The scheme will allow IFA’s & Mortgage Advisers to offer an affordable way for their clients to buy overseas property and earn significant commissions in the process.
The “Co-Ownership Scheme” allows groups of like minded people to purchase a share in a property by pooling their resources. Blue Horizons Managing Director Colin Barrett-Treen explains, “Co-Ownership is a method of buying property whereby an individual can purchase a share of a property, entitling them to a number of weeks use of the property each year, whilst also participating fully in the long term appreciation in the value of their property over time”.
The scheme offers potential purchasers the prospect of part owning a
property in Spain, whilst providing significant advantages when compared to either full property purchase or time-share. Colin Barrett-Treen continues, “When you consider the relative costs of owning time-share compared to a co-ownership scheme, the time-share begins to look very expensive indeed.
The cost of a 6 week share in a co-owned property starts at around £15,995 for a 2 bedroom apartment, just £2,666 per week, compared to typical timeshare costs of around £10,000 per week.
But that’s not all, Co-ownership brings with it other advantages too; being a part owner of a property means that your name appears on the deed, you own a part of the freehold. This means that should you wish to sell your share of the property in future it is a tangible asset which will have a tangible value. It is a true investment.
Also, by only buying a share of a property equivalent to the amount of time you are realistically likely to use it for means that your ongoing costs of owning the property are kept to a minimum. In other words, Why buy a property for a full 12 months a year if you can only use it for a maximum of 6 weeks in a year?”.
The Blue Horizons Co-Ownership scheme offers three different options which are aimed specifically at three different kinds of purchasers:
The First Time Purchaser: A two bedroom apartment is available on a highly popular resort in Costa Almeria. Close to both the beach and several golf courses, it will appeal particularly to people who have considered purchasing Spanish property in the past, but found the costs too high for them to manage. At a share cost of only £14,000 (for an eighth share) it is a very low cost way of getting on the property ladder in Spain.
The Aspirational Purchaser: For the individual who has a little higher budget and is looking for a property with more space, Blue Horizons also offer a share in three bedroom villas on the much sought after Polaris World resorts. Recent TV advertising by Polaris has heightened public awareness of these properties, and the high quality of the Polaris resorts in general. A share in these luxury villas can be purchased for as little as £40,000, and give the purchaser all the benefits of co-ownership as well as providing them with access to the amazing range of sports & leisure facilities to be found on each of the Polaris resorts.
The Investor: For those who do have the budget to purchase a property in their own right, but who would like to diversify their investment, Blue Horizons have selected a collection of four high quality two bedroom apartments, situated on various developments throughout coastal Spain. For the effective price of one property therefore, the investor client can purchase a quarter share in four different properties, not only providing them with true diversification for their investment but also the prospect of a full 52 weeks a year accommodation availability at four different locations.
Colin Barrett-Treen believes that there are many people in the UK who, although attracted to overseas property ownership, have been put off by the relatively high cost of purchasing. “There is no doubt that there is a huge demand for property ownership overseas, and particularly in Spain”, he remarked.
Recent surveys appear to back up this view. Notably, a survey from Alliance & Leicester Bank, conducted towards the end of 2004, which concluded that over a third of the adult UK population were considering buying a property abroad.
Barrett-Treen continued, “If so many people are keen to purchase overseas, the reason why they don’t already own a property abroad is likely to be down to the significant financial commitment required. The Blue Horizons Co-Ownership scheme removes this obstacle and makes it perfectly possible now for millions of people to realise their dream of a home in the sun”.
For further information contact Colin Barrett-Treen on 0845 051 2601.
