Busting Some Common Property Ownership Myths 2025
Many property buyers have misconceptions about real estate that are holding them back from proceeding; So, we are, Busting some common property ownership myths in 2025. Most of the information we possess about properties is usually gathered through word of mouth, and some wrong beliefs can inadvertently creep in through this exchange.
- You don't need property assistants in a hot market:
In the real estate market, it is crucial to take the expert's guidelines. Property consultants suggest the best properties as per your requirements and priorities. They will help you clear all your queries regularly. By consulting them, you will get a proper negotiation and access to local market insights.
- Location doesn't matter for investment:
It is one of the common property ownership myths. Location is the crucial thing to consider while buying a property. Choosing a locality that has developed in infrastructure and connectivity is an added advantage. Or else you can choose a location which is under development and futuristic. The right location enables you to have a convenient and comfortable life.
- Investing in real estate is only for the wealthy:
It is a common misconception that you need huge amounts of money for house ownership. House investments are made easy with the help of mortgages. Mortgage enables individuals to manage their financial obligations. It allows them to purchase a property while paying for it over time.
The plan of flexible payment schedules for the property helps in making homeownership more accessible. In recent years (2024-2025), several payment plans for property have been initiated. Paying only 10% or 20% at the time of booking, and the rest of the payments are paid only upon possession. It reduces financial burdens for buyers.
- Co-owners have to pay taxes:
By law, you have to pay taxes when you have made a monetary contribution towards ownership of a property. A man can make his wife the co-owner of a property. She will not have to pay taxes if the husband is arranging all the financial funding by himself.
It is imperative to get the co-owner’s approval in case you want to sell your self-acquired property. This means that the co-owner will get half of the share in the property by default. Even if you have added your spouse’s name to increase loan eligibility, their approval will be necessary before selling.
- Tenants in common and joint tenants:
These two terms are not the same. Under the Hindu Succession law, property is transferred to the surviving spouse in the case of demise. This is in the case of the joint tenants of property. However, according to the law, if a couple is tenants in common, the property will be transferred to the heir. The division of property might also be according to the will if there is one.
- Absence may make you lose ancestral property:
This is not true, and your absence will not affect your legal right to property. This is applicable even if you are not paying taxes on the property.
- Share in parental property:
If your parent’s property has been self-acquired, they can choose to confer ownership on whomever they desire. This, however, is not the case for an ancestral property. A parent can give their property to a third party through a gift deed.
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