Why Shared Ownership ?
WHAT IS HOLIDAY HOME SHARED OWNERSHIP?
Holiday home shared ownership is an arrangement where a group of individuals and families buy a holiday property together and share the purchase price, running costs and use of the property. A detailed shared ownership agreement (sometimes also known as internal regulations, which can be part of the title deed) allocates the right of use, costs and obligations among the co-owners. Day-to-day management is typically decided by the co-owners.
Although holiday home shared ownership is not new, its popularity has increased significantly in recent years, particularly for relatively small (6 to 12 shareholders) groups involving only a single flat or house. The recent creation of numerous businesses offering support services for small shared ownership groups, including property management and exchange services, is testimony to the belief of many real estate industry insiders that shared ownership is a great idea that is only beginning to be discovered by the public. With the credit crunch and present difficulties, co-owning is the ideal solution to a person’s wish to have his/her own outlet.
WHY BUY RATHER THAN RENT A HOLIDAY HOME IN BULGARIA?
- Opportunity: The economic crisis is chocking the market with its strong grip all over the world. The markets are full of uncertainty, banks are unwilling to "defreeze" credits and people panic about their savings. When equity markets turned to risky investments for both financial institutions and individuals, is there any kind of investment that is still considered safe? Well, buying a holiday home in Bulgaria is a low risk, low cost and affordable investment.
- Predictability: Renting a holiday home in Bulgaria is a "hit or miss" proposition. Returning to a holiday rental you have used before is often impossible because it is not available when you want it. This leaves you renting a different unit each visit, with little reliable information about quality, location, or the trustworthiness of the owner or agency. Searching for a rental also involves time and effort. As co-owner of a flat or a house, you know exactly what to expect, even how to plug into the internet and turn on the stereo. All you need to do is plan your social calendar and get on the plane.
- Traveling Light: Imagine traveling "carry on", but still having a month's worth of clothes, your favorite music, and your special pillow with you. In our co-owned holiday home, each owner will have a private, locked storage area. There is nothing like dashing through the airport after the flight.
- Appreciation: Real estate is a great investment, particularly prime property in a location that is unlike any other. Bulgaria is spectacularly under-valued when compared with property in other exciting countries. Those savings otherwise thrown away as rent or hotel costs can be put to good work in the Bulgarian real estate market.
- Love: Let's face it: those other points may be valid, but the most powerful reason to buy rather than rent is to permanently attach yourself to something you love. Bulgaria is a country of outstanding natural beauty, where the environment remains unspoilt and is incredibly varied and although a relatively small country, a few hours drive will take you from the snow covered central Pirin mountain Ranges to the long sandy beaches of the Black Sea coast. Therefore, there is simply no better place to love than Bulgaria.
WHY BUY A CO-OWNED HOLIDAY HOME RATHER THAN AN ENTIRE PROPERTY?
Some people choose holiday home shared ownership because they cannot afford to buy, furnish, and manage holiday property by themselves, but many who could afford to buy alone still choose shared ownership. Why?
- Financial crisis-free: Now is the time to buy really high-quality properties at attractive prices, those that have sustainable advantages. Therefore, despite the market collapse you still have the chance to make a secure investment.
- More Cost-Effective: Statistics show that most people only use their holiday properties for maximum four weeks each year, but the costs of holiday home ownership continue all year round: property tax, insurance, utilities, and basic maintenance, not to mention the loss of use of, and investment return on, all the money tied up in the purchase and furnishing of the holiday property. Shared ownership allows you to pay for just the usage you actually need and have time for.
- Less Management: Management of holiday homes is either time-consuming (if you do it yourself) or expensive (if you hire someone to do it for you), particularly if the property is far away and located in a place with a different culture and language. Shared ownership allows you to share the management burdens with others, so that the property becomes refuge rather than headache.
- Avoids Challenge Of Operating a Holiday Rental Business: Renting your holiday home when you're not using it is a full-time job that is almost never profitable. First, there is the marketing, involving photographing and describing the property, discovering where and when to advertise, and placing and monitoring the ads. Next, there are the daily inquiries by perspective customers, most of whom have extensive questions, and require lengthy email and telephone correspondence. Next, there are the mechanics of collecting funds over a long distance, checking renters in and out, discovering and dealing with damage to or loss of the property and its contents, and preparing the property for its next tenant. Rental agencies can help, but they often charge 50% of the rent as their fee. To make matters worse, the holiday rental business in many places, including Bulgaria, has become much more competitive in the past few years, increasing vacancies, forcing down prices, and causing owners and managers to spend more time marketing and coaxing. Not surprisingly, most people that try operating a holiday rental eventually decide it's not worth it, particularly when the wear and tear of tenant use is factored in. Shared ownership allows you to avoid the need to rent out your holiday home by keeping your costs in line with your use.
- Easier To Buy: Any person who has spent an extended period in Bulgaria will tell you that the very things that make Bulgarian culture and lifestyle fascinating and attractive make many practical aspects of buying on your own difficult and frustrating. There are few endeavors where this observation is more accurate than in buying, renovating, furnishing and outfitting a Bulgarian holiday home. You should spend your precious time in Bulgaria taking long walks, sitting in cafe's, visiting museums, watching opera and ballet and, of course, shopping (for things other than cabinet knobs, towels and dishwashers). Eurolink Investment Group has cultivated relationships that allow us to be the first to know when great property becomes available.
- Own More Than One holiday Home: Imagine owning a Bulgarian flat, a Greek island retreat, an Alps ski chalet and a wine country farmhouse. For many, the costs and burdens of owning an entire Bulgarian holiday home would eliminate the possibility of owning a third, forth or fifth home elsewhere. Shared ownership allows you to live more than just one of your dreams and, some day, to spend your retirement years moving among all of your favorite places in the world.
WHAT MAKES EUROLINK INVESTMENT GROUP (EIG) DIFFERENT?
- Experience: Our 14 years experience gives us an unusual depth of understanding of what makes shared ownership arrangements work.
- Market: EIG is a leading company in offering co-owned Bulgarian holiday retreats at very low prices.
- Value: We offer affordable, midsize and luxurious flats and houses (furnished and in spectacular locations).
- European Business Style: As a foreigner living in Bulgaria, we can mesh your business expectations and Bulgarian lifestyle.