Owning a second home is a dream for many people, but cost is often a barrier. Beyond the financial hurdles, maintaining a second home from afar or renting it out to help pay the mortgage can be a burden.
Pacaso, launched in October 2020, is a real estate service that strives to change all that. Pacaso brings together buyers to co-own a second home, and then provides ongoing management to simplify the experience.
“Pacaso exists to make second home ownership possible for a broader audience,” says CEO Austin Allison.
A recent Pacaso survey found that nearly half the people who wish to own a second home either can’t afford one or can’t justify the purchase of a home they’ll use infrequently. Pacaso enables buyers to purchase the amount of ownership they’ll actually use, starting at 1/8, and gain access to the luxury market at a price point they can afford.
While co-ownership of real estate is nothing new, Pacaso simplifies the process and removes potential friction. And, unlike a timeshare, Pacaso’s offering is true real estate ownership of a single-family home, with streamlined resale.
Pacaso offers a curated collection of homes in popular second home destinations. The company has active listings along SoCal beaches from LA to San Diego, across Napa Valley, and throughout the Lake Tahoe region. Each home is outfitted with everything owners might need, and a design team selects high-end furnishings and custom artwork. Once the home has been sold, Pacaso transitions to a management role and handles bill payment, repairs and maintenance.
Owners schedule time in their home using Pacaso’s app, which distributes reservations equitably according to ownership percentage.The company is rapidly adding destinations across the U.S., with plans to expand internationally.
Learn more at pacaso.com