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, bringing 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,” said CEO Austin Allison, who co-founded Pacaso after achieving his personal goal of owning a second home.
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 not use frequently. This new real estate service enables buyers to purchase the amount of ownership they’ll actually use, starting at ⅛, and gain access to the luxury market at a price point they can afford. Pacaso’s offering is true real estate ownership of a single-family home, and resale is streamlined.