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Everything you need to know about buying a co-owned vacation home

Modern-day co-ownership has evolved out of the need for hassle-free real estate. Where individual ownership, outdated fractional models, and timeshare fell down, co-ownership enables buyers to reap the rewards of true property ownership that’s straightforward, financially logical and offers the opportunity to see a return on your investment.

It can take a little bit of time to familiarize yourself with the workings of the current co-ownership model, so we’ve summarized the key facts and considerations to bear in mind as you start your co-ownership journey.

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Own real estate as a co-owner

When you buy a share of a co-owned vacation home, you’re buying a slice of real estate that is legally yours. The co-ownership provider sets up a dedicated company (such as an LLC in the US) and it’s through this that you own the home.

Co-ownership providers tend to divide properties into 8 shares, and you can buy one or more of these portions to match the amount of time you’d like to spend at the home. The more spare time you have to play with, the more shares you might like to buy. And on the flip side, if your time is limited, just one share may be enough.

Buy a second home the easy way

Did you know that you can buy a co-owned home in just a matter of weeks? The process is slick, fast, and hassle-free, as all the hard work that usually accompanies a house purchase has already been done for you.

Co-owners buy a share of the company that holds the deed to the vacation home, so the property search, and associated due diligence, legal work, and surveys have all been taken care of at an earlier date. This is far quicker than buying standard real estate which takes longer due to the requirement to write a deed – and of course, all the other hoops you have to jump through as an independent buyer!

Co-ownership also makes it far simpler to buy property overseas as your provider handles everything from start to finish. No cross-border complications, and you’ll have the keys to the property in no time!

Visit the home before you buy

Buying a second home is a big and exciting step in your life, so it’s important to feel confident in your property choice. Providers understand this and work hard to pair you with the home of your dreams, inviting you to view properties in person and/or on virtual tours to get a good feel for a place.

Buy with cash or finance it

If you’re a cash buyer then great, but if not, some providers have banking partners to help with financing. Rates are often competitive, and you’ll find multiple financing tiers. Once approved, finance can be arranged quickly and easily in just a few days. Or alternatively, you’re free to borrow from a lender of your choice, outside the provider, should you prefer.

A smooth and streamlined process

Co-ownership providers handpick only the finest properties, in the most sought-after locations. When a property meets their high standards, they acquire the home and market shares of it – typically in 1/8 portions.

The home does not need to be 100% sold before co-owners can start enjoying it, and providers continue to advertise and find other suitable co-owners while you check in to the property on vacation.

Property management handled for you

Breathe a sigh of relief, as co-ownership means that you can forget all about the tedious aspects of being an owner. When you buy a share of a co-owned home you are taken under the wing of the provider which looks after every aspect of the property’s day-to-day running.

Some providers will allocate a dedicated home manager to you, who becomes your point of contact if you need any assistance while on vacation at the property or between stays.

At the time of buying, providers will inform you of the property’s estimated monthly running costs, and as a co-owner, you can expect to pay a monthly service fee that covers all cleaning, gardening, pool costs, maintenance, repairs, insurance, taxes, and utilities. All expenses are transparently passed through, and best of all… they’re shared between the co-owners. Gone are the days of having to stump up for the bills on your own.

Own a real estate portfolio

The joy of co-ownership is that it gives you the option to own vacation homes in several different locations. By buying shares of a few different properties, you’re spreading your investment and benefitting from ownership of more than one vacation home. For example, you might like a beach house and a place in the mountains – the choice is yours.

If you’re ready to start exploring co-owned second homes, visit our Listings page where you’ll discover an extensive collection of the world’s finest co-owned properties.