The affluent and the stars opt for shared holiday homes
Have you ever heard the saying “The more we share, the more we have” or perhaps “sharing is caring”? Is this not even more applicable when it comes to friends and family, because you get to share the memories for many years to follow? A co-owned holiday home not only allows you to share the joy of ownership but also the responsibilities that come with owning a second home. Shared property ownership is not a new concept – many people have entered into DIY arrangements and even the affluent and stars have been known to opt for shared holiday homes. Sharing a home is not about affluence, but a decision to use ones resources sensibly and consume more consciously
Bono and The Edge, U2’s lead singer and guitarist, jointly acquired a holiday home in Ezé – a four-story seaside mansion named Villa Les Rose back in 1993. Their neighbours – Adam Clayton (U2’s bass player) and Larry Mullen Jr (U2’s drummer), frequently joined them for rehearsals and recordings in their home studio. Local fans even illicitly recorded a few unreleased songs when things got a little rowdy.
Driven by the desire for a holiday home where friends and family can gather in comfort. Cindy Crawford, Rande Gerber and George Clooney built adjacent holiday homes on the same property several years ago on Mexico’s Baja peninsula – Los Cabos. Before co-ownership, they used to stay in different hotels, but the establishments rarely lived up to their expectations and had to be booked well in advance. They called their shared vacation property, Casamigos, ‘the house of friends’. The name of their vacation home and times spent there even became the inspiration for their now famous tequila brand by the same name (“Casamigos”) which they successfully built into a billion dollar brand, as they say some of the most interesting business ideas happen outside of the office.
A holiday home that you own together with friends and family can be the magical place where you create memories and of course means that you might even use the home at the same time vs if you share with strangers where your usage is no doubt exclusive. However, few of us have friends with the same budgets, timeframes and tastes (white or green sofa…?). Even when we do, working out the details isn’t always easy. Likely pitfalls should be discussed before entering into a shared-ownership arrangement and of course, a legal agreement should be put into place. Damaging personal relationships because joint-ownership issues can’t be figured out certainly isn’t worth it. To help owners achieve the sensible form of ownership Lazazu finds and matches liked minded co-owners, provides a solid legal framework for them, acts as the point of contact and takes away the challenges of making joint decisions and provides a fully-managed and hassle-free ownership experience with some of the following benefits:
Significantly lower costs
Share the costs of owning a holiday home with like-minded owners, in proportion to your fractional ownership.
A fraction of the purchase price or a high-end property
Buying together means that you will most likely be able to either significantly reduce your budget or purchase a higher value holiday home in your most desired holiday destination.
A hassle free experience
Lazazu will take care of all aspects of your second home, including employing local cleaning and gardening services as well as managing utilities, insurance, maintenance, repairs, and interior upgrades.
Potential rental income
If you choose to, you can rent out your unused days and benefit from the rental income generated. Lazazu will manage the rental and allocate the income to your account.
Lazazu provides a sound legal framework and guarantees – if one of the co-owners has difficulty making their payments, you will not be held liable.
If these benefits speak to you, let us help you find your dream second home. Schedule a call with one of our team members or fill in our contact form and we’ll contact you.
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