How to Get the Best Returns on Apartment Investments – An Attractive Opportunity
In recent times, the city of Colombo has seen the development of numerous apartment projects that reflect the onset of a popular trend for city living. The trend towards cosmopolitan lifestyles has established itself, with many seeking features such as upscale shopping, entertainment options and varied dining choices that can only be found in an urban metropolis. Therefore, investing in an apartment would be a great opportunity, but you should consider the aspects described below.
Consider the location
You will find that two otherwise comparable apartments could have very different prices solely because of their respective locations. Firstly, you should assess the land values of the projects you are considering. Next, you should consider the surrounding locality; schools, entertainment and shopping should preferably be close to the apartment. You should also think about the advantages and of a mixed development when compared with a solely residential project.
Since congestion and traffic are common problems in a developing city, it is also important for a site to be accessible for commuting; in other words, close to main roads as well as public transport.
Check the developer and contractor
Both the developer and contractor should be assessed when planning your investment. You should research the different projects carried out by both. You should find out if their delivery has been timely, as returns on investment will suffer if there are delays in the completion of a project. You should be provided with a schedule of construction which is connected to the payment plan, to allow for payments to be made according to progress. It will be important to thus inquire about the professional reputation of the contractor and developer. When it comes to investing in luxury apartments in Colombo by trusted developers who have sound financial backing and years of experience, an option to consider would be the developments of John Keells Properties.
Pay heed to the design
It is vital to pay attention to aspects such as the actual architecture, the plan for common areas, the lighting (both natural as well as artificial), the landscaping and the apartment layouts. All of these design aspects should be planned professionally. An open-plan contemporary style is often desired by apartment residents as maintenance will be easy. High ceilings will be a feature to look out for. Generally, neutral concepts will be desirable as they will probably not date rapidly. Some apartments also feature smart technology which is a definite advantage to have.
Think about the amenities
When considering investing in an apartment, it is always prudent to consider the amenities available at the complex and how they will match the requirements of the probable residents. In contemporary developments, a gym and pool will be necessary features and will add value. On the other hand, a greater number of amenities may mean greater maintenance costs. You should understand these costs, but keep in mind that added facilities provide not only greater comfort but more convenience as well.
Consider the returns, financing & small print
Considering the probable returns will be important in making your apartment investment decision. Irrespective of whether you will be purchasing an apartment in which to live or to rent out, you should have an understanding of your investment's market potential. You may research this by going through online listings as well as by obtaining professional reports on real estate, which your developer should have.
When it comes to financing, you should inquire regarding loan packages from several banks. Ideally, you should obtain a loan which is tailored to match your finances. You may inquire from the developer regarding the banks that are agreeable to maintaining tri-partite agreements. Since banks stringently look into projects' legal backgrounds, if they deem a project viable that should be an indication that the investment is sound.
Finally, you should ensure that all the legal documents comply with the regulations. You should also check out the reputation of the legal company affiliated with the developer to confirm that they are well-established professionals.
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