Disadvantages of Single Ownership of a Property

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Disadvantages of Single Ownership of a Property:-

Ownership of a property can be differentiated into two, single ownership where an individual is the sole owner and joint ownership, where a copul or partners share the ownership. With an increasing number of youth interested in real estate investnent,single property ownership is often preferred.

Disadvantages:-

  • Single ownership puts the burden of financial responsibility on your shoulders which you cannot share.
  • You will not be able to apply for higher loan amounts when owning a proerty alone. But in joint owneship, as the combined income of the owners is considered, eligibility for higher loan amounts are more.
  • A rebate on stamp duty cannot be availed in sole ownership, but is offered on joint property ownership in same states.
  • The peocess of transfer of property ownership upon the death of sole owner can be a complicated one regulated by succession laws and other related ownership rules.

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