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Investing in the right location

 

A concept apartment based in Thalawathugoda currently under construction (P1)

Too many options?

Over the last 2 decades the condominium market in Sri Lanka has expanded to cater to the upper-middle and middle classes as well. Owing to high land values in the central areas of the city, the majority of new projects can be found nearby, in areas like Rajagiriya, Battaramulla, Nawala, Nugegoda, and Dehiwala.

At present, around 150 condominiums are under construction or pending approval. Totaling a staggering 20,000 new housing units to be available in the market by 2020.(1) While this is good news for people looking for permanent residence in the city, it is more important than ever to know how to select the right apartment. This comes down to investing in the right “location. Which is not just limited to its address, as you will see below.

 

 
A set of living room furniture

The right interior design can turn an apartment into a home (P2)

Location 1:  Your apartment 

Think about what you want in your apartment.  Some considerations could be; Is it designed with sufficient natural lighting? Is there a good system for managing your garbage? Is it wheelchair accessible?

It is essential to also check the quality of the finishings used, and if the management committee will be capable of  managing the amenities in the apartment. The majority of complaints by many apartment tenants are due to ineffective management committees and the  poor maintenance of amenities. So it is best to check with the developer whether the necessary measures and guidelines are in place.

 

 
townships in Colombo

Key towns in the colombo district  (P3)

Location 2: The street address

Which is what you probably first thought about when we said to invest in the right location. The question you need to ask yourself here is which location is most convenient for you? A challenging question, considering colombo’s traffic woes can turn “just down the road” into an hours ride. A good location can be judged by its proximity to essential service providers; from supermarkets to restaurants and from hospitals to schools.

 

 
road under construction

Good roads are essential to the development of an area (P4)

Location 3: The township

You also need to keep in mind how the area you plan to live in fits into the expansion of the city and its suburbs. Purchasing real estate is one of the most significant investment decisions you will make in your life. In a time where the market is under speculation, a good decision should ensure your purchase is not a multi-million rupee expense but an investment for both your children, and you.

Selecting to move into an up and coming neighbourhood which is being developed will ensure the growth of your investment over time, and make it less susceptible to market fluctuations. 

   
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