As in any country, even in Sri Lanka the usual procedure of buying or selling of a land involves the valuation of the property. The purpose of this valuation is for the government to make sure the proper Stamp Fee has been settled with the tax department of Sri Lanka. At the mean time, it also protects the interests of both the buyer and the seller. Because, sometimes a property can be either overpriced or under-priced, depending on various factors involved with the deal.
The best and easiest way to valuate a land/property is of-course, by requesting an authorized professional valuation service provider to valuate.
Before the official valuation procedure, both buyer/seller specially the buyer, should make sure the title reports associated with the property are in order. Sometimes, we do get customers who haven’t done thorough background check on the title reports, thus proceeding onward.
On another note, it’s important to note that the government value for the land and the actual price in the market can be different, as in any business. The valuation depends on various factors such as,
- Whether a building resides on the land, and the date it was developed.
- The area and the location of the land.
- Current market price of the area.
- Neighboring Developments.
- Access to primary infrastructure.
As mentioned, depending on various factors the value could vary from land to land. You can check the current area price, by checking the prices of the latest transactions from the land registry.
In the meantime, there can be situations where adjacent properties in the same area with contrast value differences. This could be due to unique features the property provides. For example, the particular property could be having a wide sandy beach with easy access, or view of a paddy field, lake view and other natural features which provides more value to the property. Thus it varies from the purpose of the purchasing as well.
If you require the services of a professional property valuating professional in Sri Lanka, or further information about property prices in down south, you can contact us via firstname.lastname@example.org or visit our Contact Us page.
Till Next Time, Keep Looking Up.!