Buying Land In Sri Lanka - What To Consider? | A Full Review
Dreaming of buying land any sooner? Anyway, buying land is not something to be done without proper awareness. When buying land, there are some factors that you need to consider. And yes, these are quite specific to each country. This article is especially about the things to consider when buying land in Sri Lanka. So, if you are considering buying land in Sri Lanka, no doubt this is going to be a must-read for you. Things to consider when buying land in Sri Lanka.
Alright, Let’s dive right into it. What are the main factors that you need to consider when buying land in Sri Lanka?
First, let us list them out.
- Location
- Risks From Natural Disasters
- Dimension, Shape, And Slopes
- Neighborhood
- Purpose Of Buying
- Amenities
- Legal Concerns
- Value
Of course, you need to get to know about all the above factors in detail. The next part of the article is for that.
Location
When buying land in Sri Lanka, it is necessarily important that you consider where it is located. It must be conveniently accessible. Otherwise, there is no use buying it. Of course, you need to check whether there are proper roads to get to the land and you do not have to trespass on private property to access it. In some cases, there are plots of land for which you need to access trespassing on private property. Make sure you are not enticed by low-cost offerings in far-flung regions.
If someone tries to sell you land in a water reservoir, a beach, a forest reservoir, historical grounds, or somewhere like that, you should be aware that certain properties are not for private use and hence cannot be sold. You should avoid buying them and if possible bring the sellers to the attention of legal bodies.
Further, certain lands will have to be given to the road development authority for road development projects in the future. For example, if a particular plot of land is in a designated area for the construction of an expressway or any other such project, there is no use in purchasing it for the purpose of building a home or some other long-term plan. Because of that, first, you need to verify whether or not such a development project will happen on the land that you are going to purchase.
Risks Of Natural Disasters
This is apparently a very important factor to consider. You should check for threats of natural disasters concerning the plot of land that you are going to purchase. Spending a big amount of money and ultimately finding out that the land has a potential threat of natural disasters would be an utter waste.
When buying land in Sri Lanka, you would mainly have to be aware of the threats from floods and landslides. Concerning the Sri Lankan atmosphere, these two are the two most prominent types of natural disasters out of all. Even if you find threats of any other type of natural disaster, you can consider that too.
Sri Lanka experienced a Tsunami in 2004 that affected the coastal areas of the country. Accordingly, any coastal area is a possibility of that threat. Yet, it is an extremely rare case. Hence, it would be one of the least concerns in terms of natural disasters. Yet, minimizing risks is always better. So, make sure you never ignore any kind of possible natural disaster when choosing a land for purchase.
Dimension, Shape, And Slopes
When buying land in Sri Lanka, it is pretty important that you consider the size, shape, and slopes of the land. It goes without saying that the plot of land you buy must be the right size for what you intend to do with it.
Also, you need to look into the shape of the land. Typically, the shape would be rectangular. That is the usual shape. But there can be certain irregular shapes due to various circumstances. This can affect both the value and suitability for your purpose. So, you need to be aware of this.
Nevertheless, keep in mind that plots of land with irregular shapes such as battle-ax or corner blocks may be more difficult to sell some time later. But they can be generally less expensive. And the corner block allows for subdivisions too.
Besides, you need to check the slopes of the land. If the land has slopes in a disturbing way that makes it unsuitable for what you expect to do with it. So, the best option in such instances would be to avoid it.
Neighborhood
It is vitally important that you consider what type of people are there in the neighborhood when buying land in Sri Lanka. Particularly, if you are going to reside there, it is with the neighbors you find there that you would have to live the rest of your life. So, if you find them to be annoying at your first impression, you cannot expect it to be any good when you come to reside there.
Further, if there are places that make a lot of noise nearby, that would unarguably be a burden. And that would affect a tranquil life. If there are noise-making factories or such establishments, you would find it very disturbing. All the same, if there are places like liquor shops nearby, it is possible that some things you do not want to happen might sometimes happen. So, it is really necessary that you consider the neighborhood when buying land in Sri Lanka.
Purpose Of Buying
Importantly, you need to consider your actual purpose when buying land in Sri Lanka. If it is for residential purposes, you need to see if it is suitable for that. And if it is for business purposes, you need to consider the location more, whether it is a commercialized area, and whether it can attract customers for your business.
Besides, if you are planning on establishing any production firms, you need to make sure that the particular area is permitted for such work by law. Needless to say, there can be certain areas that do not allow industrial establishments as they are residential areas. So, it is essential that you check everything regarding this.
Moreover, if you are buying land in Sri Lanka for agricultural purposes, you need to make sure that you buy land of adequate size. And the area should have a suitable climate for your cultivations. Likewise, your purpose needs to be considered when buying land in Sri Lanka.
Amenities
When buying land in Sri Lanka, it is essential that you check if you can have all the amenities that you wish to have. Needless to say, basic amenities such as water and electricity should be available. And if you expect 3-phase electricity, you can check it too.
Further, if you are buying land in Sri Lanka, particularly for residential purposes, you need to ensure that you have all the necessary facilities in close proximity. That might include supermarkets, medical centers, banks, and so on. And why not? It would be much better to have some amenities like gymnasiums, swimming pools, theaters, and parks around the plot of land that can improve your lifestyle.
Legal Concerns
In Sri Lanka, it is no secret that fraud has taken place in terms of selling land. Hence, you need to make sure to check the legal condition of everything. So, what should you do to check everything? Let us tell you.
After you have determined that everything else about the property meets your criteria, you should ask the landowner for a copy of the deed. When someone buys a property, they must use a formal deed to do it. This is the legal documentation proving who owns the property. A deed is required for any transaction, whether it be a gift, purchase, inheritance, donation, or any other sort of transaction. You can hire a lawyer to handle it for you. It is necessary to check if it is a ‘clear deed’. You must examine the extracts from the title deeds in order to do so. If the seller has them, you can also ask for a certificate of non-vesting, street lines, and updated survey plans.
A copy of the deed must be taken to the land registrar's office. There is a form called "Application for land register search.” When a land registry gets a copy of a new deed for the first time, it is registered on a new page in the land registry book. The deed is then assigned a volume and folio number. When someone else buys the land, they will move to a new page, with a note on the prior page indicating that it has been moved to a new page. So, everyone who buys land can look up the whole history of ownership in this registry. Buying land in Sri Lanka without checking these is not advisable. Only a lawyer, notary, or authorized personnel can check them legally.
Value
It is indeed essential that you consider whether it is worth it to buy what you are going to buy. Most of the time, you would get a high price when you are going to buy land in Sri Lanka. And most probably, you will be able to bargain and buy it for a much more reasonable price. In Sri Lanka, this is what happens on most occasions. So, it is advisable to make a counter-offer from your end following the offer of the seller. This can help you negotiate the price.
Conclusion
This article comprehensively focused on everything that you need to consider when buying land in Sri Lanka. We hope that you have a pretty good idea about all that by now. So, consider these factors and make a wise choice when buying land in Sri Lanka!