Property ownership is one of our most valued goals in our lives. Matter of fact, purchasing a home is probably the biggest most significant financial decision anyone will ever make especially for the middle-class. We look at property ownership as one of our most valued goals in our lives. We see that owning a piece of property for raising a family in and for the posterity of our children is a wonderful thing to have. While conceiving this idea in our minds is simple, the reality of it is a little bit more complex. Please also consult your real estate attorney on how to preserve your finances when it comes to buying properties.
Freehold Vs Leasehold Developments
Owning a home would definitely entail for certain costs to get paid. The cost associated to owning one includes paying your monthly mortgage or lease, property taxes, home insurance as well as association dues and maintenance. Carefully choosing the type of ownership you want to have over a property depends solely on the length of time you foresee to stay in a place. It is important to demystify the difference between Freehold condo and Leasehold types of ownership if you are considering to make this kind decision soon. There are many freehold developments located at Guillemard Lane and Roxy Pacific Holdings is one of the developer for the plot of land next to Mountbatten MRT Station.
Freehold Developments Long Term Ownership
1. Leasehold. This is a type of property ownership that allows the lessee rights to occupy the property during the tenure of the lease. This works fairly well in metropolitan centers for investors because there is a finite number of spaces that may be occupied for housing purposes which means there is a real demand for it.
2. Freehold. If you ever asked anyone about their long-term goals, we are almost sure they mentioned “owning a house” as one of them. What they meant by owning a house was that they want to have a freehold ownership of both land and the improvements on the land altogether. The owner of the property under a Freehold Tenure entitles him or her the ownership of the land and the improvements to essentially no limit.
Managing Finances for Freehold Condos Vs Leasehold Developments
Each of us will go through specific life-cycle planning steps and goal setting is an essential part of that. Goal setting is a crucial step in planning for our futures. Depending on the goals we have set for ourselves in the long run this will determine our need for the amount of time we will stay in one place. This can change overtime but you will have an idea whether you should choose freehold or leasehold types of tenure on a property. This will help you manage your finances better as you will make certain decisions about your housing that will commit your cash flow either for
a limited amount of time or for an unlimited amount of time.