It can be the stuff of dreams–being able to own a second home. Whether on the beach, in the countryside, or in the mountains, the idea of having a bolthole which doubles as an investment opportunity, has long been outside the reach of normal people.
Two new startups, however, are trying to change that, with a model for second homes that enables everyone to win. As reported by Le Figaro, the model is relatively straightforward. People can buy a third, an eighth or any other part of a house they would like to use as a second home, which are advertised on the sites. You share the costs of the building with the other co-owners (managed by the company) and you get to use the house for the number of days that corresponds to your investment percentage–a carefully-designed algorithm ensures that the sharing is done fairly in terms of dates.
Altacasa’s site–one startup which recently raised €2 ($2.3) million in funding–explains how the concept differs from a timeshare in that the people own the property and not just the right to use it, the dates are not fixed each year (allowing increased flexibility) and the properties are individual houses, not huge apartment buildings. Crucially too, the resale is done at market value and not determined by the property managers. Romain Saint Guilhem, founder of Altacasa, told Le Figaro that the company’s aim is to sell shares in a dream, as well as optimizing real estate investment with unconstrained use of properties.
Prello, another startup to have just received €1.75 ($2) million in funding, uses the same model, dividing a property into a maximum of 8 shares. Each co-owner has the right to use the property, be it a chalet in the Alps or a farmhouse in Normandy, for 44 nights per year, the average occupancy of a second home in France.
Prello currently has properties to co-own across France and Altacasa has properties in Spain and the Balearic Islands too.
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October 10, 2021 at 06:30PM
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Startups Bring Owning A Second Home To The Masses - Forbes
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