There are many factors to think about when deciding which is the better option in the long run, whether you are a new home buyer or a homeowner looking to move. Both options are equally viable, so it comes down to what will work best for you, and also what is more suitable financially for you. Seek advice from a professional conveyancer. Find out more about Conveyancing Fees at a site like https://www.samconveyancing.co.uk/conveyancing-quote
The first thing you need to consider is whether you want a freehold or leasehold property. Both have advantages, but you really do need to take the time to consider both to make sure you get the right option for you. A freehold property is a property that you buy directly from the owner of the land and can live in as you please whereas a leasehold is an agreement where the owner of the land has the right to sell off the property or rent it out to you in return for a certain amount of money each month.
The main advantage of freehold is that you are able to stay in the property as long as you like. The same goes for when buying a leasehold property – it is generally seen as an investment property and you are essentially putting yourself at risk of paying high rent payments. The main advantage to a freehold is that you can keep living in the property for years to come whereas a leasehold can end after just a few years as the landlord sells the property to someone else. Ultimately it comes down to what you think would be best for you in the long run.
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