The property’s land tenure should not be your sole deciding factor when acquiring a property, as you should also be considering factors such as the proximity to your workplace and amenities, the unit layout and built-up area, the purchase price, among others.
Hence, we'd suggest that you look at what you need and/or your purchase objectives, as well as what you can afford, then only decide whether you should buy a freehold or leasehold property.
Yes, there are many who prefer freehold, but there are also many who don't mind leasehold as well. For example, some rental property investors would prefer a leasehold property over a freehold one as the former often comes with a lower price, which can help reduce their investment cost and potentially get them a higher rental return.
But for leasehold property, one of the concerns some might have is lease renewal. Banks will have more to consider before approving your loan if the new lease you're looking at is anything lesser than 50 years. There's also a preconceived notion that the process of reselling a leasehold property isn’t as easy or fast as reselling a freehold property. Transferring the ownership of any home requires the consent of the state, the involvement of a property lawyer, and time — for both freehold or leasehold properties.
You can refer to these articles for more insights on this interesting topic!
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