Before we get into whether landed property is worth buying, let’s have a look at what landed property actually is. Landed property is one over which the owner has full ownership which isn’t shared with anyone. On the contrary, non-landed properties are the one with shared ownerships, like the condominiums in Singapore which are not solely owned by the current owners.
With the definitions aside, we can now get straight into whether it is even worth buying a landed property. Ask yourself the following question: what sort of personality do you have? Do you prefer security over the high risk and high reward mentality? Or would you rather take the risk and live with it in order to reap bigger benefits?
Of course, when you buy non landed property, the benefits are divided between all the people who own the property. You don’t have complete rights over the property, and you can’t make the changes you would normally be able to make in a property that you own completely. This is perhaps the greatest disadvantage of buying non landed property. On the other hand, non-landed property is a lot more secure to deal in, because with so many people investing in it, it is bound to be a lot safer. If you prefer to be safe and secure, then landed property is the way to go.
Benefits of landed property
There are a lot of benefits that you could reap by purchasing landed property. Some of them are as follows:
1. Make the changes you want
When you buy landed property, you own it completely. It isn’t like an extended lease. It is well and truly the manifestation of your ownership over the property that you’ve paid for. With that said and done, you’ll be able to make any sort of changes you’d like to it, including razing your house to the ground (although there shouldn’t be any plausible reasons for you to do that, and is highly ill advised). As long as the activities that you’re doing on your land are legal, no one with any objections to what you’re doing will be able to stop you.
In condominiums and similar buildings, there are rules such as you not being able to keep pets etc. This can pose as a huge problem for people who already have pets and can’t live without them. Getting yourself landed property will help you avoid such rules.
2. Better appreciation
Over the years, private property seems to have better appreciation that it’s non-landed counterpart. If you’re buying from the investment perspective, then you should go for landed property.
Disadvantages of landed property
Nothing in this world is without cons, however. Landed property is no exception. The most apparent and glaring disadvantage of buying landed property is the obviously higher price. Landed property can cost a lot higher than non-landed property, so if you’re low on your budget, you should definitely try going for non-landed property. However, if budget isn’t a problem for you, then buying landed property is the wiser choice.