Novyy Co-Buy makes premium holiday homes across Europe, more accessible and better used
Premium holiday homes are expensive to own and to maintain. We don’t use them year-round either. Novyy Co-Buy solves both these problems by enabling families to Co-Buy into their dream second home along with other like-minded families. Co-Buying enables efficient use of capital and space in the second home market.
With Novyy – you can buy between 10 and 50% of premium holiday homes across Europe depending on your budget and usage. You can also buy-in in more than one home giving you more value for money.
Your life is precious, and so is your family - make the most of it. What’s makes this even better – a Co-Buy is an investment for life and the value grows over time. It’s a sensible financial investment. You can co-buy for as little as £100K - just a few clicks and leave the rest to us!
Your initial investment comprises the Gross Purchase Price of the property (including local taxes and fees, as applicable), cost of Furnishing & Fixtures to give you the experience you deserve and Novyy Co-Buy Transaction Fee - a lump sum charge for the services provided - i.e. identifying opportunities, due diligence, aggregating buyers, transaction management, legal and closing, etc.
Each Co-Buyer shall pay a simple £99 monthly fee by direct debit to the Novyy Co-Buy App. The expenses are transparently passed through to the owners in proportion to their share in the property. These costs would include Municipal Taxes, Cleaning, Utilities, Preventive Maintenance, Insurance, etc. A 10% markup is applied on the expenses incurred. If you own 1/10th, you pay for 1/10th of the expenses.
Novyy Co-Buy is based on the belief that second homes are now a necessity, not a luxury anymore. However, we also understand that second homes are not used for more than 5-10 weeks a year in most cases. Co-buying solves both these problems. If you have a million £ for a second home, why buy 1 second home when you can Co-Buy 5 of them in different countries. And if you have a smaller budget which has been keeping you out of the luxury second home market, here is an opportunity to start with one.
We have kept 2 weeks a year as non-use weeks leaving us with 50 weeks a year, which we are able to offer to a maximum of 10 co-buyers depending on the price of the property. This means, each owner gets to enjoy a minimum of 5 weeks a year at the property in a mix of peak, mid and off season, as well as key dates and bank holidays. Our reservation system is being designed to intuitively allocate spaces and each owner will be able to book from 1 week in advance to 3 years in advance. It is however important that owners try to plan in advance so that every family gets the break they deserve. At any given time, each owner will be able to hold upto 2 weeks only, making availability equitable to all owners.
The initial investment comprises the price of the property and closing costs vary from country to country. We will aim to provide you with the most accurate estimates during the launch period. These include local property taxes in the country, stamp duties, notary fees, legal and conveyance costs, and similar expenses needed to transfer the freehold from the current owner to a UK Limited Company. In some cases, Novyy Co-Buy may have to structure a local limited company in countries where overseas companies cannot hold freehold interests in properties.
Whether you buy a new home or an old one, some costs will be required to make it habitable to the highest standards. For new homes, we estimate a 5-6% cost of furnishing and fixtures. For resales, upgrade costs will include painting, finishing, furnishing, kitchen appliances and other installations required to give it an interior experience of the highest standard. Depending on the current status of the property, we estimate 1-4% as upgrades cost.
We want to provide you with a seamless experience of co-buying a luxury holiday home. This includes identifying the best properties suitable for this purpose across countries and continents, negotiating prices, completing due diligence, marketing it to other co-buyers like you and investing in technology to continue improving our offerings. This is expensive. Novyy Co-Buy is not an estate agent - it’s an experience. It is stress-free ownership for you!
No - we do not charge a commission to the Seller. Novyy Co-Buy is not an estate agent - our job is much more than merely introducing buyers and sellers of luxury villas. However, we might take properties that we find suitable for our platform, from estate agents who might be charging a fee to their clients who own the villas we decide to offer on Novyy Co-Buy.
Operating expenses are initially estimated based on the local prices for utilities, taxes, property management, maintenance, housekeeping - to keep the property in perfect shape every time you reach there. The estimates are then negotiated and finalised with local, independent, established service providers with strict SLAs (Service Level Agreements) to keep your experience at the highest level every time you visit. A well maintained property also reduces unforeseen maintenance costs and increases the value of your property.
We charge a simple monthly fee of £99. Once the sale is closed, it is our job to provide you with the experience you have signed up for. This fee helps us offset our ongoing estimated cost of servicing your requests, continue updating our technology and pay your Account Manager. The closing of the sale is just the beginning of our our relationship with you, not the end.
While we are committed to serving you for life, we are happy to leave the deal any time after 3 years from the closing date if all co-owners vote in favour of us leaving. However, with us leaving, the property will also lose access to all the services providers contracted by Novyy Co-Buy since we negotiate preferred, bulk rates with them in lieu of the volume of work anticipated as we grow. Thus, we recommend any problems that you might have which might lead you to want to remove us from your Novyy Home.
Great experiences require in-depth knowledge and an eye for detail. Novyy Co-Buy Administrative Fee is to ensure that all systems are in order. Look at it like a Chief of Staff whose job is to ensure that all the other staff are working properly. We will charge 10% mark-up and divide the total expense among the co-buyers, to be your “Chief of Staff” and ensure that all is well while you are away!
Signing up is simple via email and a phone number. For the next steps however, we must carry out due diligence on co-buyers before accepting them into the deal as a shareholder of a UK Limited Company formed by us. Standard KYC and AML checks will be performed once you have shown interest and are willing to put up a deposit to secure your spot.