I have come across many clients who just don’t know where to start. They have the money but they don’t have the knowledge. Below is a list of questions that I have prepared for anyone who plans to purchase an apartment.
So let’s imagine that you have seen the advert somewhere or someone has just passed the number to you and you have no idea about the apartment.
1. What floor is the apartment on?
This is very important question, the reasons are too many. If you are not a Sri Lankan, you cannot buy below the 4th floor. Even if you are a Sri Lankan, I would advise you to buy above the 4th floor because somewhere down the line, you too might want to sell what you have bought and could at that point sell it off to a foreigner too.
Another important reason for not buying on the lower floors is the noise, dust and of course the mosquitoe-factor. You have to have a really open and sharp eye to notice these things. You also do not have a great view if you are on the lower floor and at night, you probably won’t experience a great deal of breeze. Don’t get me wrong, if you are in need of a lower floor and qualify to buy one, go ahead and take it!!!
2. Do you have a sinking fund?
If the answer is ‘NO’, then it can be a deal-breaker! I mean it! Don’t even think about buying an apartment which does not have a sinking fund or provision fund. Imagine the structure after 10 years? Someone’s got to have a reserve fund for emergency work or future maintenance right???
3. Are the Deeds clear?
This is a tricky question, in most cases, the owners do not get it right and agents have to go through a tiring experience unless the lawyers are really good. I would also like to advise you to not ask this question to Agents purely because most of them have no clue and some because they don’t have a clue, simply lie to you saying all is well. The best way to get this sorted is to obtain the copies and hand them to your lawyer who would probably understand the intricacies. A note on the lawyers, some are good and some are lazy.
4. How old is the apartment?
This is something you would obviously consider at the very beginning, when you have made up your mind to buy an apartment but at times you can get misguided due to budget limitations. Ask as many people as possible about the age of the building and how the apartment was used, who lived in and whether there were any replacements in the fittings etc.
5. Why are you selling it?
This can be a very interesting question if the response is a foolish one. On certain occasions, the owners tell you the truth on why they are selling it and it is up to you to determine how much of it is bullshit and how much of it is really the truth.
If you require any more information on apartments or have any doubts/questions, please send them to to info@mrtgiant.com