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When you purchase a home, you normally purchase the residential or commercial property and have complete, comprehensive ownership over the home and the land it sits on. While this isn’t the most typical type of homeownership in the US, some metro property markets consist of homes for leasehold purchase.

Today, let’s explore what a leasehold is, how leasehold ownership compares to freehold ownership, and the advantages and downsides of a leasehold residential or commercial property in detail.

What Is a Leasehold Residential or commercial property?

Put merely, a leasehold residential or commercial property is a personal residential or commercial property that you own for a certain quantity of time without owning the land that it is developed on. It’s contrasted with freehold or fee basic ownership, which is far more common in America