In the real estate business, freehold and leasehold are two important terms. As a buyer of a house, you need to have an idea of the difference between the two in order to get the best deals.
In simple terms, freehold and leasehold are two different types of estates. If you buy freehold property (land, building or others), you will be bale to live there for an indefinite period of time while in case of a leasehold property, you will only be able to live there for a specific period.
In case of the leasehold property you have to pay rent to the land owner of the period that you stay. After your lease ends, the property goes back to the owner. This is not the case for freehold property as you will own it after buying.
Based on your tastes, preferences and budget, you have to choose between freehold property and leasehold property.
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