Freehold vs Leasehold: The Property Debate.
Let me begin by saying I don't pretend to understand property or real estate valuation. But this morning, an article being shared on Twitter amused me:
(Read the article from AsiaOne / Business Times)
This is something I've been pondering about for a while.
Why do people care about whether their property is Freehold or Leasehold? Why do people care what happens to their property after they die?
Do you realize that none of your kids will actually live in the home that you've bought and left behind, when you die? They'll wanna buy their own new homes, and what's gonna happen is that they're gonna sell your home anyway.
Cash talks. Ancestral homes are no longer relevant. Yes, the truth sucks, but think about it. How many of you still wanna live in your parents' home instead of buying that new flat that you can decorate and renovate to your own tastes? How many of you actually think you're gonna live in the same flat / condo / house you've bought from the early days of your marriage till the day you die?
And why on earth would you care about whether your kids will have enough money to leave to their own kids in future?
I'm not saying this because I don't care about my future generations, but I think that eventually, everyone is responsible for their own lives. You can't buy a secure future for your descendants, so don't bother. I don't hope to inherit anything from my parents to make my life more comfortable - and I really think they should spend all their money touring the world and living a high life now that they're both retired. Why leave any for us?
If only people can get out of the mindset that "we should all buy freehold because it'll be worth more in the future", then people will also stop being greedy and hoarding material things, and instead, spend more quality time with their loved ones.
Money is good - but there are things more important than having more money than you actually need in this lifetime.
So move on. Stop obsessing about whether you should buy freehold or leasehold.
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On a completely relevant (haha) note: I want my own home to be like this (and I don't care if it's tiny with only 2 bedrooms, or even if only own it for the next 50 years):
