LOS ANGELES, UNITED STATES, October 24, 2023 /EINPresswire.com/ — Increased demand, limited supply, and exploding interest rates have created a perfect storm of rising prices for vacation homes, leaving many motivated buyers priced out of the market.
Two new online platforms capitalizing on the budget-saving concept of “co-ownership” are making vacation home ownership more affordable. Both were recently launched by experienced online real estate professionals, Vacation Property Partners.com (VPP) by Ed Kushins, the founder of HomeExchange.com, and Pacaso.com by a Zillow founder… but there are some significant differences between the models.
– Pacaso.com offers fractional (one-eighth) shares of selected properties (currently about 79 in the US). Still, many buyers and real estate professionals find VacationPropertyPartners.com provides more flexibility, control, and options since they offer the opportunity to buy ANY vacation home ANYWHERE in the USA with a single co-owner, not 7 other co-owners.
– In the Pacaso model, the co-owners don’t actually own title to the property in their name; they own shares in an LLC that owns the property. As Tenants-in-Common, VPP co-owners have complete flexibility on exit strategy, management, rentals, operating expenses, design, and decorating decisions.
– Pacaso does not allow renting of their properties, depriving owners of the opportunity to recapture some revenue.
– Unlike VPP, Pacaso charges a “service fee” upon purchase of their fractional shares and maintains a management presence (and associated monthly charges) in the property. VPP actually offers an exclusive “Home Buyer Rebate,” providing a cash rebate on the purchase of a home through a recommended buyers’ agent in their nationwide network. VPP also has a program where existing vacation homeowners can bring in a co-owner, allowing them to get equity out of their property, cut their expenses in half, and keep their usage without giving up the property.
Ed Kushins, Founder of Vacation Property Partners, explains… “We simplify the process of connecting compatible co-owners to buy the perfect vacation home and cut all their associated costs in half:
– Half the purchase price
– Half the taxes, mortgage, and insurance
– Half the maintenance costs
– And still, get all of the usage needed… Or keep the original budget and get twice the vacation home.
Potential issues such as usage and expense allocation, decorating decisions, and exit strategies are comprehensively addressed with their proprietary, personalized “Letter of Understanding” generated dynamically between the co-owners. VPP’s robust calendar and property management system allow for the customization of partner usage, rental arrangements, maintenance schedules, and more.
Vacation Property Partners provides three different options for connecting members with compatible, like-minded partners and streamlines the search for the perfect property that suits their needs. VPP can facilitate finding a compatible co-owner…
– for a property that is identified as a home of interest.
– who has the same basic needs/desires in the area the buyer is looking for, and potential co-owners can search together or use a top agent in their network to help find the perfect property.
– who already owns a vacation home and is seeking to bring in a compatible co-owner.
Kushins began his career as a US Navy Submarine Officer. He achieved entrepreneurial success in a number of companies, including as the Founder and CEO of HomeExchange.com, a pioneering company in the sharing economy.
After the sale of HomeExchange, Kushins’ visionary spirit led him to create www.VacationPropertyPartners.com, a platform blending ownership and sharing, fostering another trust-based community. His passion for creating positive life changes through user-friendly websites is boundless.
To learn more about Vacation Property Partners, visit https://www.vacationpropertypartners.com/
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