So, you’re considering a move to Sri Lanka? If so, you will want to know whether you should buy or build your home there. With plenty to do in the area and many reasons to move, it can make a beautiful destination for just about any type of move you want to make.

It is important to note that if you will be building in Sri Lanka, you will want to take time to talk to a reputable general contractor to undertake the job. They’ll be knowledgeable when it comes to the codes, laws and building restrictions for the area.

Why Make Sri Lanka Your Home?

With a much more profound simple living outlook on life, Sri Lanka tends to be a beautiful tropical island that many choose to raise a family or spend their retirement years living in paradise. Locals, expats and others who choose to live in Sri Lanka can enjoy the excitement as well as the opportunity to relax in this wonderful nation.  

Some of the reasons why people choose to move to Sri Lanka include:

  • One of the lowest violent crime rates in the world
  • One of the lowest income tax rates in Asia
  • Investor friendly, especially to new small businesses
  • Beautiful, serene atmosphere
  • Calm, quiet area
  • Plenty of outdoor excursions and activities
  • Growing workforce in the cities

Buying in Sri Lanka

Choosing to buy in Sri Lanka does come with its challenges. Foreigners that want to purchase real estate in the area are subject to high tax rates on the property. The tax rates are at a 100% of the value of the house. This makes leasing or renting a property much more appealing to those moving to the area from another country.

The cost of the homes is relatively affordable, but the legal and government processes that must be undertook can sometimes cost a decent amount, as well as take a long time. This is why buying may be something that you will want to think over before making a firm decision.

Building in Sri Lanka

Building in Sri Lanka is a great choice for those that want to purchase a plot of land and build a dream home on it. With the cost of the labor and materials, it can be a simpler, more affordable process. However, it is important to keep in mind that a home in the city of Colombo cannot be built on a plot of land that is less than 6 perches, which equals 150 square meters.

Undivided land is also something that foreigners cannot build on. Check with the paperwork and sellers prior to buying a plot to ensure that the land is not classified as such.

Many of the areas throughout Sri Lanka welcome foreigners and allow them to build or buy a home, but it is important to look at the paperwork and speak with a lawyer prior to doing so. Purchasing a plot of land that you cannot develop on can be devastating. Always hire reputable, professional contractors to build the home, as well. Sri Lanka is a beautiful place and you can live happily here once your dream home has been built.

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