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Webinar 13th August

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FAQ

We regularly answer questions from future customers.
Here you will find answers to the most frequently asked questions.

General information

What is the role of the owner committee?

The role of the owner committee is to approve the purchase of a home on the basis of a proposal from MyHomes, to authorise payments and to generally dialogue with MyHomes regarding the operation of the homes.

How is the owner committee selected?

At the general assembly, the owners themselves select an owner committee consisting of three persons.

Can I rent out to others, e. g. through Airbnb?

You are not allowed to rent out the homes, but you are very welcome to lend them out to friends and family.

Is it like Timeshare?

No. MyHomes differs from Timeshare in that the owner’s name is on the deed and organises his/her own stay.

Do I have a voice in the whole process?

MyHomes delivers a turnkey product, so you don’t have to deal with many details along the way. However, an owner committee is selected on behalf of the owners of the group. The committee assists MyHomes in the selection of the properties and is the approver for all payments from the associations account.

Can I give away weeks?

Yes, you are free to invite family, friends or acquaintances to stay in your homes. MyHomes must be informed of who is staying in the home, but we will not interfere in who you give away weeks to.

How much does a weeks stay cost?

At the end of your stay, each owner pays for mandatory final cleaning including linen service and consumption of electricity, water and heating. The price is graduated according to the number of people using the home, the size and location of the home.

To give an indication, the price level is € 200-266 on average for 2 people per stay. In addition, there is a small fee per extra person.

Do I have to do the cleaning myself?

The concept includes a mandatory final cleaning organised by MyHomes. You don’t have to worry about ordering it, nor what it looks like when you arrive at your home.

How do I know who I will be owning homes with?

When all shares have been sold, the founding general assembly is convened. Here, all the families meet to sign the joint ownership agreement.

What is the fee paid to MyHomes?

We pay respect to the principle of full transparency and therefore always disclose our fee. MyHomes receives a fee of 15% for collecting the amount of owners, establishing the owner association and eventually making sure the homes are ready for use.

When is the changeover day?

The changeover day is always Monday, so it is possible to take an extended weekend without using two weeks points. In addition, it is usually cheaper to fly on Mondays.

What does the monthly shared expenses cover?

They cover all expenses associated with operating the five homes, including local taxes, insurance, gardeners, maintenance, administration, etc. All you have to pay in addition, are the direct costs of staying in the home, i. e. The mandatory final cleaning and consumption of water, heating and electricity.

Can I always get the week I want?

We have developed a smart and simple booking system. The system is designed to ensure a fair distribution, and you can always be sure of at least one week in a home during the school summer holidays. There is plenty of room for everyone in the calendar in total 9 weeks on average per year, but you can’t always be sure of getting your first choice. The weeks are weighted in relation to season and home, which gives a good balance in utilisation. The booking system has a smart waiting list facility, which ensures that the homes do not stand vacant if the owners wish to use them.

The homes

Has money been allocated for maintenance?

Yes, via the shared expenses. In addition, an amount has been allocated to the establishment budget.

What happens to my homes if MyHomes no longer exists?

Since MyHomes is not involved in the owners associations finances or the ownership of the properties, the biggest consequence will be that the owners association must find another administrator.

What if I damage something during a stay?

If you accidentally damage something, MyHomes will arrange for a replacement. The cost will be paid for by the person who caused the damage, unless the insurance covers it.

How do you ensure that the owners follow the common ground rules in the homes?

Each owners association has a set of house rules for the homes. For example, it is not permitted to bring pets or smoke indoors.

Who is stated as the owner on the deed?

The ownership is organised in a partnership, which means that each owner is stated directly on the deeds.

Which homes are purchased for the owners?

We purchase homes with the highest potential and best location, which typically require an upgrade. The owners can start using the homes typically within 6-7 months.

How quickly can I start using my homes?

The first home is typically ready 10-12 months after you’ve invested. Our goal is to have all four or five homes delivered 18 months after the organisation is fully established.

How big are the homes?

The comfort association always has beds for a minimum of six people in the apartments and a minimum of eight people in the houses. The premium association always has beds for a minimum of eight people in the apartments and a minimum of ten people in the houses.

Finances

There are two phases. Do you have to pay twice?

You only pay for the phase you join.

How do I sell my share?

You can find a buyer yourself or ask MyHomes to help with this process. In both cases, MyHomes will handle all administrative aspects.

What is my legal position in relation to my co-ownership?

You are liable only for your own share. The risk is further reduced by the fact that everyone pays the price of their share in cash and by the fact that the homes are bought in cash. In addition, a deposit of 12 months shared expenses will be paid.

When should the money be paid?

You make a payment of the investment subsequent to attending the general assembly.

 

 

 

What is the fee paid to MyHomes?

We pay respect to the principle of full transparency and therefore always disclose our fee. MyHomes receives a fee of 15% for collecting the amount of owners, establishing the owner association and eventually making sure the homes are ready for use.

Who has the funds, which the owners pay, at their disposal?

The investment amount is paid into an establishment account and the deposit is paid into the operating account. Both accounts are controlled by the owner association.

How is tax dealt with in the individual countries?

Ongoing tax payments are made locally and vary from country to country. They are part of the ongoing shared expenses. In addition, you will have to check with your local authorities with regards to the amount, if any, you have to handle individually.

Can I invest using company funds?

No, for tax reasons, you can only invest using private funds.

How are the transactions financed?

All homes are purchased without any loans.

Booking

Can I book several weeks in a row?

Yes, except for some limitations, e. g. during the winter holiday in Megève.

How many weeks can I book?

In comfort and premium associations, you can book an average of nine weeks of holiday each year up to 20 weeks in the off-season. In the Quantus association, you can book up to 28 weeks each year, and an average of 13 weeks per year.

How do I book my stays?

MyHomes has developed a smart and simple booking system. You get personal access to the system and can book the homes whenever you want either via smartphone or computer/tablet provided you have points on your account. You can see at any time how many points you have on your account and which homes you have already booked.

How far into the future can I book?

Our booking system is smart and simple to use. Stays can be booked up to two years in advance, just as you can choose to make an impulsive booking for the coming weekend. The system has been designed with a focus on flexibility and maximum utilisation for the owners.