Frequently Asked Questions
Plenty of people co-own yachts or planes but co-owned property is a fairly new concept so it is likely that you have some questions. Here are the ones that we think you might have in mind, if there are others please email us at [email protected] or by WhatsApp on +34 744 60 96 30 as a call or message. You will be talking to Helen.
It is. This is the price to acquire a ⅛ share including property purchase legal fees and property taxes. Your name will be put on the title deeds along with the other co purchasers.
You own your share forever. There are monthly costs for maintenance, cleaning and the like.
We do our best to make it feel like your home away from home. There will be throws, knick knacks and a full entertainment system.
You can have your own things brought to the house ready for your stay and then stored securely once you go to another of your homes - maybe duvets, photos, coffee makers, bikes, SUP boards etc.
Of course, this is your home. Bring whatever guests you like, no need to tell us.
Accidents happen. If a mug smashes or a sofa has a spillage on it no worries. You will be able to let us know and we will fix or replace the item. Costs will be shared by all owners. Should one owner seem more accident prone than others then we Mediterrano will have a chat with them to see how we can help.
No. You will have exclusive use of the property. We, Mediterrano will sort out any cleaning, maintenance or problems.
You will be able to book up to half of your share of time well in advance. If you would like a regular month in August for instance please tell us at the outset and we will try to match you with other co-owners who want other times of the year. This enables fairness.
We have a booking policy and system. This will be sent to you before you commit. Just say, if you would like a copy now.
Sure, no problem. We suggest that the other co-owners are offered first dibs if you do want to sell. They know how great the house is and how easy it is to use their second home with Mediterrano after all.
There is a €250 sales admin fee but you are free to sell to whomever, at whatever price you wish (subject to our community expectation guidelines). We can market it for you too, whatever works best for you.
You should consult a tax advisor on potential Capital Gains Tax.
Your share will pass on to your next of kin. You may need a Spanish will and you should consult a tax adviser regarding potential Inheritance tax.
Mediterrano will help where we can.
Yes, that's fine. Company documents may need to be apostilled and translated but that's pretty easy and cheap to do. A power of attorney is likely to be needed too. That's no different to buying in person.
Please do check on tax implications first.
Each home has a budget plan for electric, gas, water, bins, logs, IBI (like council tax but usually much, much cheaper) and any other maintenance or planned costs. No mark up, you even get to see the bills.
An estimate is available before you choose your new home. We make a charge for handling everything, organising the bookings, cleaning and maintenance. That's €50 including IVA (Spanish equivalent of VAT) per ⅛ share.
Let us know what you would like. We have a property information form here. Then we can see what we can find for you.
Sure. We do 8 shares per house to give maximum flexibility. Choose a ¼ share if you would like 90 days in your co-owned home or a ½ share gives you 180 days to spend as you choose.
As safe as houses! Seriously it's the same as buying a house anywhere. You can see all the paperwork. You can ask any questions. If you are in any doubt walk away
Now that is a very personal decision. Property prices don't tend to increase as fast here as they do in the UK. It depends on why you are buying and what other investment opportunities you would consider we guess. We aren't financial advisors though.
There is a central booking system and electronic door code which is unique to every booking. The code is given out only to the registered owner within 48 hours of arrival.
Of course. Let us know when is good for you and we will buy you a drink and show you around.