Are you planning to buy a house in Sri Lanka ? If you are looking for investment, settlement, or any reason in Sri Lanka, it is much better to purchase the home rather than renting one. Here we are going to share you about how to buy a house in Sri Lanka.
In many scenarios, it is best to purchase the house in Sri Lanka as soon as it is affordable for you. The only exception is probably when you are on a tight budget and want to rent low rate house in the country.
No matter what your plan for the property, purchasing a house is a good investment for your future. If you are not up to settle in that house, you could rent it or sell it when the price goes up.
Tips to buying the house in Sri Lanka
So, how can you afford a new house in Sri Lanka? Here are the quick tips for buying the home in Sri Lanka.
If you have the cash for the new house, you will be golden since you won’t think about the monthly payment and loan anymore. However, not all folks can pay cash for the full amount. Instead, you could make the small down payment, and apply for the mortgage to help you manage your money.
Depending on the program you are following, you can loan rental monthly within the period of 15 to 20 years. Purchasing a property is no small deal in Sri Lanka. If it is the first time for you, consider hiring a lawyer to help you with all the process. Keep in mind that the sale is legal when the legal owner proceeds the transfer of ownership to your party. Your lawyer really understands the mechanism of the property sale so that he or she will protect your interest from the beginning of the transaction to the end.
Looking for the house in Sri Lanka is pretty much straightforward. You undoubtedly know the law of demand and supply. When the home is located nearby the city center, malls, business center, or any other famous places, then don’t assume that the price will be lower. The price will go down with the distance.
Usually, you will find a lot of cheaper house in the seaside, village, distanced district, and other areas which are not close to city center. You can save a lot to purchase a home in these locations. However, you need to check the site and the environment. If the occupants are family with kids, make sure that the areas are friendly for them.
Mistakes you should avoid
Skipping the inspection
Although it can be the best house, you can purchase in the property complex, skipping the thorough home inspection will lead to disappointment.
Busting the budget
You won’t realize it until you have to change the jobs to pay the monthly mortgage. Make sure that you have the idea of your upper limit.
The additional costs
Consider checking whether there are hidden costs like the legal paper, taxes, insurance, etc.
Putting down the down payment amount
It is a big no-no. When you put down your payment, your loan is considered too harsh for you.
Where can I find houses or lands for sale in Sri Lanka ?
You can find various kind of houses or lands for sale in free classified advertising websites in Sri Lanka as well as in weekend news papers like Lankadeepa Classified ads.