Earn a profit by renting out your weeks
If you’re unable to use any of your vacation weeks, some co-ownership providers allow you to rent out the property. This can help to reduce the operating expenses of your share, with the funds from the rental going back into your ‘pot,’ and you even have the potential to earn a profit. Some of the providers that allow rentals are Ancana, Lazazu, Prello, MYNE, and VIVLA.
Other providers, such as Ember and Partment, have a mix of homes – some that permit rentals, and some that do not. This accommodates the needs of different co-owners, as some people prefer not to rent out their home.
Conversely, there are also providers that do not allow rentals at all. This has the advantage of giving the vacation property a true feeling of ‘home’ as only you and the other vetted co-owners stay there.
With non-rentals, there tends to be a more flexible scheduling system, as the home is only used by up to 8 co-owners. This allows for last-minute stays and quick weekend trips.
You have the option to sell or transfer your share
You never know what life will throw at you, and there may come a time when you decide to sell your co-ownership share. Providers fully support this, and the sale is handled in exactly the same way as a normal home. The provider will market your share and find a new co-owner who aligns with the existing owners, or you can use the services of a real estate agent to assist with the resale, working alongside the provider.
You may also wish to transfer your share to another vacation property, perhaps for a change of location, or to switch to a property that better suits your requirements. Providers such as Ember have this option, which is faster and more convenient than selling an entire home and then having to find and purchase a whole new one.
Today’s co-ownership providers share all costs with co-owners in an open and transparent way. Running costs are communicated in an upfront budget, often in a mobile app, so you can see figures over the course of the year and budget accordingly.
All property expenses such as utility bills, taxes, insurance, cleaning, and maintenance, are split equally amongst the co-owners, so if you own 1/8 of a home, you only have to pay 1/8 of the expenses. This is a huge saving compared to whole home ownership, where you are solely responsible for all costs.
Shared property upgrades
When a co-owner suggests a costly upgrade like a hot tub or an outdoor kitchen, providers ask all co-owners to vote in order to make a decision on whether the majority wishes to go ahead or not. Each share holds one vote, making this the fairest way of handling important matters.
If co-owners are in agreement with the upgrade, the associated expense is shared amongst the co-ownership group. This helps to spread the cost, while also potentially adding to the overall value of the property.
Every detail is taken care of
Your co-owned home is carefully managed by the provider which allocates an on-site property manager to watch over the building and organize all maintenance and repairs.
Homes are surveyed to check build quality, and insured to the required standard, so in case of unexpected damages such as hurricanes, the co-ownership group is 100% covered.
As with all running expenses, the insurance and surveying are split equally between the co-owners helping to reduce the burden of essential property overheads.