Buying an Apartment – A step by step guide!

Apartments in Colombo
Living in apartments is a great experience

Apartments make life so convenient. So you made the decision of spending the next few years of your life in nice and cozy furnished apartment in comparison to a harder to maintain house. Good job! You took the first step towards your important housing decision. Now what? Scroll down below to find the quick and easy steps that will let you know all about how to make your dream apartment a reality.

1. Do your research on Apartments

One thing we all love when it comes to securing our own place is getting the best deal in town. In order to do that it is a must for you to head on to your laptop and scram in some quick research during your office lunch break or when lounging at home with a cool drink in your hand. Depending on your urgency, you can allocate a few minutes of your time to search through advertisements on property websites. You can also go for the option of contacting agents/brokers or even speak to your family or close friends about what you are looking for.

2. Reach your seller

Once you get the feeling in your gut, ‘could this could be the one?’, contact the authorized property agent or apartment owner to find out more details and if it fits your requirements. Keep in mind to check the history and authenticity of the firm if you’re getting the contact through an agent!

3. Take a ride

Go ahead and take a trip down to the apartment complex you’re interested in. After all you are going to make an investment and a live tour gives you much more to see rather than a virtual tour on your laptop. Look out for defects or potential issues that could come up after you make the purchase.

4. Investigate the area

So you like the apartment and you see yourself living there. Is that sufficient for you to make your decision? You might want to go ahead and look at where the apartment complex is located. How further away is it from the nearest city? Are you able to carry out your day-to-day work without having to go an extra mile? Investigate.

5. Lawyer up!

So this apartment did turn out to be the one. Search your contacts for legal help from a professional and reputed lawyer who will help you with the next few steps.

6. Inspect on title

It is rather important to find out if the title to the property is clear and without any inconsistencies. You can sit back and relax while your hired legal help checks the deed and the plan of property at the Land Registry, thus preparing a contract for you.

7. Negotiate, negotiate, negotiate!

Remember in the previous steps where you first did your research? This is where it comes into play where you will now be ready to bargain with the seller for the best possible price. There could be additional costs such as taxes and stamp duties that will have to be paid to relevant authorities.

8. Available Financing Options

Many banks in Sri Lanka offer prospective home-buyers the option of receiving a mortgage. The higher the down payment, the lower the monthly payment to be made and higher chances of you receiving the loan. The mount you receive will depend on certain factors such as your monthly income.

9. Making things official!

It is important that all parties be present when singing the contract: owner(s) of property, the buyer and legal representation of both parties. You could either pay the full amount at this stage or make the discussed down payment.

10. Seal the Deal!

Once the new deed has been registered at the Land Registry and the respective municipality, the transfer is considered closed and legal. Congratulations! You are now the owner/renter of your very own apartment!

 

If you are interested to go through a list of apartment for sale, please click here. 

Management Fee – Maintenance Fee of Apartments

Management Fee for complexes

What is the management fee / body corporate fee / service charge / maintenance fee?

When you take any apartment complex or gated community for that matter, it is likely that there are common amenities and other facilities that require third party involvement for which a cost incurs. This cost is usually divided by the number of units in the complex.

For example, the management fee of a complex comes into play when you consider the following:

  1. Security in the premises
  2. Garbage collection
  3. Lift Maintenance
  4. Pool Maintenance
  5. Generator Maintenance
  6. Common Area utility bills
  7. Sinking Fund
  8. Caretaker, plumber, electrician salaries

In order to determine the cost of the management fee, the cost of the above need to tabulated first and then divided by the number of units in the complex. In some case, the entire management is outsourced to a property management company and their fee is also added when budgeting.

Who pays the management fee when the unit is rented out?

In general, the owner pays the management fee whether it’s rented or not. This is an international phenomena and quite rightly so. The reason why the owner pays the management fee is because it’s the owner who is on the committee along with the rest of the residents and the tenant has no say when deciding on the management fee during the Annual General Meetings.

It is true that the tenant enjoys the facilities of the complex but it’s also wise to bundle that amount into the rent when quoting the rent. Most landlords who are smart investors budget all of this before arriving at the rent.

