Finding the perfect Second Home - Buyer Case Study

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Second home buyer: George, Bay Area entrepreneur

George is a long-time Bay Area resident and tech company CEO, and with three kids between the ages of 7 and 12, he felt the time was right for a second home where his family could take a break from their busy lives. He wanted a location that felt like an escape but was still easily accessible by car, and served as a welcome gathering space for his immediate family as well as extended family and friends.

The situation

George’s second home vision started as a building project. He had been researching the Napa/Sonoma area, toying with the idea of buying a piece of land and constructing a home over the course of a few years. He wasn’t in a big hurry to be a full-time second home owner, so this approach seemed practical. When George and Anne learned about Pacaso, however, they were intrigued. As a tech entrepreneur with an eye for innovation, George embraces forward-thinking business ideas. “We are big believers in the shared economy,” said George. “What was compelling about Pacaso was it was ready and available now, and it was clear the team had really thought about what the shared economy looks like for vacation homes, and what would it look like for me and my wife who want to take advantage of a second home but are busy and active in our work lives. We're not retired or close to it, so I'm not going to be occupying a second home more than 15% tops. It's a perfect product for someone like me, and that helped us move forward quickly and become owners of a Pacaso home.”Although Pacaso was relatively new, George was familiar with the co-ownership concept and felt confident in his purchasing decision. In fact, he sees Pacaso as the model for second home ownership: “This is the way the future is going, and the way a vacation home should be leveraged by a person like myself.” Still, there were a few important details George wanted to discuss before committing to a purchase. “One of the biggest hurdles for any buyer is understanding what Pacaso offers that’s different from a timeshare. Seeing that there's value in ownership and you get to use it for what you need instead of feeling ‘stuck in a timeshare’ is hugely important,” he noted. Another concern was how co-owners might treat the home. “What I liked about the contract was that it made it very clear that every owner is expected to be a true owner,” said George. “It presents a deliberate point of view about how you should think of and value your home, which sets the right tone.”Since purchasing their Pacaso, George and his family have loved staying at their home, and any misgivings about others’ care of the property have been erased. In fact, they’ve referred friends who ended up buying a share. A key factor in their enjoyment? Not having to deal with maintenance or other hassles of ownership. "We don't have to worry about things like a leaking sink, and when we noticed that the Wi-Fi wasn’t great outside, we talked to Pacaso and they took care of it,” said George. “We get the advantages of using the home in the way we want without all the downsides of owning a second home, and that’s because of the Pacaso team.” George has also been impressed with the ease of scheduling time at their home. “One of the most positive aspects is how well Pacaso thought about the app — when owners can get access, how much time they can schedule, who can book. We look at the calendar and know what we can plan, and it's been pretty awesome.”

Conclusion

For George and his family, their Pacaso ticks all the boxes: It’s an escape from the city, a comfortable place to gather with loved ones, and a practical alternative to whole home ownership. “It's your home, but it's also a home that's well taken care of when you're not there. When we come back, everything is ready to go — we don't have to fix or clean anything — and when we’re there, we don't have to worry about all the typical homeowner issues, which allows us to maximize our time there. It’s an incredible thing.”And while the home itself is well matched to their needs, it represents so much more to George. It’s a place where he and his wife can watch their children grow into young adults. “My kids are at a critical point in their lives, and their memories and the ways they think about family are being created as we speak,” said George. “To have a place that we can call our home and where we can separate ourselves from living and breathing the frenetic pace of Silicon Valley — having that time and memories that are so distinct from the Bay Area, that's huge. These are the formative years for our kids, and having this place for our family is really meaningful.”

Buyer finds the right balance with Pacaso: ‘It’s perfect for someone like me’

Challenge

Solution

Results

Second home buyer: George, Bay Area entrepreneur

The situation

Conclusion

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