Buying your first own property to be called home is another milestone achieved in your life. There are many housing schemes available, such as PR1MA, rumawip and so on Whether it is for investment purpose or own stay, most people are still confused with the difference between freehold and leasehold properties. This article will guide you through the differences between a freehold property and a leasehold property.
Developer or owner of land will have to go through the transfer of land to potential buyer if the property is in the form of landed residential such as terrace house or bungalow. This type of ownership will then be in a Master Title form. As for high rise residential properties or condominium, the buyer will then have a stake of the condominium, however, the land still belongs to the developer where the distribution of ownership will be done through Strata Title. Typically, a freehold property will have a stable growth if the property is taken good care of and is in good condition. There might also be a chance of redevelopment for the old freehold properties. In this case, the owners will then be compensated. 2. Leasehold With a leasehold title, it means that you own the property and the land with a certain period of the lease agreement with the freeholder. As the name mentioned, property with a leasehold title will have to be responsible for the land and maintenance need to be done. If the land is not well taken of, the state will deem the tenant as unfit and the tenure might be compromised. a. Longer time to sell Unlike properties with a freehold title, the ownership period for leasehold property can only gain grant approval for the transfer of lease by the state, or equivalent. In addition, it requires 3 + 1 months for the sale of leasehold property to take place, which will only begin after getting the consent from the state, usually between 6 months to 1 year.
In conclusion, whether to invest in a freehold property or leasehold property will still depend on your budget and how much you can afford. Think thoroughly before you make any decisions.
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With so many schemes available such as PR1MA, and so on, you can finally stop renting a house. Are you planning to move from your rental house? This article will guide you through of the things that you need to take note of to prevent getting charged unnecessarily for damages that you did not do or cleaning services.
1. Keep the premise clean Keep the premise clean. This is the most important thing to do to avoid getting charged for cleaning services. Sweep the floor, mop the floor, and keep the pathway clear and dispose all the garbage. 2. Fix damages Check for any damages in the premises. Most tear and wear in the premise is borne by the landlord, however, if there is anything that is under your responsibility as stated in the contract earlier on, you will then need to make sure that they are all in good condition. 3. Patch up the holes Did you drill a hole on the wall to hang any of your artwork? If you did, be sure to remove the nails and patch up the holes from the drilling. It can be really easy and you can even do it yourself without any professional help. Buy some spackling paste to fill in the hole, then use a putty knife and spread the paste all over the hole. 4. Leave the premise empty Next, leave the entire premise empty. Clear everything that belongs to you and only leave items that belong to the owner. The landlord might charge you extra for leaving things behind as disposal fees. Hence, start packing earlier to make sure you do not leave anything behind to save the extra disposal fees. Walk through the entire house to make sure each room is left empty. 5. Keep a record for yourself Before you hand over the premise, do make sure you keep a copy of any receipts after you fix and repair any appliances or furniture at the premises. Snap a photo or video of things that you have done as a proof that you have fulfill your responsibility as a tenant so your landlord has no reasons to accuse you of damaging items that were not caused by you. 6. Inspection with the landlord Lastly, book a schedule with your landlord to have the last inspection before you handover the premise back to the landlord. If the landlord requests you to replace any items that are old and have malfunctioned due to tear and wear such as cabinets, you are most probably not in charge of replacing the cost of it as a tenant. In a nutshell, moving can be a stressful thing and it is easy to forget some essential tasks. Therefore, be sure to make a list of things that you need to do months before you plan to move out and enjoy your new condominium in Queenstown. |
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