Most holiday homes are only used by the owners themselves for an average of 6 to 10 weeks a year. Nevertheless, owners have had to pay the entire purchase price and ongoing maintenance costs alone. The ARD Plusminus report also questions how sensible this is:

‘Why buy a holiday home on your own if you only use it for four weeks a year anyway?’ asks ARD

With the innovative principle of MYNE co-ownership, 2 to 8 co-owners with complementary usage wishes jointly own their dream holiday home. The use, costs and potential rental income are shared fairly between the co-owners.

Visiting Mr and Mrs Stegschuster on the Baltic Sea beach in Sellin

‘I've done everything right with this investment,’ says building contractor Mr Stegschuster. Thanks to co-ownership, the Stegschuster family were able to fulfil their dream of owning their own holiday home with a sea view for just ⅛ of the cost. He and his wife own a share in a property furnished by MYNE to a high standard and ‘down to the teaspoon’ in the sought-after Baltic resort of Sellin. With one share, the property is available to the family for 6.5 weeks a year.

Holidays with all-round carefree service

Arrive and enjoy - because MYNE takes care of everything. Thanks to MYNE's all-round carefree service, the Stegschuster family doesn't have to worry about managing and maintaining the property or coordinating authorities, service providers or other co-owners.

Personal belongings can also be left in the property. There are owner's lockers in all properties for this purpose, so that travelling is only possible with hand luggage.

An established yet innovative concept

The ‘managed co-ownership’ concept is already established and widespread in the USA. MYNE is Europe's leading provider of holiday properties in co-ownership and offers between 40-50 properties in 8 countries at any one time.

Administrative law expert Prof. Dr Sven-Joachim Otto comments on the concept: ‘This is an opportunity to co-own a valuable property with a manageable budget and to use it accordingly without having to worry too much about it.’

How does each co-owner get their preferred times?

The Heymann family own a share in a apartment in Ibiza. Because they have two children, they would like to use their property mainly during the school holidays. ‘That's usually possible,’ says family father Mr Heymann. This is because MYNE brings together owners with complementary usage requirements and an intelligent reservation system ensures a fair distribution of the most sought-after times.

For example, families with school-age children from different federal states share a property with childless couples or families whose children have already left home.

Stays can be reserved from 2 days to 2 years in advance via the MYNE app. The MYNE reservation system ensures flexible utilisation with fair distribution of the desired times. With one share, the family can spend up to 3 weeks at a time in the property. Popular periods around special public holidays are allocated fairly by circulation. Spontaneous stays are also possible outside the allotments.

‘I was very critical at first. I was enthusiastic about the concept at first, but is it serious, can you trust the company? That was all a big question mark for me at first,’ says René Heymann. Ultimately, he was won over by the many positive customer testimonials.

Legal and tax protection through a comprehensive set of contracts

Together with renowned international legal and tax consultancies, MYNE takes care of the legal and tax protection of the property and its co-owners. Particularly when buying a property abroad, there are stumbling blocks lurking and the co-operation with other owners must also be regulated in detail.

For this reason, future co-owners have several contracts that regulate and secure the co-ownership in legal and tax terms. These contracts should be examined in detail by the future owners, as mentioned by property lawyer Armin Reichmann.

MYNE co-ownership is implemented in what is known as a share deal - a familiar and frequently used legal structure in the property industry. For each property, an asset-managing German GmbH & Co. KG is founded for each property, in which the co-owners participate. This is registered in the German commercial register and is entered in the land register as the owner of the respective property. As shareholders of the property company, the co-owners jointly decide on the assets of their property company: the property.

The advantage of the share deal structure over direct entry of all co-owners in the land register is that the liability of each co-owner is limited to the amount of their own contribution.

Ongoing costs are shared fairly and transparently

A share in a MYNE property can be purchased for as little as €50,000 equity. Subsequently, operating costs and reserves for maintenance are incurred, which are based on the size and features of the property and are shared transparently and fairly among all co-owners. To this end, MYNE draws up a separate business plan for each property, which forecasts the expected costs and is approved by the co-owners.

In addition to consumption-independent costs (e.g. for insurance and property taxes), individual consumption-dependent costs (e.g. electricity, water and heating costs or for professional final cleaning and the laundry package) are incurred per stay, which are divided according to use. A flat-rate fee per share is charged for the all-round carefree service, which includes the professional and value-oriented management of the property, the coordination of external service providers, coordination among the co-owners, the provision and further development of the owner app and the 24/7 owner service.

Resale & satisfaction guarantee

MYNE co-owners have the opportunity to sell their share in a holiday home easily and conveniently at any time after a holding period of one year. They are free to decide on the price and are not bound to MYNE when selling, but can, for example, commission an estate agent or simply market the shares themselves. However, MYNE is happy to support owners in selling a share - via waiting lists and a partner network of potential buyers.

If you are not satisfied with your holiday home within the first 12 months of purchase, MYNE gives you the option of transferring your property to a MYNE property of equal or higher value.

Emotional return meets appreciation potential

High-quality holiday homes in co-ownership have proven to be an ideal combination of value appreciation potential and emotional return in recent years. MYNE co-owners spend their holidays in their holiday home and also participate in the value growth.

In addition, some holiday homes can also be rented out if a corresponding rental licence is available and the owners wish to do so. MYNE then takes over the entire management of the letting so that the Heymann family does not have to worry about it - an aspect that they greatly appreciate. The rental income is then divided among all the co-owners. Those who spend less time in the property themselves receive a larger share of the rental income and can use it to cover some of the running costs or generate a rental yield.

The bottom line

MYNE's co-ownership model has enabled the Stegschuster and Heymann families to realise their dream of owning their own holiday home at a fraction of the regular cost. Thanks to MYNE co-ownership, they can simply relax and enjoy their holiday flat or holiday home on site.