About Mister T

Mister T is Sri Lanka’s one stop shop for real estate solutions​. The company boasts of a large client base that encompasses many of Sri Lanka’s exquisite individuals, envisioning to become the country’s leading Business Service Provider in Real Estate. We embrace real estate as one’s lifestyle and strive to understand what our clients need.  With a history of over 25 years in the industry​, handed over from one generation to another, we have both practical and industry knowledge that guide clients through a seamless and smooth property transaction. We go the extra mile to keep our clients smiling and eliminate all risks by paying close attention to every details of the deal. We have a strong proven record of excellence along with the expertise to guide you in every step of the way. Our strong negotiating skills will take the stress out of what can be a very tough part of the real estate experience. Our constant innovation and implementation of new technologies keeps us a step ahead of the game.

4 Bedroom Bungalow for Sale – Induruwa

House for Sale in Induruwa

REF NO: HFS0142

– Spacious bungalow on 108 perches land
– 4 double bedrooms, 5 x bathrooms
– 3 x AC Units
– All bedrooms off a central courtyard
– Large open plan living area
– 3 phase electricity
– Solar hot water to kitchen and laundry
– Property surrounded by a wall
– Outdoor pool 10m x 5m
– Summer house/BBQ area
– Watchman house/double covered carpark
– Separate storage rooms
– The property access is on the main Colombo/Galle Road
– 100 metres from the beach.

House for Sale in Induruwa
House for Sale in Induruwa

The property would ideally suit a B&B/homestay business, holiday home or commercial development.

Inspections with prior appointments. Please write to [email protected] to arrange a viewing.

Fee & charges apply!

Mister T – Sri Lanka’s No. 1 Real Estate Agency – www.mistert.lk

Committed to serve with honesty & integrity

Beautifully Designed Luxury House for Sale in Athurugiriya

House for Sale! Buy Today!

House for Sale in Athurugiriya! This is one of the most impeccable houses that has made its way to the news section of this website. This brand new house is built on 12.4 perch and spans across 7,600 sq ft with a massive rooftop. The house is designed with an easy-to-maintain minimalist concept. Nature has been creatively incorporated into the property too.

House for Sale – Athurugiriya

Extent of Land – 12.4 Perches

Total Extent of the House is 7600 Square Feet, 2 Floors with Rooftop

4 Bedrooms with 4 Bathrooms

34 ft Swimming Pool

Italian Kitchen – Electrolux Refrigerator, Microwave, Oven, 4 Hob Gas Burner With Diffuser

2 Car Garage with Remote Control Roller Shutter

2,000 Liter Water Sump, Pressure and Water Pumps, Solar Heater

Phillips and Danish Light Fittings Kevilton Electrical Fittings

Maids Room and Bathroom

Heavy Duty Aluminium Doors, Spanish Deck Tiles, Tiles and Bathroom Fittings from Rocell and Lanka Wall Tiles

Landscaping and External Paving, Security Cameras along with many other features.

Less than 10 minutes drive to the highway and 5 Minutes to Millennium City.

Click here to view more pictures of the property or simply write to [email protected] to register your interest. Come over for a viewing. Do not miss out on this golden opportunity to buy this super luxury modern house.

Become the owner of this luxurious for sale in Athurugiriya. You will not see anything like this anywhere in the vicinity. Grab the opportunity today and own a world class property.

About Mister T

Mister T is Sri Lanka’s one stop shop for real estate solutions​. The company boasts of
a large client base that encompasses many of Sri Lanka’s exquisite individuals,
envisioning to become the country’s leading Business Service Provider in Real Estate.
We embrace real estate as one’s lifestyle and strive to understand what our clients
need. 

With a history of over 25 years in the industry​, handed over from one generation to
another, we have both practical and industry knowledge that guide clients through a
seamless and smooth property transaction. We go the extra mile to keep our clients
smiling and eliminate all risks by paying close attention to every details of the deal. We have a strong
proven record of excellence along with the expertise to guide you in every step of the
way. Our strong negotiating skills will take the stress out of what can be a very tough part of the
real estate experience. Our constant innovation and implementation of new
technologies keeps us a step ahead of the game.

 

Say this one thing to your Real Estate Broker and you will never see him again!

Real Estate Broker!

