(House invest) looking for real experiences & advice
Hello everyone 馃檪
My name is Mel, I鈥檓 a 32-year-old French living in Australia. I鈥檝e recently started thinking about investing in Sri Lanka because it鈥檚 my mother鈥檚 dream country (she鈥檚 only been there once, but she loves it). My goal would be to build a small house for her so she could spend a few months there each year during her retirement, and in the meantime place the property under a management/concierge service so it could partly pay for itself as a rental investment.
I don鈥檛 have any experience in real estate or investing, and I鈥檝e been reading about the 99-year lease system. However, I鈥檝e also heard a lot about scams and I鈥檓 honestly quite worried about losing my life savings.
馃憠 I would love to hear real experiences from other foreigners who have invested in Sri Lanka:
聽 聽 鈥⒙� 聽 Did you go through an agent or a promoter?
聽 聽 鈥⒙� 聽 How did you check if everything was legal and safe?
聽 聽 鈥⒙� 聽 What are the most common traps or scams to avoid?
聽 聽 鈥⒙� 聽 Do you think it鈥檚 possible to manage this kind of project while living abroad (I鈥檓 based in Australia)?
聽 聽 鈥⒙� 聽 Any recommendations for trustworthy agents, lawyers, or management companies?
Your advice would mean a lot to me before I take any big steps. Thank you so much in advance for sharing your experiences 馃檹
Best,
Melina
Hi Mel,
Firstly, I absolutely love the fact that you鈥檙e thinking of investing in Sri Lanka, especially with the intention of building something special for your mother. It鈥檚 truly wonderful that she鈥檚 found such a deep connection with the country! Sri Lanka has a lot to offer, from its stunning natural beauty to the rich culture and warm hospitality.
As a Sri Lankan, I can tell you that we deeply appreciate when people from all around the world choose to invest in our country. We have seen more foreigners looking at Sri Lanka as a great place for vacation homes and rental investments, and I believe it can be a rewarding experience鈥攊f done right.
I understand your concerns about scams and legal issues, especially when you鈥檙e living abroad, but I can assure you that with the right precautions, investing here can be both safe and profitable. Here鈥檚 a bit of insight on the points you鈥檝e raised:
1. Going Through an Agent or Promoter:
I would definitely recommend working with a licensed and reputable local agent or property consultant. There are many trusted professionals who specialize in assisting foreigners with property investments. It鈥檚 important to go with someone who knows the legal landscape well and is transparent about the process. I would be happy to suggest a few names too.
2. Common Traps or Scams to Avoid:
Unfortunately, like any market, there can be some bad actors.
4. Managing Your Property While Abroad:
It鈥檚 completely possible to manage your property from Australia. There are excellent property management companies here in Sri Lanka that offer comprehensive services鈥攅verything from maintenance to tenant management and more. They will be your eyes and ears on the ground, ensuring your property stays in good condition and generates income when your mother isn鈥檛 there.
5. Trustworthy Agents, Lawyers, and Management Companies:
I鈥檇 be more than happy to connect you with some trustworthy contacts. There are a few well-known property agencies here, and several law firms with experience in helping foreigners. Some management companies even offer concierge-style services that cater to investors who are abroad. These services typically handle everything, including short-term rentals, making it easy for you to earn passive income.
I鈥檇 also suggest visiting Sri Lanka and exploring areas that interest you. Many investors choose to come in person to get a feel of the property market, visit locations, and meet professionals face-to-face before making any final decisions.
Sri Lanka is a country with incredible diversity, from the beaches to the mountains, and we love welcoming people who want to be a part of our future. Your mother will have an unforgettable time here, and I think this investment could turn into something truly meaningful for both of you.
Please feel free to reach out if you need more specific information or if you want help with any of the steps in the process. I鈥檇 love to see you take the next step in this exciting journey!.
FYI- Im visiting Australia at the end of September for a short visit. We could have a discussion on this if we meet.
Once again greetings from sri lanka and happy to hear from you.
Warm regards,
DD
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