Even here in Reno, a lot of people dream of owning a vacation home in Tahoe. After all, it’s only a half hour over the hill. But with average prices at just over a million in some areas, this dream is way out of reach for most people.
Sadly, the vast majority of Tahoe homeowners use their second homes less than 30 days a year. Which means, these properties generally go unused for 322 days per year. That’s 11 months. And yet these owners still pay for maintenance, insurance, taxes, and in some cases, a mortgage. Some may rent their units to help cover costs, but with 60% vacancy rates common around the lake, this doesn’t always work as planned. And renters are tough on properties.
The solution? Shared ownership. Consider sharing a vacation property with one to three other people who have similar usage and investment goals. Can’t afford the $2 million lakeview you really want? Then team up with three other people who have $500K to spend on a vacation home. You’ll each get 13 weeks of use… way more than most people ever need. Throw in a management company to handle the details, and it becomes even more painless. Each owner gets to enjoy their allocated time at the lake and enjoy the property’s appreciation over the years. An operating agreement attached to the property keeps everyone on the same page, and each owner is free to sell their share whenever they want.
This is where Dreamslice comes in. Dreamslice is a new brokerage up at the lake specializing in shared property ownership, a growing trend in pricey resort markets. The company has a unique matching system under development with a technology component that puts compatible buyers together to purchase their dream vacation properties. It’s a pretty compelling option, especially considering ongoing demographic trends.
