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The Difference between Leasehold and Freehold

Freehold is basically another term of owning a property. This means you buy a home which you can call your own and nobody can take it away from you. Leasehold, on the other hand, is about leasing or renting a property for a specified period of time. Probably you understand now what these two terms mean. You could have nodded your head and realized that you know how these two work.   The option whether to get freehold or leasehold is the problem of  many people. They are not sure if there is a need to lease or buy. Depending on the financial status, an individual may find it more reliable and helpful to get freehold rather than leasehold or vice versa. To help you out with this matter, read and follow the suggestions below.   Leasing a Property   The best option to take if you are the type of person who usually moves in and out from one place to another is leasehold. Since you do not have the assurance to live in a certain place for a very long time, leasing a property is perfect choice.   Buying a Property   For freehold, you get to own a home forever unless you decide to sell it and get another one. This is one major advantage of owning a home too - you can have the option to sell it at anytime. However, you only choose freehold if you have the money to buy one.   This is the difference it makes between leasehold and freehold. You must think and choose wisely which option is the best for your needs.