The dream of owning a lavish vacation home nestled in an idyllic destination has long captivated the hearts of most travel lovers around the world. However, the hefty price tag and overwhelming logistics and responsibilities associated with such a purchase have kept many from turning that dream into a reality — that is until Pacaso entered the picture.
What is Pacaso?
Pacaso, founded in 2020, is a real estate start-up that is revolutionizing vacation home ownership to streamline the process and make traveling feel relaxing every step of the way. The innovative model revolves around the co-ownership of high-end vacation properties which allows up to eight co-owners to purchase a fraction of the home for, well, a fraction of the price. This groundbreaking approach opens the door for aspiring vacation homeowners to partake in the dream, sharing the joys and costs of ownership without the overwhelming burden of maintaining the property single-handedly.
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"At Pacaso, our distinctiveness is in our comprehensive approach to co-ownership," Pacaso CEO and Co-Founder Austin Allison explains to Hunker. "We meticulously curate luxury listings in prime second home destinations, organize the ownership group, oversee legalities and financing, and ensure the very best in interior design and furnishings."
Pacaso's meticulous processes and standards create a portfolio of homes that are not only turnkey and high-end but also offer an array of premium amenities from hot tubs and chef's kitchens to state-of-the-art entertainment systems and outdoor living spaces. Additionally, the number of shares per home is limited to eight — although a person can buy up to half of the shares — so there are only seven other owners, at most, who have access to the home as opposed to a rental that could be a revolving door of people throughout a year.
Management and Pricing
The notion of co-ownership might evoke thoughts of compromises, but Pacaso dispels such concerns. Co-owners enjoy their exclusive share of ownership, affording them a specific amount of time each year to revel in the comforts of their vacation haven. This allows people to experience luxury living in sought-after destinations without bearing the full brunt of the expenses. The costs of property acquisition, maintenance, and management are divided among co-owners, making luxurious getaways accessible to a wider demographic.
One of the most appealing aspects of Pacaso is the stress-free experience it offers. Co-owners can relish their vacations knowing that the management of the property is in capable hands. Pacaso handles all the intricate details, from maintenance and repairs to scheduling and concierge services. This alleviates the responsibilities usually associated with owning a vacation home, allowing co-owners to focus solely on creating cherished memories with loved ones.
One of the best parts of Pacaso's model is how many incredible and convenient locations it offers, in more than 40 destinations. Whether you're a beach bum looking for a Malibu getaway or can't get enough of the slopes in Vail, there's a stunning house available for your choosing. In Cabo San Lucas alone, they have four beautiful homes — although only one is currently available! — and 25 in and around the Lake Tahoe area. These houses sell quickly but Pacaso is always adding new homes into the portfolio, not to mention that owners can sell their shares at any time so if there's a house you love you can always join the waitlist!
Speaking of reselling, while this isn't a typical investment property where you might make money on renters, owners can upgrade, resell, or swap to another Pacaso at any time and, on average, homes resell for a 12% gain.
Sustainable and Responsible Tourism
Beyond its financial and practical advantages, another wonderful perk of the Pacaso model is the sustainable tourism it provides. By promoting shared ownership, the company encourages fewer vacant properties and reduced strain on local infrastructures. This approach fosters a responsible way of experiencing luxury travel, aligning with the growing global awareness of the environmental impact of tourism.
In a world where owning a vacation home once seemed reserved for the privileged few, Pacaso has emerged as a trailblazing force, democratizing the luxury vacation home industry. Its visionary co-ownership model redefines the traditional notion of ownership, making idyllic vacations accessible and affordable to more people than ever before.
If you've been wishing for a luxury vacation home, but were unable to commit because of the price, this might just be the answer to your overworked and under-vacationed prayers.