What to consider before buying a luxury property in Sri Lanka?

Investing in a property is a critical deal. But it becomes more intense if you are investing in a luxury property. In a period that real estate values are escalating, you must know the tips and tricks to buy the right luxury property to match your requirements without spending too much time, energy, or money on the matter. Keep reading to know a few of the expert hacks to follow while hunting for your luxury property in Sri Lanka. 

Content 

  1. Be clear with your requirements
  2. Know your options
  3. Inspections are mandatory
  4. Evaluate the neighborhood
  5. Finalize the total cost of the property
  6. Talk to your lawyer
  7. Inspect the title of the land.
  8. Seal the deal before it is too late

  1. Be clear with your requirements 

What are you looking for in your luxury property? Prepare a list of the requirements, and it will save your time by allowing you to give up on the properties that will not serve your purpose. 

If you have a long list of requirements, separate it into two sections as “ must-have”s and “good to have”s. The ultimate goal is to find a luxury property that ticks all the boxes of the “must-have”s section with a majority of boxes in the “good-to-have”s section. 

  1. Know your options 

The chance of you finding the perfect luxury property you are looking for is high if you check more and more of the properties available for sale. Where can you find the best but most reliable property deals in Sri Lanka? There are traditional channels such as newspapers which are extremely time-consuming with a risk of being outdated. 

Browsing them online is the most convenient method to reach more deals within less time. You can easily browse for your potential property with ‘Luxely” which is Sri Lanka’s first exclusive luxury real estate website. It is a digital platform of daily updated advertisements on luxury properties in Sri Lanka posted by real estate agents and companies. 

Luxely” can save your time by cutting off the time you will have to spend on filtering unwanted results in ordinary property websites. They also have a team to assist you when you need but you can easily get in touch with your property dealer too. 

  1. Inspections are mandatory 

Once you are impressed with a property, discuss with the seller and arrange a personal inspection. Go with an open mind so you will notice everything about the property as they are without bias. Be clear on what you need and stand by your standards.

 A luxury property is a heavy investment, and there is no space for you to make a mistake. Therefore, never think of concluding a property deal before an inspection or considering the opinion of the people who will be associated with the property. 

  1. Evaluate the neighborhood 

Do not forget to evaluate the neighborhood of the property. Get to know about the surroundings and the area before the inspection so you will know what to look for during the inspection. Whether it is a commercial property or a residential property, the neighborhood affects the value and your comfort.  You might have found the best property in the country at the moment but it will not be the right investment if it is in a neighborhood with restricted access to amenities or with a bad reputation. 

  1. Finalize the total cost of the property 

Discuss with the seller and agree on a price. You should research the ongoing prices of the luxury properties in the area so you will know when to bargain and secure a good deal. 

The price of the property is not the only expense in buying a property. There will be additional costs such as legal expenses. It is better to know the total cost before proceeding to the next stage as you will have time to finance the transaction if you need more money than you initially planned. 

  1. Talk to your lawyer 

Once you have found the luxury property that you need to purchase, get in touch with your lawyer or find one who is experienced in property law. Consult your family, friends, and colleagues for recommendations. You can also browse and find a good lawyer online. 

As you are ready to buy your luxury property, you must have a lawyer by your side to complete the last few steps of the acquisition.  Hiring a skilled lawyer will save you from a load of risks that might trouble you in the future. 

  1. Inspect the title of the land. 

A property case running for years in the courts is the last thing you will need in your life. Seek the help of your lawyer to confirm that the deed and other legal documents related to the property are clean and free from flaws. The originality of these documents must be ensured before signing the deal. Again, you cannot afford to go wrong while investing in a luxury property. 

  1. Seal the deal before it is too late 

Your lawyer will prepare the necessary legal documents to transfer the title of the property from the seller to you. Both the seller, buyer, and their legal representatives must be there to sign the contract to finish the deal. 

Make sure all the documents are properly signed with no chances of a legal loophole. You might have to pay the full amount of the property price at this moment. But if you and the seller have agreed to make the payment in any other way, you can complete it accordingly. 

The property transfer is officially completed once the change is recorded at the Land Registry as well as the municipality of the area in which your property is situated. Therefore, after signing off the contracts, you can consider yourself the owner of your new luxury property. 

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