Surely in the past you have heard of right-of-use formulas (misnamed “timeshare”/”timesharing”) for homes that turned out not to be as transparent as promised.
Unfortunately, there are “right of use” formulas on the market that do not actually guarantee any percentage of home ownership. In practice, they require you to pay a kind of “rent” to enjoy the second home at certain times of the year, without having any right or percentage of ownership over the property. With secondPROP, however, you enjoy co-ownership of the home: you become the owner of a part of the house, thanks to the creation of a limited partnership with all the buyers.
With SecondPROP, however, you enjoy co-ownership of the home: you become the owner of a part of the house, thanks to the creation of a limited partnership with all the buyers.
In this article, we will tell you the differences between the right of use and co-ownership, so that you can discover the secret of the formula for success in SecondPROP.
What is the right of use?
The right to use of a home is a formula with which you can “reserve” a certain space between several people making a payment according to the criteria set by the owner company.
Generally, the formula of the right of use is applied in aparthotels and condo hotels, and the commercial establishments are the ones that set the fees for the right of use.
In addition, these fees only give you the right to enjoy the space during fixed weeks of the year, and you do not have the option of reserving in other different periods.
Finally, we must not forget that the right of use works like a rental: at no case you enjoy a part of the real estate that you own, and it does not matter how much money you have paid for those “false co-ownership” fees.
Co-ownership with secondPROP: a true multi-owner purchase
Unlike the formula described, at secondPROP we offer you the possibility of acquiring a stake or share in a single-family home, and of becoming the owner of that percentage.
For example, if we divide a home into 8 parts and you buy 2. You will own two-eighths of that real estate. This means that you can sell them whenever you want, because they are yours.
The acquisition price of each share corresponds to the real estate market: we divide the full price of a home by a maximum of 8 shares.
Therefore, you not only have the right of use, but also the ownership of that part of the house. That means that you can enjoy your second home whenever you want not in fixed weeks. You just have to make your reservation of days through the SecondPROP mobile application!
In addition, in the event that you want to sell your participation, we will assign a real estate agent at your disposal to advise you on the sale. You set the share value, as if you were selling a “whole” house on the real estate market.