Opting to buy a home on leasehold land raises many issues and means confronting complexities that don’t exist with freehold property.
Monday, March 31st 2003, 6:06PM
by The Landlord
Many types of leasehold exist in Auckland. More recently, thousands of people have taken up the option to buy leasehold apartments in areas such as Auckland’s Viaduct Basin, giving people the chance to live stylishly and conveniently close to cafes, bars, restaurants and shops in the hub of the action.
Jeff Cate, manager of Barfoot & Thompson, Remuera, says leasehold plays an important role in real estate, because it lets people live somewhere they may not normally be able to afford.
"It means instead of paying, say, $1.5 million for a home, you can invest $800,000 and perhaps put the rest of your money into the business. There are tax reasons why it’s advantageous," he says.
