you find a real estate agent, you’ll want to make sure they’re committed to your needs. You don’t want to work with someone who will disappear or ignore your calls at the first sign of difficulty.

Conclusion

It may seem challenging to find the best properties in Sri Lanka for your budget, but with the right strategy, you can find the home or investment property of your dreams. If you’re looking to buy a house, apartment, or townhouse, you’ll want to first decide if you want to live in the city or the country. Then, you’ll want to conduct plenty of research on the market, find a reliable real estate agent, and negotiate a fair price with the seller.

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