The owners agree the terms and conditions of the personal usage, in some cases for example a group of golfers, they may stay together for a week of golf, and then bring their families separately for a more private and personal holiday. The costs of maintenance and any ongoing fixture or fitting repairs or replacement is also shared between the owners, thereby reducing this cost element significantly for each individual.
Another potential benefit arises when the owners personal use of the holiday home is such that a significant period of the year the property is vacant. Under these circumstances the property can be rented out and additional income enjoyed by all parties, further reducing the overall cost for each owner.
How can RE/MAX Overseas help?
Here at the RE/MAX Overseas we fully understand and support shared ownership and the wealth of benefits that it brings to the individuals involved. For a group of friends with a common interest or family members it is an ideal vehicle for owning a significant piece of valuable real estate as an investment or simply as a holiday home for all involved. We can assist in preparing and submitting the relevant legal documentation required in the setting up of a shared ownership agreement, including the purchasing contract, and the deeds creation and submission to the land registry office.
We are also happy to assist in the sale of shared ownerships, be they constitute a complete property or part thereof: our network of professional real estate partners has clients specifically attracted to this kind of investment opportunity.
In addition RE/MAX can arrange the rental of the property providing a fully managed program covering everything from marketing and client bookings, key holding, check in/out, housekeeping and a full maintenance package. From this asset management service, higher occupancy levels are achieved which then drive demand and ultimately this demand protects and drives property values.
Contact us today to find out how you could benefit from our Shared Ownership solutions.