Dealing with a real estate broker can be a very interesting experience. A real estate broker is by nature a very sensitive person. One of the key things to keep in mind is that the real estate broker is also a professional and you have to handle the entire situation professionally. Real Estate Brokers expect a certain degree of decency and integrity from whoever they are dealing with, if you try to ignore them and treat them like typical salespeople bringing money to your table, then the chances are that you are not going have a good run with the real estate broker. It is of paramount importance that you connect with your broker. Getting personal with a real estate broker is a good way to start building trust.

When you change the way you look at things, the things change. On this article, we are going to share with you the one thing that turns a real estate broker off and you might not see him around for a long time. Real Estate Brokers do not like to hear the words, ‘I have to pay you too, so I need this much to my hand’. RED FLAG!!! Do not do that, do not say that to any real estate professional. Do you think they are doing charity? Do you think they are your slaves?

Solution and a better way to handle the situation

When calculating the amount you need to your hand, do not forget to calculate the real estate broker’s fee. It’s best advised to stick to the standard 3% and when you indicate to the broker that you have such and such figure as your last price, it’s naturally understood that the brokerage / commission is included. Obviously, you have to pay any professional if they spend any time behind your matter, regardless of whether they get the job done or not. If one looks at consultants and how they earn money, you should grow more respect for your real estate broker because he is bringing money to you whereas the consultant is only telling you what they think and taking away your money. It’s strange that a broker is not treated like a true professional in this county.

Next Article – Pay Your Broker Well! 

Confident Buyer – How to be one.

Make buying easy by becoming a confident buye

Aim to be a confident buyer at all times. Buying property is never a simple affair, just like anything else in life, you have to be confident when going about dealing in the way you deal. A confident buyer is someone who knows what he/ she is doing. The experts at Mister T have broken down some important tips to recognize and differentiate a confident buyer from an insecure buyer. Read on and develop the mindset to be a confident buyer.

A confident buyer establishes trust

Insecure buyers are very different. They are timid and do not trust anyone. Yes, it’s true that we cannot trust anything or anyone but with a little bit common sense, you can establish trust by picking the right real estate consultant and ensuring that your broker does most of the communication, not the lawyer, not the architect or any other Tom, Dick or Harry. Build the rapport and establish the base for a lifelong relationship with your real estate agent. If possible, pay him for the service, that way he will look after your interest.

A confident buyer knows who he is dealing with

A confident buyer is not scared of what he is going to face. A confident buyer should know who he is dealing with and what role the people involved in the transaction play in order to achieve the intended positive result. If you are insecure, you will ask more people and thereby lose control on the deal whilst annoying and inconveniencing the main players involved. Confident buyers are quite clinical in closing a deal because they are confident. An insecure buyer can only frustrate those involved in the deal because of the insecurity associated with it.

A confident buyer commands the situation

Handing the situation is a key aspect of a successful transaction, the confident buyer commands the situation by constantly looking to take action and resolving any issues or clarifying any concerns that arise just when the transaction process is about to commence. A confident is very clear on the figures, promised and agreed timelines and terms of the transaction and thereby is able to command the situation.

A confident buyer ensures all parties are happy

Buying a property is not about getting a good deal always. You would never know if you got a good deal or not unless your real estate agent tells you that. So it’s very important that you have a genuine real estate agent to look after your interest. A confident buyer always attempts to maintain a pleasant relationship with all the parties involved in the transaction. This is vital because you will need these individuals and their help once you have bought the property.

A confident buyer has his own agent

Call your favourite real estate agent and ask him / her to be your agent. This country is lacking in agent’s who represent the buyer and do the negotiations. A buyer’s agent is an agent hired by the buyer to do the dealings with the seller’s agent on the sale of the property. A buyer’s agent will come in handy as the buyer knows that his interests and his side of negotiations will be looked after since he has an agent who’s getting paid specifically for representing him. Otherwise the buyer will be doubtful if a typical agent is really trying to help him out or not because he knows that that particular agent who is handling the sale from the seller’s side is getting paid from the seller first, so he’s most likely to be more loyal to the seller. If the buyer has his own agent, then the buyer is not going to attempt to do the negotiations all by himself. Let the pros handle it.

To read about How not to negotiate when buying property, please click here.

How to Negotiate when buying and renting property!

Buying and Renting Property!

