High Taxes – Can You Get a Refund?
If you don't qualify based on income, but have had big property tax increases, you may qualify under the special refund requirements. Read More
Dreaming of a Vacation Home but Not the Headache?
Engel & Völkers has partnered with a real estate service founded by former Zillow executives. It offers a modern way to buy and own a luxury second home for significantly less cost and removes the typical hassles of homeownership. Our partner buys amazing single-family homes in top locations and creates an LLC for each home. Buyers purchase the amount of ownership that meets their needs, starting at one-eighth. Each home has a maximum of eight owners, and when the home has been fully sold, our partner does not retain any ownership. Our partner professionally manages the home, handling home design, cleaning, maintenance, bill payment, repairs, LLC oversight, taxes and more. Owners use the company’s equitable SmartStay™ scheduling system to book stays in their turnkey home anywhere from two days to two years in advance.
What makes this vacation home partnership unique?
Benefits to buyers:
- The opportunity to own a second home for dramatically less cost and management hassle than whole second home ownership.
- The capacity to buy a higher-tier second home, because co-ownership lets them boost their purchasing power.
- The flexibility to own the amount of second home that’s right for them, ranging from 1/8 to 1/2.
- The option to find and share a listing they would like to co-own — if it meets our criteria, we may partner with them to buy half!
- Effortless ownership of a turnkey second home, with our partner taking care of property management, interior design, scheduling and bill payment.
Confidence in a streamlined resale. After a year of ownership, owners can set their own price and tap into our partner's active marketplace of buyers, enjoying any equity gains. On average, our partner's shares resell in less than 10 days, with a 10% gain, on an annual basis. (Based on 2021 national resale price data as of Q3 2021.)
Answers to our clients' commonly asked questions
Is this a timeshare?
No. It is LLC co-ownership of a single-family home, not a condo or resort hotel unit. It is a true real estate asset in a residential community with a small group of co-owners. The value of the owner’s real estate property asset moves in line with the whole-home market, and owners can sell at a price of their choosing.
Does this work like a regular real estate transaction?
Yes. The legal forms and closing process will be largely the same as a standard home purchase. Local agents (like me) partner with this service and receive commission when our buyers close on a sale.
Can I get help to finance my second home?
Yes. Our partner offers buyers access to a competitive-rate mortgage for up to 70% of their home's purchase price. Buyers can also use other funding sources such as a HELOC, credit line or cash.
How do I schedule time to use the home?
Owners book stays using the app, designed to make scheduling easy and equitable based on your amount of ownership. You can schedule stays throughout the year, anywhere from 2 days to 24 months in advance, and there are no fixed selection periods.
This is your chance to get that dream home away from home without the stress of managing another property. Contact me today.
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High Taxes - Can You Get a Refund?
