Discuss the advantages and disadvantages of different property regimes with relevant to Sri Lanka?

There are three main types of property regimes in Sri Lanka:

1). Freehold

* Advantages:

- Full ownership of the property, including the land and any buildings on it.

- Can be passed on to heirs or sold.

- Can be used as collateral for a loan.

* Disadvantages:

- Most expensive type of property ownership.

- Can be subject to property taxes and other fees.

- May be more difficult to obtain financing for.

2). Leasehold

* Advantages:

- Often less expensive than freehold ownership.

- May be more flexible in terms of the length of the lease.

- May include access to shared amenities, such as a pool or gym.

* Disadvantages:

- Do not own the land, only the right to use it for a specified period of time.

- May be subject to rent increases.

- May have to follow specific rules and regulations set by the landlord.

3). Condominium

* Advantages:

- Shared ownership of a property, usually an apartment or townhouse.

- May be less expensive than freehold or leasehold ownership.

- Can be a good option for those who want to live in a community with shared amenities.

* Disadvantages:

- Subject to homeowners association (HOA) fees, which can be expensive.

- May have to follow specific rules and regulations set by the HOA.

- Less privacy than freehold or leasehold ownership.

The best type of property regime for you will depend on your individual needs and circumstances. Freehold ownership may be the best option if you are looking for the most flexibility and control over your property. Leasehold ownership may be a good choice if you are looking for a more affordable option. Condominium ownership may be a good option if you are looking for a community lifestyle with shared amenities.