Categories
Make Money From Home

This startup founded by former Airbnb employees lets you try out vacation homes before you buy them – MarketWatch

This article is reprinted by permission from The Escape Home, a newsletter for second homeowners and those who want to be. Subscribe here. © 2022. All rights reserved. 

Buying a first home — let alo…….

This article is reprinted by permission from The Escape Home, a newsletter for second homeowners and those who want to be. Subscribe here. © 2022. All rights reserved. 

Buying a first home — let alone a second — is stressful in normal times. And with rapidly rising interest rates and intense competition, now is anything but normal (in so many ways!). Enter Summer. The startup, co-founded by former Airbnb employees Woods Buckley and Paul Kromidas, intends to make second home-ownership straightforward, low risk and generally pain free — or, in their words —helping someone to own a vacation home that pays for itself. The Escape Home’s Danielle Hyams chatted with Buckley to get the scoop.

Escape Home: What was the impetus behind Summer? 

Buckley: In the beginning of 2021, we started chatting and we saw the rise of companies like Pacaso — there were a lot of businesses that were taking off around that time in the tech space exploring different ways of making home ownership more accessible.

The fractional model never made sense to us in terms of this idea of dividing a home into eight pieces. But the problem felt like a real problem, which is buying.

Escape Home: Explain

Buckley: There are three main reasons people don’t buy a second home, or a home in general. The first is the high upfront cost, the second is the brain damage of it — the time, the search, the purchase and managing all of it all and the third is fear and uncertainty around the asset class. A lot of people aren’t super educated on real estate, it’s very complicated.There are a lot of questions, ‘Is it a good home?’ ‘Is it going to appreciate?’ ‘What if I don’t like it?’ So in its simplest form, we set out to build a business that will reduce friction across those three buckets to allow more folks to enjoy access to a second home.”

Escape Home: Can you walk me through how it works? 

Buckley: We have basically a try-before-you-buy model. What that looks like is we can help you find a home that you love in a market. Summer would then buy the home on your behalf and be the deeded owner of the home. You, as a prospective homeowner owner, would pay two things: a refundable upfront fee and a monthly subscription that corresponded to your usage of the home. In exchange you get to use the home whenever you want throughout the year. You get summer taking care of 100% of the cost associated with the home, so everything …….

Source: https://www.marketwatch.com/story/this-startup-founded-by-former-airbnb-employees-lets-you-try-out-vacation-homes-before-you-buy-them-11659126108

Leave a Reply

Your email address will not be published.