We usually say that the joy of owning five homes cannot be calculated in terms of money. But there is an association of investors behind it, who are kicking it all off. The 29 families are each named in the deeds, so that everyone becomes the owners on equal terms of all five homes.
The first 12 owners who sign, will receive a ‘pioneer discount’ and will be those who benefit first from the first two properties, we purchase. Otherwise, the terms, rules and finances are the same for everyone. And the monthly expenses are stable, unless the owners’ association itself decides to change the economy in the future.
As part of an owner association, you are jointly and severally liable. However, this is more theoretical than actually of importance, as all owners pay their investments in cash and at the same time pay a 12-month deposit for the shared expenses contribution. If an owner becomes unable to fulfil his or her obligations at any time, his or her share, according to the joint ownership agreement, may be foreclosed.
You can only invest with free funds in MyHomes. This means that you can’t use company funds or invest your pension savings. Nor can you pledge your share as security for a loan, but several banks have good knowledge of our concept and will help to find solutions for inexpensive financing.
Property tax is payable on an ongoing basis in the relevant countries. MyHomes is responsible for the regular tax payments, and the amount is part of the shared expenses contribution that all 29 families make on a monthly basis. In addition, each owner is obliged to pay property value tax. This is done by disclosing the property’s value on your annual tax return in Denmark. MyHomes provides information about the amount and the field in which the information must be entered.