If you have read the previous article about how not to negotiate when buying and renting and are now reading this, congratulations! You have on your way to become a great property investor / buyer. If you have not read the article, please click here to read it. Negotiating the price is the most important element when buying or renting a property. Here’s what you need to know and do:

Try to connect & build a rapport

If you meet the property owner, try to build a good relationship and become a likeable person. If you meet the agent, do the same. By doing this, you are planting a seed in their mind and making them feel like you deserve the place, with time, the seed will grow into a tree. How you could do this is by asking a few sincere questions and trying to connect because you have to give the assurance to the property owner about you being honest and genuine. You could totally avoid this by allowing your agent to handle the property owner.

Ask for the best price or a discount

If you feel the price is just about right and have done your research by checking on other properties in the area, you could politely ask for the ‘best price’, ‘rock-bottom price’ or a ‘discount’. Alternatively, you have the option of placing an offer which might increase the risk of you not getting the property at all if the offer is way too low and if it angers the property owner. So ask the best price and see how much the property owner reduces.

Buying and Renting in style!
Buying and Renting in style!

Use payment mode & time for leverage

When buying or renting property, first make sure you have the money, there is absolutely no point in doing window shopping if you don’t have the money. Property owners like to have the money in their pockets in double quick time, nobody likes to wait for months to close a transaction but you could use time and payment mode to have a strong base when negotiating. Tell the property owner that you could close matters real soon and that you can pay in cash or if not get a pre-approved bank loan and use the payment mode to check if the price can be brought down further.  Send an acceptance email once you are able to confirm and proceed to close the deal. Whatever you pay before the legal check up is done has to be refundable and subject to legal clearance.

Keep it simple

As you can see, negotiating does not require rocket science but it should reflect a professional approach as it would eventually draw a picture of your personality and the type of person you are. So deal with it in a sensible manner and do not take anything personally. That is very important. If you are interested in buying or renting property and want to know more, you may write to [email protected]

How NOT to negotiate when buying or renting property!

How NOT to negotiate when buying or renting property!

Negotiating can be a very tough thing to do because you are looking at bringing the price down. In certain countries, the price on the listing is the fixed price and there are no negotiations but in Sri Lanka, owners tend to always add the word ‘Negotiable’ after the price. This practice of adding ‘Negotiable’ after the price is somewhat outdated and was mostly used when there were lands and houses for sale but with the inclusion of apartments, the industry has now changed. However, this does not mean that you cannot negotiate, the concept of negotiation will not fade unless used ineffectively.  Keep the below tips in mind when dealing with property owners anywhere in the world.

Do NOT condemn the property

This is a deadly mistake, never ever condemn the property, you would not know how or with what difficulty the unit was built or done up. Not everyone has a developed mindset and living comes on various levels, if it does not suit you and your lifestyle, it’s best to say ‘Thank you’ and walk out. By condemning the property, you are only exposing your personality and expressing frustration as if to say, ‘Why am I not finding the kind of property I like?’ Well, guess what, you got to view around 30 – 40 or even more properties (if buying) and around 10 properties (if renting). Patience is a virtue!

Do NOT compare the property

If you think this is a good way to bring the price down, you are heavily mistaken. Do your comparison when you are not with the owner. The property does not care about how the property two blocks away was and what price they were quoting, you draw a negative impression of yourself when you are on his property and talking about another property, it’s likely that you would go to another property and do the same thing, so avoid comparing and don’t mention this to your agent if he/she had not showed the other property to you. Remember, agents need to be treated with respect as they have the inside information which you don’t.

Do NOT say ‘Price is too high’

Discussing the price is a very sensitive affair and it’s best kept for later, you know what the listed price was, check out the property, inspect it and then decide on the pros and cons, once you have a clear idea, then get into the price discussion but do not say ‘Price is too high’ on your first encounter with the property owner. There are subtle ways to do this without hurting the property owner’s sentiments.

Do Not put too much pressure on the agent

Cultivate the habit of paying the agent for the service, that way you know he/ she will assist you, it’s even better to have a dedicated agent to be your spokesperson and to allow him/ her to negotiate on your behalf. You can simply get hold of an agent and ask him / her to do this for you if you not comfortable with it and pay a flat rate for the same.  Putting pressure on agents and getting into their bad books is certainly not the way to negotiate and buy / rent property.

