Every person who rents or buys a property has to deal with the concepts of freehold and leasehold. While these are common terms for real estate professionals, they can be confusing to many. To make a correct choice everyone needs to know what each of these terms mean and what benefits they have. When a person buys a leasehold property, he will only own it for a fixed term and during that time he doesn’t also own the land on which it is built. An annual ground rent has to be paid until the lease expires. After its expiration date, the property will belong again to the freeholder. If the freeholder agrees, the lease length can be extended at a certain cost. 8 St Thomas Walk is a freehold development located right in the heart of the city in River Valley road.
8 Saint Thomas has the terrific real estate that you need to purchase today. The freehold developed can be found in District 09 – Saint Thomas Walk. 8 Saint Thomas is located near a famous railroad and metropolitan area. You can be the happy owner of one of the 219 units of this project. Imagine all the fun and pleasure that 8 Saint Thomas has in store for you including a wealth of amenities that you will love. There is also a strong company behind 8 Saint Thomas, so you can enjoy peace of mind with this project.
Freehold and Leasehold Property in River Valley
After a purchase of a freehold property, the freeholder will receive ownership of the property with no limitations to ownership or how long he will be able to own the property: it fully belongs to the owner until he decides to sell it. 8 St Thomas is by the developer Bukit Sembawang Estates.
Freehold properties are inheritable and the freeholder owns an absolute title of the property. It can be sold at any time. This being said, the government can reclaim the property if the land is crucial to infrastructure development or security.
8 St Thomas is Freehold Condo
There are a few clear advantages of buying a freehold property:
· The sale requires less paperwork as it doesn’t require consent from the state
· The freeholder is the sole owner
· The freeholder doesn’t have to pay ground rent
Advantageous of a Freehold Condo in the City
Buying a freehold property also has disadvantages, the most notable are:
· The price is usually higher than that of leasehold properties
· The freeholder is the only responsible for the maintenance of both the building and the land
There are many freehold development opportunities as most people prefer the freedom of owning a freehold property and freehold condos are by far the most common.