Sometimes, it may seem difficult for a common man to understand the rules, legalese, terminology, regulations of real estate as it is laden with the torrent of it. Buying a house is, undoubtedly, stressful experience as it can be a perplexing task. Freehold and Leasehold properties are two terms that are used frequently in real estate jargon and the contrasting point between the two lies in the ownership and control that one holds over the property. In this blog, we have discussed in detail what Freehold Properties are and what advantages and disadvantages it may possess.
What is a Freehold Property?
As the owner, who doesn’t wish to do whatever he or she feels with their home provided he or she keeps within the local planning rules? Freehold property means that the property you are planning to buy is free from the hold of any entity, you are entitled to live there for as long as you desire. You will have the right to make changes in the house or deform some parts of the house. In short, you will have complete ownership of the property for an indefinite period and you can hold it freely. The property is yours until you choose to sell it to someone else.
An upper hand one can get of owning a share of the freehold property is that it removes the concern over expiring leases or having a lease that is of shorter duration. There are certain advantages and disadvantages of having a Freehold property, so before making a commitment, make sure to do the thorough research and never be reluctant to seek legal advice from our experts at fairpockets.com.
Advantages of Freehold property:
“Owning a home is a keystone of wealth… both financial affluence and emotional security”. – Suze Orman
Disadvantages of Freehold property:
As freehold are more stable and are most likely to increase the value in the longer term, therefore, buying a freehold property is more preferable than the leasehold property. Nowadays, it becomes easier for anyone to invest in the property market, but also more strenuous to know what exactly they are buying or dealing in. So, do not hesitate to seek advice from the realty experts at fairpockets.com.