Buying Your First Rental Property In Galle, Sri Lanka

Buying your First Rental Property in Galle
The historical city of Galle on the south coast of the island is one of the best markets to buy into. Perfect to invest for your first holiday rental property overseas; which you turn into a sought out oasis with the help of the best construction management company in Galle. Read our tips on how to become a savvy owner of the best rental property in Galle.

1. Decide on Whether It’s Your Type of Project

Before you decide to purchase your first rental property in Galle, Sri Lanka, consider the challenge; are you the kind of person ready to understand renovation work, how skilled are you at simple repairs, or are you in touch with the best property developers in Galle. The latter is the perfect option if you are residing overseas, seeking professional help from top building developers in Galle will make sure your project is done cost-effectively and to your desire. Weed through the general construction companies in Galle to find the best!

2. Settle Previous Debts

Unless you are an experienced property investor, don’t go in for a new investment with old debt in your cart. Unpaid medical bills, children’s higher educational expenses looming ahead etc. are not good debts to be responsible for when considering investment in real estate; but if you are considering a higher return from the rental, than your debt, paying off debt first is not necessary.

3. Consider the Mortgage Rates

Be focused on mortgage rates, when obtaining your loan and also of future trends in rates; this way you have no unexpected ‘surprises’ in the future. Keep in mind that loan interest rates for investment property tend to be higher.

4. Be Aware of the Down Payment

While a 3% down payment will suffice for a home, an investment property will require at least a 20% payment for the reservation. You could, of course, explore your options by conducting transactions via a reputed property developer in Galle, which ideally, is the right path to take when looking to buy, hassle-free, your first rental property in Galle, Sri Lanka.