Why Co-ownership in London is the Ultimate Solution for Buying a Holiday Home

There is a new tech-powered co-ownership concept that is making high-end second houses more accessible to those who are not super-rich. Joe Ricotta explains that owning a vacation house has always been appealing, but the cost is often difficult to justify for many people. Timeshare was a popular solution in the past, but it is seen as inflexible and does not provide a good return on investment.

Co-ownership, on the other hand, allows prospective second homeowners to purchase a fraction of a property and use it for a specific number of days each year. This model is more flexible than timeshare and gives individuals a stake in the property. The starting price for co-ownership is around £400,000, making luxurious properties in sought-after locations accessible to a wider range of buyers. This also helps relieve pressure on the mid-tier market, making more housing stock available for first-time home buyers.

The co-ownership model is made possible by the innovative SmartStay system. This system guarantees access to the property during busy periods like holidays and is fairly distributed among the shareholders. It learns the preferences of the co-owners and adjusts accordingly, allowing for a more personalized experience. The system also takes into account national holidays and can be customized to fit each location.

The initial collection of residences targeted the American market, with properties in Baja California, Florida, and Wyoming. The company is now expanding its presence in Europe, with homes in London and Marbella. While there is room for growth, the company is currently focused on expanding in its core markets before considering expansion into other vacation home destinations in Europe.

Overall, the tech-powered co-ownership concept is making high-end second houses more accessible and responsible, benefiting both buyers and the housing market as a whole.