How can we know other Sonhaus Owners will be considerate?
All prospective Sonhaus Owners will undergo a rigorous vetting process ensuring that they fit the model of target Sonhaus Owners, are like-minded individuals with reputations as good stewards of property.
What does the typical Sonhaus Home look like?
Sonhaus has partnered with RH Contract, (part of Restoration Hardware) who retrofit the homes according to a number of pre-agreed, exclusively-styled Sonhaus Interiors.
In your experience, on average, how long does it take to vet and secure eight buyers for a Sonhaus home?
We have a deep pool of prospect buyers therefore it’s unlikely that it takes more than six weeks. It usually takes between two and six weeks to sell a Sonhaus Home.
Do prospect buyers have to pay a deposit to secure their share(s)? If yes, what happens to the deposit if no one else is interested in buying the other fractions of the property? How long do I have to wait until the deposit is released back to me if no one else buys?
Yes, buyers have to pay a deposit to secure their shares. The deposits are held by an international blue-chip law firm in a secure client account or custodian account. In case there are insufficient buyers after six weeks, the deposits are returned.
What’s the average return on investment and how long will it take for it to happen?
By estimating how much it would cost to rent a similar accommodation – with the same number of rooms/suites and level of facilities – for the same amount of time in the same destination, owners can easily work out that a Sonhaus home repays for itself very quickly. We estimate it does so in three to five years. This timeframe could be even shorter, should the prices of hotel and holiday homes continue to rise.
We will need a mortgage. Do we have to get that through Sonhaus?
Sonhaus Financing provides a one-stop shop for second-home ownership. By purchasing a Sonhaus product, you automatically qualify for financing of up to 50% of the purchase price.
How much do we have to pay for maintenance?
The Sonhaus management fee is charged on a pro-rata basis, so you only pay a fraction of the cost, based on your percentage ownership of the home. The maintenance costs are fully transparent so can always be seen in advance via the Sonhaus App.
What is the annual management fee that is charged per owner?
On average, owners can expect to pay around 1% of the price of their fraction, per annum.
How many dates am I eligible for?
You can spend at least 6 weeks a year at your Sonhaus Home, assuming a 1/8th share i.e., 44 nights. Stays can be booked via the Sonhaus App.
What if someone else wants the same dates?
We have a sophisticated process for matching preferred dates. The breadth of the Sonhaus Customer base ensures that clustering of desired dates between the various owners of a Sonhaus Home is avoided. In the event that there is cross-over we will endeavour to swap your dates with the other owners of your Sonhaus Home.
How far in advance can I book?
You can book as far as 365 days in advance.
Can I book last minute?
Yes, you can make a decision at very short notice, all we need is a couple of days to ensure that your home is cleaned and ready upon your arrival.
During our stay
How do we organise transportation once we are at our Sonhaus Home?
We have partnered with Hertz, a world leading car rental service who will ensure your car is waiting for you at the airport or if preferred, delivered to your Sonhaus Home.
As a Sonhaus Owner you will automatically be upgraded to become top-tier Hertz member, which brings with it a number of benefits such as upgrades and loyalty discounts.
To arrange your car rental visit: www.hertz.com/sonhaus
Is the storage area secure and will our belongings be insured when in storage?
Each Sonhaus comes with a dedicated storage locker that will house all your belongings. This is covered by Sonhaus insurance. All you need to do is show up luggage free and enjoy your home away from home.
What equipment can we expect to find in our home gym?
Sonhaus has partnered with Technogym who have fitted the gyms with the latest equipment. You can create (or use) your personal profile so it’s all seamless.
Selling, Renting and Swapping
Am I able to sell my Sonhaus Home?
Yes, we will provide indicative market value for your Sonhaus Home and list your home, taking care of all elements of the vetting and transaction process via the Sonhaus Marketplace. You can be safe in the knowledge that there’s a lot of liquidity due to our deep buyer pool.
Can I rent or lend out my Sonhaus Home?
Yes, we will provide indicative rental rates for your Sonhaus Home, taking care of all elements of the vetting process. All rentals need to be facilitated via the Sonhaus marketplace to ensure visitors are fully vetted. Just contact your Sonhaus account manager who will arrange everything on your behalf.
Is there an option to swap my Sonhaus property?
Yes, if you wish to swap your stay to another property, Sonhaus can manage this for you. All rentals need to be facilitated via the Sonhaus marketplace to ensure visitors are fully vetted. Just contact your Sonhaus account manager who will arrange everything on your behalf.
What happens to the shares if one owner dies? Does it depend on country-specific laws?
The unit passes to whomever is the legal heir as it would happen with any other asset that the person owns. Ultimately, it depends on the individual’s estate plan.
Do I own my Sonhaus Home?
Yes. A Sonhaus Home is ownership in every sense of the word. You will therefore be able to benefit from any housing price appreciation that is realised.
Does each Sonhaus Owner have an equal share of the home?
Each homeowner has the right to buy a share equal to a minimum of 1/8 and to a maximum of 7/8.
What happens if a Sonhaus Owner doesn’t look after the house properly?
All Sonhaus Owners are subject to the contracted T&Cs that are agreed to upon home purchase. We will investigate any breach of Sonhaus T&Cs. Should there be any breach, we will convene a meeting of homeowners if necessary. In parallel with that, any costs incurred due to wilful negligence will be added to the account of that specific Sonhaus Owner.
Are you planning to implement a ‘members’ club style’ service for house swapping? If yes, how will it operate?
We are implementing a marketplace that will enable Sonhaus’ owners to rent or swap their homes with other Sonhaus owners or third parties. This platform will allow them to interact and transact. Furthermore, when an owner wants to sell his/her shares, Sonhaus will simply list them on the website in the same way new properties are listed. Individuals will be able to decide on the sale value of their share, exactly as they would with any traditional home sale.
What relationship will the co-owners have with each other? Does Sonhaus make a formal introduction or provide a platform for them to communicate? Would that happen organically via the Sonhaus Stay App?
The privacy of our clients is of utmost importance for Sonhaus. It is Sonhaus’ responsibility to vet all co-owners and make sure they’re reliable. Owners do not have to communicate to each other their holiday plans, everything is managed via the Sonhaus App, so that their stays don’t overlap.
Can you clarify the difference between Sonhaus’ fractional ownership scheme and timeshare? What is the difference between Sonhaus and other existing ways to jointly buy and own property (i.e., tenants in common)?
Sonhaus is a tech-led real estate company offering fractional ownership schemes to second-home buyers. Fractional ownership is an investment approach in which the cost of an asset is split between individual shareholders. The fundamental difference between fractional ownership and timeshare ownership is that, with fractional ownership, the investor owns part of the asset rather than units of time. Therefore, if the asset increases in value, so do the shares.
Sonhaus targets a specific audience that is looking for flexibility of use, integrated high-quality management service, great value for money and, most importantly, the benefit of tangible ownership.
What happens to my share of the property if Sonhaus files for administration or is forced to close or is liquidated?
Nothing happens to the owners’ shares because the fraction that they bought is their property, not Sonhaus’. If something were to happen to Sonhaus, the management of the Sonhaus Home will be transferred to a party of choice. Homeowners would need to find a replacement, in order to enjoy the same experience.
Who are Sonhaus’ financial backers?
Sonhaus is an entirely privately-owned-and-funded business. The business is funded for the foreseeable future, based on its forecasted growth. Sonhaus aims to add around 200 new homes per year to its portfolio.