LEASEHOLD PROPERTY MANAGEMENT: EVERYTHING YOU NEED TO KNOW ABOUT IT19 Jul 2019
Property management is not just one simple term in the real estate world. There are many branches of it, one of which is leasehold property management. And if you are ever planning on investing in leasehold real estate, you should learn everything about it and find the best property management company, such as Zawaya Property, to help you avoid the risks involved in such an endeavour.
What is a Leasehold Property?
Basically, leasehold is a term for the land that is being leased. The property, like buildings or spaces within buildings, belongs to the buyer but the land does not. Once the property is bought, the buyer is allowed to use it and make changes or renovations to it.
While this may sound attractive to investors, you should know everything involved in leasehold estate management, especially when it comes to the risks.
- When you have a leasehold, you own the property but not the land it stands on
- While you are responsible for running and maintaining the building, you will also pay an annual ground rent
- When your lease is over, the ownership of the asset goes back to the freeholder
- You lose a great deal and may not gain anything from your investment if you don’t know how to work with your leasehold property
- It can be difficult to sell a leasehold property if the length of your lease is less than 80 years
There are pitfalls to every business undertaking. But once you do your research and work with an excellent team from a professional property management company that can effectively optimise your properties, a team like Zawaya Property, these drawbacks can be prevented and greatly minimized.
So do learn more about Zawaya Property and have the best people on your side throughout your investments dealings. Visit their website today.