Here's how it works

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The concept

Frequently asked questions

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

General information

Do I have to pay property value tax in Denmark?

Yes. MyHomes provides guidance in relation to tax returns.

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?

After your stay, you will receive an invoice for consumption and mandatory final cleaning. The cleaning includes a linen service, and you don’t have to worry about bringing bedding or towels with you. The cost of consumption and cleaning depends on the size of the home and where in Europe, the home is located. However, on average, you should expect a final invoice in the region of DKK 1,500 for a stay for four people.

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 keep to the principle of full transparency and therefore always disclose our fee. MyHomes receives a total fee of between 12.5% and 14% for establishing an owner association and delivering the four or five homes ready for use. In relation to the ongoing administration, MyHomes receives a fee of DKK 80,000 per year per residence.

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?

Each owner is represented with his or her name on the deeds for the five homes. This means direct ownership of the homes.

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 6-7 months after you have invested.

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 let MyHomes help with this process. In both cases, MyHomes is responsible for all the administrative aspects in connection with the re-conveyancing of the homes.

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

In a co-ownership, you are jointly and severally liable. The risk of this is eliminated by everyone paying the price of their share in cash and by buying the homes in cash. In addition, a deposit of one years shared expenses will be paid.

Can I borrow against ownership interest?

You cannot borrow against the properties. Everyone pays the investment in cash, just as the homes are traded in cash.

When should the money be paid?

You must only pay the investment after you have participated in the founding general assembly.

What is the fee paid to MyHomes?

We keep to the principle of full transparency and therefore always disclose our fee. MyHomes receives a total fee of between 12.5% and 14% for establishing an owner association and delivering the four or five homes ready for use. In relation to the ongoing administration, MyHomes receives a fee of DKK 80,000 per year per residence.

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

All paid-up amounts are in the co-ownership account and can only be released by a representative of the co-ownership. The investment amount is paid into an establishment account and the deposit is paid into the operating account.

How is tax dealt with in the individual countries?

Tax payments are made locally and vary from country to country. They are part of the ongoing shared expenses. In addition, you must provide information about the amount to the Danish tax authorities this is something MyHomes can help with.

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 in cash.

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.