People often have doubt should they buy freehold or leasehold property. It’s not easy to decide because both have their advantages and disadvantages. But it not depends only on their advantages and disadvantaged, but on your current situation as well. You should think about what you currently need and what are you ready to sacrifice.
You don’t have enough money to buy freehold house
Obviously, when you don’t have enough money for freehold house and you need some accommodation, you should definitely consider starting paying leasing ground rent to landlord. Leasing a house or a property is way cheaper than buying freehold house or property. Even ground rent is very cheap, almost none. So you can definitely start thinking about leasing the house.
You need short-term accommodation
If you are studying abroad or if you do some short-term job, or if you need short-term accommodation because of any other reason, you can prepare to pay leasehold ground rent for your new home. It can be really useful if you don’t planning to stay in location where that house is for long time. But if you change your mind you can always renew contract or even buy freehold.
You are just starting with life
If you are young and you still didn’t make so much of money, or if you still don’t have family, leasing a house for particular period of time could be good thing to do. It will make you more independent and it will teach you how to take care of yourself. This will provide you experience you are going to need when you buy freehold house, so don’t be afraid of leasing a house.