STEP-BY-STEP GUIDE ON HOW TO BUY A HOUSE IN SRI LANKA
Buying a house for is one of the most important decisions anybody could make during their lifetime. With the increasing value of real estate, it is important that you know how to buy a house without spending too much money, time and energy in the process. Therefore, check out below for a simple guide on how to buy a house, here in Sri Lanka.
1. Know Where to Look for the Best Property Deals
First things first, before buying a house, you must know where to look for the best properties. Typically, searching through advertisements on property websites such as Lamudi which will offer you the best possible deals. Nevertheless, you can contact agents/brokers or even speak to your family and friends with regards to your requirement.
2. Get in Touch with the Seller for Further Inquiries
Once you found a house to your liking, contact the property owner or the authorized property agent to find out further information about the house.
If an agent is selling the property, then remember to research about the reputation of the firm. The reason being that, reputable firms will provide accurate information about the property as well as be very professional.
3. Go for an Inspection to See the House for Yourself
A house, regardless of whether it is new or used, is not perfect. Consequently, it could have defects that you cannot see from a virtual tour. Therefore, go to see the property for yourself. Make sure you spend enough time at the property in order to find any potential abnormalities.
4. If the Property is Good, then Investigate the Neighborhood
Just because the house seems perfect without any irreconcilable defects, does not mean you should immediately make the purchase. Check the neighborhood to see the availability of basic amenities such as water, electricity and access to the nearest town. Make sure to learn about the reputation of the neighborhood as well.
5. Get in Touch With a Lawyer or a Notary
If you have decided to buy the house, then you should seek professional legal help from a reputed lawyer or a notary, who will help you to be ready for the next few steps.
6. Inspect Whether the Title to the Property is clear and Flawless
The next crucial step is to find out whether the title to the property is clear without any irregularities. Your lawyer or notary will do this by checking the deed and the plan of the property at the Land Registry and will help in preparing a contract for you.
7. Negotiate for a Price and be Aware of the Added Costs
The value of the property can depend on the size of a house, location and the level of amenities offered. Hence, do your research and be ready to bargain with the seller for the best possible price.
Apart from the cost of the property, you should also expect additional costs. Taxes and stamp duties are such costs that you would have to pay for the relevant authorities.
8. Research to See What Financing Options are Available for You
Almost all major banks offer prospective home-buyers the option to obtain a mortgage. The amount you can get will depend on your income and a few other factors. The higher the down payment, the easier it is to obtain a loan while lowering your monthly payment.
9. Signing the Contract to Make Things Official
All parties should be present when signing the contract. This should ideally include the owner (owners) of the property, the buyer, and legal representation of both parties. The buyer may also make the full payment at this stage.
10. Registering the New Ownership to Seal the Deal
The transfer of property will only be complete when the new deed has been registered at the Land Registry and the respective municipality. The transfer is considered closed and legal at this stage. Henceforth, the new titleholder is the official owner of the home.