Co-ownership, a sensible and conscious form of ownership
In an era of rising costs, sustainable living might seem out of reach but it doesn’t have to come at a premium. In fact, it is readily available at a fraction of the cost with co-ownership. It offers homeowners the opportunity to own a share of a high-end property while promoting values such as sustainability and responsible resource utilisation. Let’s discuss the ways in which co-ownership is both a conscious and sensible form of ownership.
A conscious form of ownership
– Reduced environmental impact: Co-ownership is increasingly seen as a conscious form of owning due to its positive environmental implications. By sharing a holiday home with others, the demand for constructing new properties is reduced, minimising the environmental impact associated with new construction and resource consumption. Co-owning a holiday home also means that your property will be occupied by different owners at different times, reducing the overall energy consumption compared to each owner having a separate property that is mostly vacant throughout the year.
– Supporting the local economy: Shared vacation properties often bring a steady influx of visitors to the area throughout the year, as different owners visit during different times. This sustained tourism reduces seasonality and stimulates the local economy. Visitors spend money on dining, shopping, and other services, generating revenue for local businesses and creating job opportunities.
– Reduced mid-tier market demand: Co-ownership can indirectly reduce competition for middle-tier single-family homes by aggregating the demand for these homes into a handful of top-tier luxury properties. By combining their financial capacities, co-owners can collectively purchase and maintain a top-tier luxury property that might otherwise be out of reach for individual buyers and reduce the mid-tier demand for the local housing market.
A sensible form of ownership
– A second home at a fraction of the cost: Co-owning allows individuals to enjoy the benefits of a holiday home without the financial burden of sole ownership. The costs associated with owning a property, such as purchase price, maintenance, property taxes, and insurance, are shared among the co-owners.
– High-end holiday homes become affordable: Co-ownership makes buying and maintaining a holiday home that is high-end and in a desirable location accessible and affordable for a much wider group of homeowners.
– Diversification of investments: Co-owning a holiday home allows owners to diversify their investment portfolio. Instead of putting all their resources into a single property, co-owners can allocate their funds across different assets. This diversification spreads the risk and can lead to a more stable and balanced investment strategy.
– Peace of mind thanks to managed co-ownership: Managed co-ownership means that co-owners do not need to worry about any of the hassle that typically comes with owning a holiday home in a foreign country, but can enjoy a hotel-like experience where all the administrative and operational aspects of owning a second home are taken care of.
In a nutshell
By embracing co-ownership, you can enjoy the benefits of a second home all while minimising your environmental impact and endorsing sensible and conscious home ownership – the same asset, same experience, at a fraction of the cost. Owning a holiday home should be a pleasure and a joy. If it’s anything less than that, consider talking to our team about co-ownership.
Discover more about Lazazu:
How Lazazu co-ownership works | Frequently asked questions about shared holiday homes | The benefits of fractional ownership | Browse Lazazu’s selection of second homes | The difference between timeshare and co-ownership