Written by Julie Anderson| July 27, 2021 in Co-ownership 101
Co-ownership might just be the wave of the future.
But, when buying a vacation property, co-ownership is already here to stay. And we at Savvy believe it’ll remain this way for generations to come.
Frankly, there are too many advantages to investing in a co-owned vacation home to ignore. That’s specifically true with Savvy’s system, which is dedicated to bringing you the best possible co-ownership experience.
Below, we’ll delve into the specifics, highlighting 5 reasons why making a co-ownership purchase - with Savvy - will only lead to a steady stream of net positives
You already have a home. Most of our readers are likely still paying their mortgage. In which case, taking out a 2nd or 3rd mortgage for 100% of a vacation property doesn’t add up for your financial future.
On the other hand, even if you’ve paid your first property off entirely, why send yourself spiraling back into debt by purchasing another home?
After all, even with the mortgage paid off, it’s not like you’re selling your first home to cover the difference of the 2nd home’s purchase price.
Then consider this fact: the median house price in Utah (where many of our homes are located) is currently over $450,000.
What’s the solution for those who dream of a magnificent vacation property but can’t afford a 100% purchase?
Savvy starts with ⅛ ownership, meaning you’re sharing the load with 7 other people. You split the price while getting all the benefits of having a second home.
Buying a vacation property anywhere other than your dream destination spot is a waste.
Sure, there might be a spot northeast of who-knows-where available for a more affordable rate. But, what type of vacation experiences would this purchase provide? Likely, it’d reflect the low price you paid.
Whereas Savvy’s homes are located from in top destinations in Utah, California, and elsewhere. These top-tier destinations are known for their breathtaking scenery, magnificent weather, and sense of luxury.
Of course, in such highly coveted destination spots, the price will be higher than in most areas. Fortunately, Savvy’s co-ownership model cuts into those costs, allowing you to own property in your favorite places without the financial strain.
When you hear the term “co-owned,” you might think you won’t gain as much access to your vacation home as you’d like, defeating the purpose of the whole arrangement.
Well, when you purchase a co-owned home through Savvy, you’ll maximize your property to its fullest extent with zero struggle.
A ⅛ share in your vacation home offers 45 nights at a minimum. That’s a month and a half of vacation time, probably covering most work-allotted vacation days you have per year.
Plus, you’d have other obligations that would only allow for a limited amount of days on a vacation property as-is.
With Savvy, you’re not scrounging for a couple of weeks, fighting with 50 other “co-owners.”
Instead, you just need to use the Savvy App and coordinate with, at most, your 7 fellow co-owners. It’s all seamless and straightforward.
With the ⅛ ownership, you won’t feel obligated to spend every moment of free time you have on your Savvy property.
Compare that to full ownership, where it costs so much money that not splitting 50/50 of your time between your first and second home seems wasteful. That’s a lot of added pressure to make time. And, realistically, you’ll only end up spending about 6 to 12 weeks there, all while you’re kicking yourself for not visiting enough.
Alternatively, a Savvy property gives you the freedom and flexibility to see other parts of the country, continent, or entire world.
Furthermore, what you save via co-ownership versus full ownership means you’ll have money in the bank to satisfy your wanderlust.
Vaccines are rolling out lightning-quick, and the pandemic seems to be on its last legs. Regardless, it appears that remote work is here to stay.
Why not take advantage of that west coast weather then, and bring your work with you to your Savvy home? This way, you won’t need to book vacation time from work - while still enjoying a getaway - giving you further freedom with your eventual job-sanctioned time off.
Are the advantages of buying a vacation home through Savvy’s co-ownership piquing your curiosity? Then contact us today and take your first step to purchase your dream second property.
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