How we establish an association
The time horizon is about one year from the time the owners’ association is fully established until the keys to all five homes have been handed over. And we know that as soon as all the pieces are in place, everyone is eager to start enjoying their investment. We work in two stages when we establish the owners’ association, which will end with 29 signatures on five deeds. This means a shorter waiting time for the first to take possession.
PROCESS FOR ESTABLISHING THE ASSOCIATION
1. MyHomes brings together 29 families in two stages
2. General meeting and owners’ association established
3. Payment of investment
4. Homes identified and traded
5. Homes renovated, furnished and handed over to owners
The first 12 owners start with two homes
As soon as we have gathered twelve owners, we establish the association and immediately start to find, invest in, renovate and furnish the first two homes. The establishment sum is paid into an account belonging to the owners’ association, and money is released from here on an ongoing basis for the purchase of homes, renovation and furnishing. The first 12 owners book and use the first two homes as soon as they are ready.
The next 17 MyHomes owners and three homes complete the circle
While we are realising the first two homes, we continue to identify exciting prospects for the next three homes and to bring together the other families who will be part of the final, fully established owners’ association. When everyone is ready, we expand the owners’ association again at an extraordinary general meeting, and the investment is paid in from the last arrivals.
From here, we start investing in the last three homes for all 29 MyHomes owners. We screen the market continuously for attractive homes based on carefully defined criteria, with which all owners are familiar. And as home after home passes through the eye of our needle, they are presented to the owners’ association’s owner committee, which approves the choice. The owner committee consists of three representatives from the group of owners. It typically takes three or four months from when we have taken over a home, until the finished, newly renovated home can be handed over to the owners.
Being a part of a co-ownership group
A co-ownership group can be regarded as an owners’ association, in which there are articles of association, house rules and, above all, an agreement that regulates the mutual ownership arrangement. When a number of parties are involved in owning property, which represents significant values, it is important that there are clear guidelines to define how decisions are made. MyHomes has created a contractual basis that clearly defines provisions and rules.
You can sell, if you want to
If, at some point, you decide to dispose of your share, it is done in accordance with the same principles as if you wanted to sell your summer cottage after having owned it for a number of years. The first shares in resale were traded at DKK 1.300.000 and were originally purchased at around DKK 900.000. If costs of the transaction, etc. are included, this represents a return of approx. 10% per annum (after tax). In other words, you receive the full benefit of an increase in value.