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 WTA: Penang Freehold or Leasehold landed better?

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mushigen
post Sep 25 2022, 10:29 AM

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QUOTE(whereisthecat @ Sep 22 2022, 05:43 PM)
After much house-hunting and viewings appointments, there is a choice to buy

Leasehold 750K (52 years left)

or

Freehold 1.1mil

In Bayan Baru area. For own stay (plus near to workplace). Double-storey terrace with renovation done. Both built around same time, similar size.
Is the freehold status worth the extra $$?

Agents tell me leasehold is ok, can extend or even convert in the future, and a lot of units in the taman, so it would be political suicide if gov take back.. but I'm not sure if they're just trying to make a sale.
If I stay in it for 15 years and then sell, banks won't likely to approve loan for 37 years leasehold house for next buyer right?

Need help from sifus.
*
Would you consider buying a house with remaining 37 years' lease? That may give you an idea the demand.

What about the condition of the houses?

Assuming you have bought the LH house, would you keep wondering if you should have bought the FH one? This buyer's remorse is an unpleasant feeling.

Wrt to what the agent said about LH, he'd sing a different tune if he was pushing a FH unit.
mushigen
post Sep 27 2022, 10:29 AM

Look at all my stars!!
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Joined: Jul 2010


QUOTE(whereisthecat @ Sep 27 2022, 10:13 AM)
You're right, plus it would be an extra hassle to renew leases too unless the extension is given for another 99 yrs.

Actually the condition of the leasehold house is better than the freehold, because the owner for the first one put an insane amount of effort into his forever home (drawn up plans by architect and all, no longer the original layout on the inside, new everything, and it's very obvious especially the structural changes cost him a bomb), while the freehold one is owned by a typical Penangite who focus more on basic reno only 15 years ago, so at the very least touch-ups and minor reno will be needed to make it look fresh.
Hence the dilemma lol.
*
Can I assume you like the LH more than the FH? If so, I can understand why it's a dilemma.
It's not easy to find a house you like.

What if we reverse the situation: you like the FH more. Would you in this situation grab the FH without much consideration?

Another thing to consider is the neighborhood/neighbours.


 

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