All you need to know about Mojo Sharing
The simple and smart way of owning a home. Here, you will find some frequently asked questions regarding sharing a property on Costa del Sol via Mojo Sharing. If you do not find the answer to your question below, please contact our Sharing Sales Manager Frederik K. Jensen at the bottom of the page to find out more about how you can own a luxury home in Spain for one-eighth of the price.
Questions and answers about Mojo Sharing:
How do I choose my weeks?
Once every year around October, we will send out an email to all the owners (in the correct order) to have them choose the weeks when they would like to stay in the property. There is a limit on how many days you can select per round (this is all sorted out via email). That way, everybody will have a fair chance to get the weeks they want.
What if I want to change my weeks?
All the owners will have a private group where they can talk and, in this case, exchange weeks if they want. If something comes up and you cannot use your weeks, you can always put it up for rent and earn some extra money.
What is the form of ownership of Sharing homes?
Mojo Sharing is not a model where you get the right to use a home for a certain number of days, as was the case with the old timeshare concept. When you buy a home with Mojo Sharing, you are the real and legal owner of the home – it is your property with 12.5% ownership. You can easily sell your shares again, or we can help you find a buyer.
How do we get out of our ownership?
If you, for some reason, want to sell your share, we will be happy to help you find new buyers for your share for our regular brokerage fee, but you can also sell the shares yourself. The sharing concept has the great advantage that the new buyer does not have to pay the typical purchase costs of 10-12%, which is also an advantage for the seller when selling their ownership.
Can we buy more shares?
Yes, but you can max buy three shares. The limit is important to avoid creating a situation where one owner can dominate. The three shares also apply to closely related people. For example, a parent may own two shares and the child one, but they must not exceed three shares in total.
Do I have to rent the holiday home myself during the weeks I do not want to use it?
All you have to do is inform us about the weeks you are away and would like to rent out your home. We will publish the agreed weeks for holiday rentals through our professional rental agency, Mojo Rentals. It is not allowed for the owners to rent out the home on their own through Facebook or likewise. However, you are welcome to lend the home to your close family and friends, as long as the cleaning is coordinated with Mojo, so we can ensure the high standard before the next guests check-in.
How can I get a Loan for one of the properties?
If you want to know if you can get approved for a loan for one of the properties, the information we may need is the last 2 months payroll, last year tax review and passport. Once we have received it you will know within 24 hours if you are accepted for the loan or not.
What if I want to pay the loan off?
At any time you can fully pay off the loan without having to pay any extra costs. A one time payment will be allowed to pay off the loan, however different monthly payments arent allowed only the same amount agreed in the loan agreement.
What quality can I expect from a holiday home with Mojo Sharing?
We carefully selected the homes and thoroughly designed them with a relaxing, modern and elegant look. As a buyer you do not have to think about anything; we have made sure that ALL the interior of the home is of a high standard. And because Mojo is responsible for the administration of the home, we also take care of tasks such as replacing a toaster, washing machine, etc. It is your home, but you will have no hassle, as Mojo Sharing takes care of everything.
Can I leave my own things in the home?
One of the advantages of owning a holiday home is that you do not have to bring everything back and forth. Each owner is given, if possible in the property, a locked closet where you can store your things. It can be toiletries, pillows, clothes, etc. The cabinet will typically be in a closed garage or storage room.
Can we both stand as owners of the home?
There can only be one owner of the 12.5%, constituting an equal share of the home. This is to prevent shares from ending up in smaller shares in the event of divorce, death, etc. There must always be eight owners.
What does Mojo Sharing charge?
Mojo takes 1% + Spanish VAT of the total price per family for the concept as a one-off payment. In the sales material, all figures and conditions are carefully described. Furthermore, you will be asked to transfer the yearly running costs to the company, including the administration fee to Mojo for the day-to-day administration of the property.
Will the price of our holiday home increase?
You may find that the price of the shares you own increases as the home becomes more valuable and the area becomes more attractive. We generally assume that there is an opportunity to make a good deal, as homes in the area from Málaga to Marbella have kept reasonable price increases over the last years but still have not experienced the increases seen in other countries after the financial crisis.
What if I want to buy through my company?
If you want to buy through your company, we will happily help you. Our Danish clients can buy a Mojo Sharing property through their company. This is a good way of investing your money, as you will get a holiday home on Costa del Sol, which you can use for yourself, employees, company trips, etc. It is also a clever solution from a financial perspective, as you will get some significant tax advantages from the investment. Read more here, or contact us for further information.
What about taxes?
The tax rules and regulations differ depending on which country you live in. Therefore, it is recommended that you make your own research about taxes and property purchase in your home country. We always advise you to consult with your own lawyer or our partner Njord Law to find out more about the tax and purchase possibilities.
Get in touch with us to find out more!
Tell us about your dreams and needs, so we can match them with the wishes of other families to find the ideal shared home for you. You can also request our brochures for the available Mojo Sharing properties. We look forward to seeing you in the sun soon!