How to buy an apartment

6 Steps - How to buy an apartment in Sri Lanka

Buying your next dream home or investing in one is a big decision which requires careful planning and much thought. Here are 6 steps to help with the process of how to buy an apartment in Sri Lanka.

1 - Apartment style

The type of apartment you'd prefer to live in can speak volumes about the kind of lifestyle you want to lead. Choosing one that fits well with your requirements is of utmost importance. Sri Lanka offers a variety of options for investors to choose from, whether it is beachfront apartments, luxury apartments, or city apartments, you name it Sri Lanka has it all. Identifying what facilities are most important to you and those living with you is the first step towards purchasing your dream home!


2 - Financing

Paying for your dream apartment is a big investment decision and one that requires a lot of planning and thinking. There are multiple options available to you to finance your next big investment. Whether it is paying it full in cash, leasing, or other loan opportunities. Banks in Sri Lanka try to help investors with their decision by providing special interest rates and opportunities to negotiate rates for property purchasing. Planning for financial instruments and understanding the required payment cycle is of great importance in your journey to purchasing an apartment.

3 - Get your Deeds

Getting your dream apartment’s deed is the most important part of rightfully and legitimately owning the property. An extremely important step in how to buy an apartment is speaking to a lawyer and thoroughly checking the authenticity of the documents, ensuring that the deeds of the property are clean, and the titles are checked. This is an important step in order to make sure the apartment you are about to invest in will rightfully be yours.

4 - Checking your COC

COC is the Certificate of Conformity issued by the relevant area Municipal Council. The certificate confirms if the apartment was built in line with the preordained standards, recommendations and provided compliance. The COC gives you information on the quality of the apartment project and if the necessary standards are met and if the building is in line with the initial plan that was approved by the Municipal council. Selecting an apartment that holds a COC and has met its requirements is an essential factor and an important step on how to buy an apartment in Sri Lanka.

5 - Hidden Costs

Living in an apartment comes with costs that owners are sometimes unaware of and do not account for when buying an apartment. An apartment’s hidden charges can differ from one another. Some of these charges include maintenance charges, common water and electricity charges, cable TV charges, and security charges. Hidden charges in an apartment can amount to anywhere between Rs. 35,000 to Rs. 100,000 depending on the type of apartment, amenities provided, and where it is located.

6 - Paying duty

When purchasing a new property or transferring its ownership, the government regulation requires owners to pay stamp duty. This law is part of the parliamentary act, where the 4% stamp duty has to be paid to the Inland revenue department. Your property also needs to be registered with the area Municipal Council, where your annual tax will be accounted for.

While deciding, planning, and understanding how to buy an apartment can be a tedious task, Gloveh can help make this decision simpler for you. We do this by providing you with all the information and tools you need to pick the right apartment and make the purchasing process faster.

To learn more about our services and how we can help you, simply send us an inquiry on our website or call us on +94763187373 to speak with one of our agents. Making a well-informed decision when purchasing an apartment in Sri Lanka has never been easier than right now!