Mojo Sharing – five families one property
Luxury home: low price, simple concept
We have had a chat with one of the Mojo boys, Per Mønsted, about a NEW concept. What you get when you buy a home in Spain via Mojo Sharing. It’s guaranteed to be both cheaper and simpler than any sharing concept you’ve ever heard of. Read below when Per answers questions about the Sharing concept.
How does Mojo Sharing differ from other sharing schemes for holiday homes?
Having multiple families buying a holiday home is not a new concept. We have looked at the solutions available in the market today and, like when we started Mojo Estates, thought that there must be an easier way to do it. The shared housing concept is intended simply with Mojo Sharing. There are five families and one apartment on the Costa del Sol, and you know exactly which apartment is being bought. It is only for Danish owners, and we will be taking care of the property all year round. Each family owns 10 weeks and 3 days (one-fifth of the year). There is a usage agreement in place, so you have a rotation with Easter, holidays, etc.
The weeks they do not spend and would like to rent out are handled by Mojo Rentals. With just 3 rented weeks a year, the cost of having the home is often covered.
How do I find five families together for a home?
At Mojo, we have a solid buyer base and also many who show interest in this particular way of owning a holiday home. It is an easy little springboard into Spain as a first-time buyer. Most people who own a vacation home on the Costa del Sol spend no more than 7-10 weeks a year anyway. In this way, the family has the opportunity to get a luxury holiday home where everything is thought of, for just a fifth of the price compared to if they should have bought it themselves.
We have carefully selected the homes and thoroughly designed them with a cosy feeling and ikea-free style, but this is their home. They own it along with four other families. They get a closed Facebook group to communicate in, and we are in charge of the administration for the first 3 years, after which they can move on their own if they prefer. Because they are only five and the concept is simpler, it’s easier to agree on things.
What does it cost to buy a holiday home with Mojo Sharing?
It is often said that it is expensive to buy a home in Spain, but it is extremely cheap to own it. Mojo takes 1% + Spanish VAT of the total price per family for the concept. If you later want to sell again, the new owner does not have to pay the normal 10-12%, which is the trading cost of the purchase price to buy a home in Spain. Trading costs are avoided because the home is owned by a Danish company and you simply change shares. The profit will also be tax-free with the company model we have created.
The annual operating costs for electricity, water, property tax, insurance, maintenance, and common expenses, etc. is already earned by the new owner letting his home be rented out for approximately 3 out of the 10 weeks the home is available. By renting out 3 weeks out of your available 10, you can stay in your home free of charge. Let’s take the example of a holiday home in Stupa Hills. Here, the price for buying in is DKK 940,000 + DKK 16,600 in annual operating costs. With a three-week rental, these costs are often recouped.
Mojo Estates has previously written about and visited Stupa Hills. Click here to read the article and watch video from Stupa Hills in Benalmádena, which is a really popular area for families with children and busy business people who want to be close to the airport in Malaga, which is only 12 minutes away.
Stupa Hills is what we call a “Mojo Approved” home, where we have been involved in selecting and approving everything in the home. In other words, it is a high furniture standard, and every single element in the entire home, from beds to sofas to electric kettle is chosen and approved by Mojo. As something completely unique, buyers can come visit and get a tour of the home. In fact, we have just booked a couple who are going to visit the property and live in the home they intend to buy while they are here.
What if you want to get rid of your share of the property again?
We are happy to help you find buyers for your share if you want to sell it again. It could be that an owner has fallen so much in love with Spain that they want their own apartment or maybe a villa.
Because the shares are owned via a Danish company, it is almost free to sell your share (DKK 2,000 to a Danish auditor) and correspondingly cheap for a new buyer to enter as previously described.
Because the home is owned by a Danish company, in which each buyer has 20% of the shares, we actually expect that there is an opportunity to do good business, as apartments of this type of standard tend to increase in value.
It is the ownership and simplicity that makes Mojo Sharing unique.
Are you going to offer other properties in this concept?
Right now we have several different apartments that are “Mojo Approved” and very soon we will also offer villas in the Mojo Sharing concept. We can see where the trend is going. Many have cash amounts they do not want, standing in the bank at minus interest. In this way, they have the opportunity to buy into a luxury home that would have cost five times as much if they had bought it alone.
It is 100% luxury at a fifth of the price.
Download Stupa Hills Brochure Here