House on Leasehold and Freehold Lands.
By aeiou78
@aeiou78 (3445)
Malaysia
June 6, 2012 10:33pm CST
For investment purposes, I have an intention to buy a house.
There are three type of lands as below in my country:
1. Malay Reserved property and land : This is solely restricted for the Malay race to own and no other races are allowed to purchase and to own
2. Freehold land : There is no races restriction to own the land forever.
3. Leasehold land : There is no races restriction to own the land in leasing basic for a limited period as 33 years, 66 years or 99 years and so on. The local authority will posse the land at the end.
Of course, I am a local born Chinese and the Malay reserved land is not under my entitlement.
I am wondering if I shall buy a house with a leasehold land which is near to the working place of myself and my wife or I shall move 20km away from the town to have a house with a freehold land.
Certainly, the value of a house with freehold land will be more expensive. For the convenient and lower budgetary purposes, a house with a leasehold land will be better for me. However, my sister has different advices to me.
Shall I buy a house with a freehold land and daily travel 20km to work just because of better keeping value of the property?
1 response
@aeiou78 (3445)
• Malaysia
10 Jun 12
I do like freehold property because it has a higher value when I want to sell it.
For buyers, they can get the bank loans easier too.
Due to the land constraint within a large city, it is really hard to get a affordable freehold property.
If I really want to get a freehold property, I have to reside at somewhere far away from the town center. Similar to New York city in the America, many people have to travel hours by train to their working place.
However, a freehold property is still my priority to purchase. This is to secure the future of my children. ha! ha!
