For would-be holiday homebuyers worried that they won’t use their overseas property enough, there is a neat solution. It takes away any ownership hassles too. We’re talking about fractional ownership.
The average holiday home overseas is used for just 35 days per year. This means buyers front 100% of the cost, but only get to enjoy their holiday homes 10% of the time. And wonderful though a home in the sun can be, when you factor in the expense and responsibility associated with owning an overseas property, you can understand why more people are recognising the benefits of fractional ownership.
To speak to Mélie from August about the Collection, click here or complete the form at the bottom of this page.
However, if there is one thing we know about fractional ownership, it’s that no matter how great the idea in theory, any scheme is only as good as the company operating it. One company making a bit of a buzz in the world of fractional ownership is called August. This company offers buyers the chance to co-own five beautiful holiday homes in sought-after locations across Europe.
Mélie Dunod from August told us about fractional ownership and its many benefits.
How co-ownership works
If you look at the luxury travel sector right now, you’ll see that the main emphasis is on experiences and flexibility. It is not so much about where people want to go, but how they want to travel. My partner and I started August because we wanted to apply this trend to holiday home ownership and revolutionise the way people own and experience holiday homes.
With August Collections, you will co-own five beautiful homes in some of the most stunning locations.
Those that join an August collection have co-ownership of five properties. This grants them access to a choice of five beautiful homes in some of Europe’s most sought-after locations at a fraction of the cost and without any of the typical hassles associated with home ownership. Our Signature Collection, which we are currently in the process of buying and renovating, will include properties located in Chamonix, Provence, The Cotswolds, Mallorca and Tuscany.
By investing €325,000, you can become a part-owner of the five properties which are worth over €6million collectively.
Included in co-ownership are services designed to make your holiday go without a hitch. For example, pool cleaning, gardening, minor renovations, and preparation of the property for your arrival with fresh linens, made-up beds and so on. Additionally, August offers co-owners a specially-designed Concierge Service allowing members to add-on services such as child-care, professional chefs, grocery shopping, airport transfers and activity booking, which helps guarantee the most stress-free holiday possible with your loved ones.
The benefits of fractional ownership
Firstly, greater affordability. Using our Signature Collection as an example – by investing €325,000, you can become a part-owner of the five properties which are worth over €6million collectively. Collective ownership allows you access to luxurious properties you wouldn’t ordinarily be able to experience on the budget of a typical holiday home. Secondly, you are able to enjoy the perks of ownership without any of the hassle. Every August property is purchased outright, which means you won’t have to worry about mortgage payments, plus all of the property maintenance, repairs and insurance are taken care of. Thirdly, as a co-owner, you have access to five properties, which affords variety that traditional holiday home ownership just can’t compete with. Plus, you can bring along friends and family at no additional cost.
The owners
21 co-owners collectively own the five properties within each collection. All owner shares of the properties are equal, and therefore everyone enjoys the same rights. There is an opportunity to meet and get to know your fellow co-owners once all the shares are sold and you get together to sign the co-owner agreement. How much contact you have or don’t have with them after that is entirely up to you.
We have been mindful when selecting the families to ensure there’s a balance in demographic as well as how and when they will use the properties.
Many different types of people buy a share, and this is deliberate. We have been mindful when selecting the families to ensure there’s a balance in demographic as well as how and when they will use the properties. For example, if all of our families had school-age children, it would inevitably lead to bottlenecks around school holidays. We have attracted a range of people from a variety of professions, from lawyers to bankers and directors. We have retirees who’ve sold holiday homes after tiring of the same spot and the upkeep owning a property requires. We also have young parents with small children and older couples whose children have flown the nest. Despite the variety in their backgrounds, all of the co-owners have a few things in common – they are busy people, and want to make the most of their time off with loved ones, so the last thing they want is to be spending their holiday solving issued linked to owning property abroad.
Two homes have already been purchased, with three more being sourced.
Who owns the freehold?
You and your fellow co-owners will hold the freeholds to each of the five properties. August plays a purely administrative role, handling all of the jobs associated with the property purchase and the daily running and upkeep of each property.
Update on the collections
We have bought the first two properties for our Signature Collection, and have plans to start renovating them in the coming weeks to turn them into sophisticated-yet-cosy holiday homes, each kitted out to the highest standard, designed by architects and interior designers. The properties will be ready this summer for the first families to enjoy them. The first property is located in Provence and the second in Chamonix (details of both below). We have just a few spots left for families to join our Signature Collection and get a chance to enjoy these exceptional properties this summer. Keep an eye on our blog for more updates on the properties we have purchased.
A sense of pride
We put a lot of time and care into selecting the Provence and Chamonix properties and both are gorgeous. We’re buying on behalf of 21 families and must make sure they will all love their holiday homes. For this reason, all of the properties are in great locations, with sensational views and very little noise. The property in Provence has a gorgeous garden which offers privacy while being with walking distance to all amenities. The flat in Chamonix is in the pedestrian area of the city and has a beautiful terrace facing Mont Blanc. Our designers are working hard to create cosy and sophisticated spaces mixing local charm and culture with latest trends. Both properties have very different styles, in order to provide the variety our co-owners are seeking.
Ready for summer
If you manage to get in early enough to join in phase one (there are two spaces left) you will be able to start enjoying the properties this summer. If you miss out on those remaining spots, late 2020 or early 2021 are more likely.
Viewing the properties
We want all of our clients to feel sure that co-ownership with August is right for them, and understand that prior to buying, many are unfamiliar with the regions our collection of properties are located in. Therefore, our Concierge Team are on hand to help those wishing to visit to do so, and to offer guidance and recommendations on how to get a real feel for the place while in town.
August’s Signature Collection
August has already begun to purchase its Signature Collection; here are the first two properties to be added in France:
Provence, French Riviera
The beautiful home in Provence.
The first property in the collection is a beautiful south-facing Provencal-style villa close to the sought-after area of Mouans-Sartoux, one of the most renowned residential areas on the French Riviera. The four-bedroom, three-bathroom villa sleeps up to ten guests and is set in leafy-landscaped gardens of more than 2,000m2, complete with a swimming pool and sunbathing area. The charming property boasts authentic features including terracotta floors, shutters and a restful Provence colour palette. Cannes, the beach and the airport are all just 30-minutes away.
Chamonix, France
The latest addition to the collection: a ski apartment in Chamonix.
Located in the heart of Chamonix city centre, the second home in the collection is a spacious four-bedroom apartment which sleeps up to eight guests. The apartment boasts three bathrooms, two of which are en-suite. Guests will enjoy views of Mont Blanc from the sunny terrace, a sauna, open fire, secure private parking and ample space to store everyone’s ski gear in lockers and a ski room. Chamonix’s location in the French Alps, close to both Switzerland and Italy, makes it a desirable and breath-taking spot no matter the time of year.
To find out more about August Collection and for a no-obligation introduction, simply fill in our enquiry form below.