Purchasing a freehold property is among the most significant investments you can ever make. Having a freehold property like the continuum means you own both the land and the property in it.
It means that there is no expiry date for your property. When you want to purchase freehold residential property, below are the factors you need to consider:
Things to keep in Mind When Purchasing Freehold Residential Property
Eligibility
Before you decide to buy a freehold property, the first thing to check is your eligibility. You need to meet several requirements to enable you to buy your freehold. A qualified solicitor will help you know if you are eligible to freehold or not.
Therefore, if you are considering purchasing a freehold property, it is essential to involve qualified personnel or do enough research to help you know your eligibility.
Start your purchase process without knowing whether you are eligible or not is usually not right. You may spend money on various fields and end up not purchasing the property since you are not eligible.
Location
Location is the second factor you need to consider before purchasing a freehold property. Mostly, locations with several amenities are likely to be more expensive as compared to ones with minimal amenities.
Some examples of important amenities include; schools, malls, better roads, and transport systems like buses. However, there are several factors to put into consideration to determine the best location to purchase a residential property.
For instance, an individual with no family, who is only looking for a place with ease of moving to the workplace, does not require an amenity like a school.
When you compare this to someone with a family and children, all these amenities are important. Therefore, you need to know if the property you want to purchase has the amenities you need.
Space
Another essential factor to consider when buying a freehold property is the space. You not only need to be aware of the number of rooms you need to house the entire family, but also other factors like the gross floor area, plot ratio, and net floor area.
Buyers have different space requirements, thus, no specific procedure is put in place to follow. However, to be on the safer side, it is best to opt for a property that utilizes its maximum permissible gross floor area.
It is best to conduct thorough research on a property’s space before making your purchase since increasing the gross floor area after buying will incur additional costs. The cost may be in the form of differential premiums or development charges.
Cost of the Freehold
After considering all other factors, it is important to also check the amount of money it will cost you to acquire the property. Besides the cost of freehold property, there are other costs associated with it.
Other costs may include legal fees and valuation costs. This will help you know if you can afford the entire cost of acquiring the freehold property or if you need to plan for it.
Purchasing a residential property like the continuum is a big investment that requires proper consideration. Besides the above factors, there are other important factors to put into consideration.
Some of which include the rights and obligations associated with the freehold residential property. Therefore, you need to ensure you conduct proper research before you decide to invest in owning a freehold property.