Thank you for reading the article and we hope you gained some insight about it. To read about how you should negotiate professionally, please click here.

The Landlord Tales – The “Ideal Tenant” Dilemma

Landlords ownership of property

When renting out your precious property what concerns do you as landlords have?

In a typical day at Mister T we deal with a variety of landlords. In one of our recent property viewings we had an interesting landlord, a person who rather had a very broad sense of picking a tenant. No restrictions like; no small children, young couples, etc. furthermore all that the landlord requested was please do a thorough background check.

The landlords story began as a sweet family of four; A mom, a dad and two boys still in primary school moved into the landlords apartment. I mean what could go wrong? A lovely family come to fill up an empty apartment to live next door to the landlord. Wrong! The day  came for them to vacate and at the end of their lease agreement it finally unfolded; That lovely mum was a sex worker and was running a brothel at that apartment with the partnership of her husband along with their two children were residing and was schooling from the same residence.

There are many instances where such incidents have been caught by the police in Sri Lanka. It is noteworthy that many times the landlord has been charged with providing residences for activities as such even-though the landlords awareness of the activity doesn’t matter as such according to law of Sri Lanka.

Our experts at Mister T have a few suggestions to avoid or find out such activities;

  1. Have a trusted reliable real estate agent to do an unbiased quality inspection quarterly according to tenants term of stay in lease agreement.
  2. Have the lease agreement registered for residential purposes only. Consequently if such incidents occur you can file charges against the tenants for breaching of lease agreement and carrying out illegal activities at your premises.

We at Mister T try to do our best for our clients in terms of owner and tenant services. As a result we offer a variety of services that safeguards the landlords and the tenants unbiased. Please write to us at [email protected] for all your property inquiries and concerns.

An Amazing View of Colombo’s Skyline from Onthree20

View - Colombo's Skyline

In the heart of Colombo – 31stFloor Apartment for Rent – REF NO – AFR0345

Located in the heart of Colombo 02 at Union Place, the OneThree20 apartment complex comprises of 475 units on 3 towers,37 storeys high. The modern complex has been designed with the resident’s comfort in mind so there are common areas which boast of swimming pools, a Club House, a squash court and a large gym located at the podium level on the sixth floor. There is also a kiddies play area for those with small children. The OnThree20 project was completed in December 2014 by the John Keells group, who are also responsible for other well-known and in demand apartment complexes such as 7th Sense, The Monarch and The Emperor.

Situated on the 31st floor of Tower1, is a fully furnished 03-bedroom apartment available for rent. With a spectacular view of Colombo’s blossoming skyline, including the panoramic views of the Lotus Tower,you will be mesmerized once you step out onto your own personal balcony.

There are spectacular views of both the city and the Indian ocean from the 31st floor of OnThree20, where the balcony overlooks the city. You can sit and admire the viewpoint after a hard day of work at the office.
With 03 tastefully designed bedroomson 1312 square feet, the apartment is perfect for a small expatriate familyor couple.The Master bedroom has one attached bathroom, with 1 common bathroom allocated for the other two bedrooms.

Features of the OnThree20 apartment include the following:

Apartment size and Features

  • 1312 sq.ft.
  • 03 Bedrooms with good light and ventilation
  • 1 master bedroom with attached bathroom
  • 02 bathrooms (1 common bathroom for the other 2 rooms)
  • Fully furnished with cutlery and crockery provided for 4 people
  • Modern pantry with refrigerator, microwave and gas cooker
  • Large living and dining room with elegant sofa set and dining table for 06 people
  • Maids toilet

Other Features include:

Flat screen TV

Hydraulic Gas
Hot Water
Small balcony facing the Lotus Tower with a spectacular view of the city

1 Allocated/Designated Parking Slot

Payment Terms
Rent – 2100 USD (Rs 325000 approx)
Either 6 months upfront and 2 months SRD Or 1 year’s rent upfront and 1 months SRD
Amenities
Prime Location in Colombo 02, very close to the Hilton Residence, ArpicoSupercentre , Urban Kitchen ,banks, top restaurants and other commercial locations of the city. Available for long term lease only.
Please contact Nelum  on 0766855772 or write to [email protected] for viewings and appointments

Find more pictures by clicking on the link