{UAH} WHY A LEASEHOLD PROPERTY MAY NOT BE FOR YOU.
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WHY A LEASEHOLD PROPERTY MAY NOT BE FOR YOU.
If you are tired of paying rent, you are probably thinking about buying land and building your house. Some of your friends may convince you about a "plot of land that they know of that is 'cheap', and it is a 'lease'. Today we want to tell you why this might not be a good idea for you.
First, a 'lease' is a type of land ownership where you own a piece of land for a limited period. It can be for 99 years or less. When this time of ownership ends, your ownership also ends.
Here are two reasons why you may want to look elsewhere for a 'dream piece of land.
1. Payment of ground rent.
If being a tenant was a headache because of rent payments, this is not for you. This is because you'll have to pay ground rent to the owner of the land, which can add up over time. (Ground rent is an annual payment made by the tenant (Lessee) to the landlord (Lessor).
2. It does not belong to you forever.
No matter how long the lease period is, it is not permanent. It will inevitably run out, and you will have to negotiate with the owner to renew it or potentially lose your right to occupy the property. The renewal may not be a guarantee if you fail to agree or apply late.
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-- If you are tired of paying rent, you are probably thinking about buying land and building your house. Some of your friends may convince you about a "plot of land that they know of that is 'cheap', and it is a 'lease'. Today we want to tell you why this might not be a good idea for you.
First, a 'lease' is a type of land ownership where you own a piece of land for a limited period. It can be for 99 years or less. When this time of ownership ends, your ownership also ends.
Here are two reasons why you may want to look elsewhere for a 'dream piece of land.
1. Payment of ground rent.
If being a tenant was a headache because of rent payments, this is not for you. This is because you'll have to pay ground rent to the owner of the land, which can add up over time. (Ground rent is an annual payment made by the tenant (Lessee) to the landlord (Lessor).
2. It does not belong to you forever.
No matter how long the lease period is, it is not permanent. It will inevitably run out, and you will have to negotiate with the owner to renew it or potentially lose your right to occupy the property. The renewal may not be a guarantee if you fail to agree or apply late.
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Allaah gives the best to those who leave the choice to Him."And if Allah touches you with harm, none can remove it but He, and if He touches you with good, then He is Able to do all things." (6:17)
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