The phrase “fractional ownership” is typically used to describe shared ownership of vacation property by people in an arrangement that allocates usage rights based on time. In other words, only one owner will be allowed to use a particular home or apartment at a particular time.

On Fractional Ownership, you own a share of a Limited Liability Company that owns the entire property that is different from Time Shares where the ownership of the property is the developer involved in organizing or operating the property.

Although many people dream of owning a vacation property, most either can’t afford the type of property they want, or reason that they would not use the vacation home often enough to justify the expense.

Fractional ownership provides a solution to these problems by allowing each co-owner to pay only a fraction of the costs and ongoing expenses of vacation homeownership, and share the risks of unforeseen maintenance problems and value depreciation with others.

Of course, in exchange for spreading the costs and risks, the owner gives up some of the usage rights and freedoms of whole ownership. But job and school commitments prevent most people from using a vacation home more than a few weeks or months each year, and some loss of freedom and control is often an acceptable sacrifice for the huge cost savings.

Each co-owner is assigned the exclusive right to use a home during a specified number of days, 45 days if the property is shared by 8 partners.

On the “Operation Agreement” of the ownership, the company defines a rotative calendar between parties to benefit all owners in different seasons. Usage rights on each period are defined by each member and can be extended to family, friends, exchanges, or any combination of these.

Each member is responsible for their share in the vacation house. Operating expenses such as insurance, maintenance, repairs, improvements, utilities, and management are divided in proportion to ownership. Each apartment is fractionated by eight members so each member will be responsible for 12.5% of the total expenses.

Industry surveys have shown that only 30-35% of fractional ownership purchases involve financing, and 65-70% of fractional interest purchasers pay all cash for their fractional ownership interest.

To benefit all members we do not accept any type of mortgage that is secured by the property, but you can own a loan secured by your ownership interest.

It is useful to divide fractional ownership management tasks into four categories: usage allocation, accounting, cleaning, and repair.

Secondhouse manages all these tasks for you. Using our platform you can check in the days that you are going to use your house, exchange vacation days with other partners, ask for extra house cleaning, etc.

Cleaning is handled by an external company that is responsible to clean your house and let them perfect and shine each time you use the house. You will be charged a cleaning fee each time you book.

Accounting management involves collecting payments from co-owners, paying bills, and keeping records. To avoid shared ownership disputes and cash shortfalls which could result in credit blemishes and even loss of the shared property, it is essential to collect co-owner payments based on a budget and regular assessment system rather than “as needed”.

Secondhouse is responsible to present at the end of each year, an estimative of all of the expenses for the following year, including property tax, insurance, maintenance, repairs, improvements, utilities, and management. The anticipated expenses should include some reserves for long-term recurring expenses such as painting, roofing, system upkeep, and furniture and appliance replacement. Each owner should be required to contribute his/her payment on schedule. In this way, each co-owner knows with a fairly high degree of precision what will be expected of him/her in the coming year, and it is easy to track whether a co-owner is meeting his/her obligations before a significant problem develops.

Repair management is important because without it, no one person is responsible for keeping the fractional property in good repair, and small inexpensive problems can develop into large expensive ones. Secondhouse is responsible for periodically inspecting the property, fielding comments and complaints from co-owners, and arranging for and supervising repairs.

Yes, you can sell your shares at any time, Secondhouse can help you find a new owner putting your property share on the market.

Yes, we need to make sure that the apartment is clean and in perfect conditions each time you use your property. Our automatic system will send a new door locking code each time you book.

No. Members do not pay for use their fractional property on assigned days. However, Members do pay for housekeeping and additional requested services.

Yes. A housekeeping fee will be charged for each visit, which includes fresh towels, surface cleaning of the kitchen and bathroom, trash removal, and bed making. Additional housekeeping services can be booked on the app with an extra fee charge.

Yes, you can exchange unused days with other members, that’s one of the great benefits of using our platform, you can use your house in Miami for some days and after that use a member house in New York for some shopping days!

Yes, you define who use the vacation house on your selected days, you can book for anybody else.

A Rotative Calendar has been established to ensure that the use of the property by Members is equitable. Each Member will be entitled to 3 periods of 15 days per year, which represent 45 days. On the property acquisition day, a calendar of usage will be defined for periods of 15 days.

This calendar is available in each member’s private area, all bookings take place in this private area.

Yes, the property will be exclusively yours to use for up to two weeks at a time. Weekly periods begin on Saturday afternoons and end on the second following Saturday mornings. The housekeepers completely clean the property and prepare it for each owners’ arrival. You may arrive any time after the scheduled arrival time. 

Using Secondhouse private area you can exchange your unused period with other members in other places with total member confidentiality. An automatic system notifies the owner of other property of your exchange request.

If the request is accepted by the other member periods are automatically switched on your private area. To use these days you only need to check-in and a keycode is sent to your email. 

Exchange is one of the best features available on our platform, this way you can enjoy vacations all over the world without spending booking fees.

The Home Owners Association (consisting of all of the Co-Owners) hires Secondhouse for annual periods. The Property Manager manages every aspect of the property including the complete maintenance and care of your vacation home, the payment of all operating expenses, and the annual preparation and filing of the tax return for the HOA. 

As an advantage of being part of the Secondhouse platform, you have the possibility of exchange unused days with other members and manage your check-ins and check-outs in an automatic system that does all for you.

Slicyo gives owners the possibility of using vacation houses all over the world without spending booking costs, manage all cleaning, maintenance, paying all bills, and providing a platform for check-in, check-out that controls every necessity of the member with total privacy and without disputes with any other member.

Slicyo also acts as a mediator between all parties defining rules and controlling the good usage of the property.