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.
While co-ownership of real estate is nothing new, Pacaso simplifies the process and removes potential friction. “We create a property LLC for each home, find and vet co-owners, and handle all the sales details,” said Allison.
Pacaso offers a curated collection of homes in popular second home markets. Houston buyers seeking a refreshing change of scenery can find homes in Colorado and Utah ski towns, enjoy year-round greenery at a second home in Tahoe, or choose a beachside in Malibu or Hilton Head. 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…