The Economy

What does it cost to buy a holiday home with Mojo Sharing?

It is often said that buying a home in Spain is expensive, but it is extremely cheap to own. Mojo takes 1% + Spanish VAT of the total price per family for the concept, which means 8% in total for all families.

The annual operating costs for electricity, water, property tax, insurance, maintenance, and common expenses, etc., can typically be covered by renting out the property for about three weeks. If you choose to do so, you still have seven wonderful weeks of vacation in your holiday home, where you are basically living for free, as the costs are covered through holiday rentals. There is no guarantee, as it depends on the weeks and the demand, but you have the possibility of making some extra money on your shared home as we have a lucrative rental agreement with Mojo Rentals.   

What if you want to get rid of your share of the Mojo Sharing property?

We are happy to help you find buyers for your share if you want to sell it again. It could be that there is an owner who has fallen so much in love with Spain that they wish to have their own apartment or villa.

If you later want to sell your shares, the new owner can avoid paying the standard 10-12%, which is the trading cost of the purchase price to buy a home in Spain. The only cost involved when an owner sells their shares and a new owner comes in is the cost of changing ownership at the notary. Thus, there is an opportunity to do good business, as quality properties in attractive locations, like the Mojo Sharing homes, tend to increase in value.

It is the ownership and simplicity that makes Mojo Sharing unique.

Financing through Mojo Sharing

We want to help our clients buy their dream homes on the Costa del Sol via Mojo Sharing. Therefore, we offer you the opportunity of financing your purchase. This allows you to get 80% of your loan financed through Mojo Sharing, so you just need to come up with the remaining 20% of the property price. 

Let us take Royal Palms (MS3) in La Cala de Mijas as an example. You can buy a share of 12,5% of this fantastic apartment for EUR 79,000. If you want to finance, you can borrow 80% of the price of your share from Mojo Sharing, which in this case would be EUR 63,200. You would only need to pay the remaining 20% to become a homeowner, which is EUR 15,800. 

The financing conditions

Suppose you want to finance the purchase of your Mojo Sharing home. In that case, you can borrow 80% of the price over 15 years, where you pay off a part of the principal and a part of the interest the first of every month – just like with any other regular loan where you can pay in instalments. The interest is 6,95% + EURIBOR 3 (Euro Interbank Offered Rate, which will be evaluated every three months.)

If the instalments are not paid for three months, Mojo has the right to cancel the agreement and resell the property share.

Contact us to learn more about the specific possibilities and conditions of the property you are interested in. 

Frederik Kvist Jensen
Mojo Sharing Manager