Written by Julie Anderson| June 16, 2021 in Tips & Advice
According to a recent Forbes article, co-ownership in vacation homes might just be the wave of the future due to a housing market that’s low on supply and high on demand.
People are increasingly turning toward vacation homes and remote work options as the world shifts from the office to a more flexible working schedule where employees can be connected and working anywhere there's an internet connection.
Altogether, these factors (amongst many others) make Savvy co-ownership the opportunity of a lifetime, and this article will explain how to make it happen for you:
Purchasing any property (never mind a second one) can be intimidating at first, given the size of the investment. Fortunately, getting started with Savvy is a simple matter of visiting our website and navigating to the “Listings” section.
Once there, you’ll find plenty of range in our listed properties, from price and size to west coast locations, offering flexible options to suit your needs.
Consistent throughout these second homes are luxury features and amenities. Our goal is to help you find the homes that fits your lifestyle.
Once you’ve decided on the property that speaks to you the most, it’s time to reach out to us.
On the listing page, you’ll notice a form upon scrolling near the bottom. There, you can fill out the information fields and book fifteen minutes with a team member.
No matter who you speak with, they’ll help you leverage our market-leading intelligence, guaranteeing a streamlined, hassle-free path to second-home ownership. Or feel free to give us a call at (801) 512-2054.
Of course, you aren’t about to make such a significant, life-changing investment without putting in your due diligence. More specifically, touring your potential Savvy vacation home is a must before making a purchase.
At Savvy, we want to make this process as convenient as possible for you. As such, we provide both in-person and virtual tour options for our vacation homes, making the process as seamless and as headache-free as possible.
Since co-ownership is - in many ways - similar to full home ownership, the closing process (plus the transaction documents) is similar in many respects to other real estate transactions.
At Savvy, we want closings to go as smoothly as possible for buyers and sellers. So, we’re partnered with local real estate agents, paying them a full commission to remove all potential obstacles from the process. We streamline the paperwork and make it a full-service experience, getting one step closer to being in your new home.
The ease at which you can schedule specific times to spend in your second home is definitely one of the most standout features making Savvy unique. This notion rings doubly true when comparing Savvy properties to timeshares.
With timeshares, because you’re sharing the space with 52 other “shareholders,” scheduling your allotted time turns into a job in and of itself.
Conversely, Savvy ownership of a vacation home is shared among two to eight owners.
Immediately, this removes much of the chaos from the situation. This level of convenience is further bolstered by the fact that we match co-owners based on criteria that ensure they’re a good fit. Furthermore, all involved agree to a common-sense owner code of conduct.
However, what might stand out most as a massive boon to any Savvy vacation home owner, is our scheduling app.
Not only is the app super easy to use, but it’s also equitable for owners and based on the number of shares you own. In addition, you may schedule either Planned Stays (booked 8 days or 24 months beforehand) or Last-minute Stays (booked 1 to 7 days ahead).
Lastly, you have access to a planned stay during a special date (e.g., federal holidays).
While 100% ownership of a second home has its advantages, there will remain one sticking point: property management and maintenance. The fact is, enjoying your vacation time is tough when you’re spending a disproportionate amount of your time cleaning, gardening, paying bills, and fixing odds and ends.
Whereas, with a Savvy co-owned vacation home, we manage the following:
Meaning you can just enjoy your time on the property without stressing about the work.
On top of physical work, we manage regulatory filings, insurance, and property taxes.
You can bring anyone you’d like as guests during your scheduled time in a Savvy vacation home, whether friends or family.
This is what makes our homes the types of places where lifetime memories are made. You get to share special moments with the people who matter most to you.
When you purchase fractional home ownership of a Savvy vacation home, you own 100% of the property with your co-owners through an LLC. Therefore, ownership interests can be resold.
A massive advantage with Savvy homes is that they appreciate in value like any other piece of real estate.
You’ll only need to wait for twelve months after closing to sell your interest in the property at any time. From there, it’s like any other real estate transaction you’ve experienced. You can then work alongside your personal real estate agent to market the home.
Want to find out more about purchasing a Savvy vacation home? Feel free to contact us today--we’d love to hear from you!
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