Shared Property Investment in Kenya is fast gaining momentum among married couples as result of the rising economic empowerment of women from the National Government. Previously, most women in serious relationships opted for registered property in the name of their men despite their shared contribution towards the purchase of the property.
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The concept of shared property investment in Kenya is fast evolving as more informed modern women do strongly insist to be registered as co-owners of the luxury property they contributed in purchasing.
Most advocates of the high courts in major towns across the country like Nairobi, Kisumu and Mombasa do agree that shared property investment in Kenya is a wave among spouses, especially when it comes to investment in luxury real estate.
The practicing lawyers say that most of their clients strongly opt for this mode of joint property ownership to avoid property succession battles upon death of their spouses in future.
Joint Property ownership in Kenya is also very common in Chama Investments groups in Kenya where legal provisions that guarantee ownership to partners are strictly adhered to.
Joint ownership also guarantees survivorship, meaning upon the death of any of the owners(s), the surviving one(s) become default legal owners of the Shared property investment, therefore preventing future property inheritance tussles.
There certified shared property owners also do enjoy safety from unsecured creditors as the surviving joint owner is immune from unsecured debts incurred by the deceased partner before death.
If the debtor is the survivor, creditors will have full access to the entire property that was co-owned. This mode of ownership is also common among private developers who pool resources to purchase land to construct commercial and residential buildings.
For married couples that prefer joint property ownership, they may be eligible for higher loan amounts as their incomes can be joined to determine borrowing eligibility.
Shared Property Owners Do Enjoy Amazing Tax benefits
In future, it could also be easier to pool resources to buy property as partners, especially with high interest rates charged on loans. In some countries like India, joint property ownership means tax benefits are available for both husband and wife. If a husband and wife have a shared property with equal shares, then they are both entitled to claim deductions from the government. Joint Property ownership also makes it easier for any of the partners to pledge the property as security to borrow loans in future. It enables easy transfer of a house or land among spouses, as they can nominate their children as future owners of the property. Moreover, the husband and wife have equal rights in the property and their interests are secured.