Frequently Asked Questions
Find quick answers to your questions about ownership, investment, usage, vacationing, maintenance, services, financials, payments, and legal and compliance.
Ownership & Investment
What does shared ownership mean for HEIMKOMA properties?
HEIMKOMA’s shared ownership model allows 10 families to co-own three luxury vacation homes. Each family gets about one month of use per house annually, or a total of around 100 days per year.
Keywords: shared ownership, 10 families, vacation homes, Icelandic buyers
How many families share ownership of each set of houses?
Each set of three houses is co-owned by 10 families, giving each family approximately 100 days of use across the homes.
Keywords: number of owners, shared houses, vacation days
Can I sell my share of the houses?
Yes, you can sell your share. If you cannot find a buyer within 18 months, HEIMKOMA will buy your share at a price calculated according to the purchase contract.
Keywords: share sale, selling process, ownership transfer, HEIMKOMA buyback
What are the costs associated with shared ownership?
Costs include the initial down payment, a monthly membership fee that covers maintenance, management, snow plowing, security, and system support, and an annual cleaning service.
Keywords: costs, membership fees, maintenance, cleaning, security
What are the benefits of owning through HEIMKOMA compared to full ownership?
Shared ownership offers significant cost savings, access to multiple properties, and eliminates the hassle of managing and maintaining the houses yourself. All financial and operational matters are handled by HEIMKOMA.
Keywords: benefits, cost savings, multiple properties, professional management
What is the role of HEIMKOMA in managing the properties?
HEIMKOMA handles all aspects of property management, finances, finding and setting up the houses, ensuring they meet standards, and overseeing general maintenance and security.
Keywords: property management, finances, standards, HEIMKOMA role
What percentage of each house does HEIMKOMA retain?
HEIMKOMA retains a 4% equity stake in each house, allowing the company to manage unused days and generate additional revenue.
Keywords: HEIMKOMA stake, equity, additional revenue
How is ownership transferred if I want to exit the program?
You can sell your share through traditional sales channels or HEIMKOMA’s network. If no buyer is found within 18 months, HEIMKOMA will buy your share.
Keywords: ownership transfer, selling share, exit strategy, buyback option
How are house locations chosen for future expansion?
Locations are chosen specifically with Icelandic buyers in mind, considering market demand, proximity to attractions, and potential for rental income. HEIMKOMA continually looks for assets or land to purchase or develop.
Keywords: house locations, expansion strategy, market demand, Icelandic buyers
Usage & Vacationing
How many days can I use the houses each year?
Each family can use the houses for approximately 100 days per year, spread across three properties, with around one month per house.
Keywords: usage days, vacation days, 100 days
What happens if I want to stay longer than my allocated days?
If you wish to extend your stay and there is availability, you can take days from your allocation at the other two houses. If you overstay without booking, smart home technology will restrict access.
Keywords: additional days, extended stay, smart home technology
Can I rent out the days I don’t use?
No, individual families are not allowed to rent the houses on the open market. However, HEIMKOMA manages any rental of unused days to ensure fairness among all owners.
Keywords: rental income, unused days, shared ownership, HEIMKOMA rentals
How are vacation days divided between the families?
Vacation days are divided equally among the 10 families, with an allocation system that ensures fair access to peak and off-peak seasons.
Keywords: vacation days, allocation system, fair distribution
Can I exchange days with other families?
Yes, HEIMKOMA’s platform allows owners to swap or exchange days with other families for more flexibility in planning vacations.
Keywords: exchange days, flexibility, platform feature
How far in advance do I need to book my vacation days?
Owners are encouraged to book as early as possible, particularly for high-demand periods. Bookings can be made up to 12 months in advance.
Keywords: booking system, advance booking, peak seasons
What happens if there is a scheduling conflict with other families?
HEIMKOMA’s system ensures fair distribution by prioritizing families that haven’t used their peak season days yet. Conflicts are resolved equitably.
Keywords: scheduling conflict, prioritization, fair solution
Are pets allowed in the homes?
Each community of owners decides whether to allow pets, but the default rule is that dogs are not allowed unless otherwise decided by the group.
Keywords: pets, pet policy, house rules, community decision
Maintenance & Services
Who is responsible for cleaning the house?
Each owner is responsible for leaving the house in the same or better condition than when they arrived. A professional cleaning service cleans the house once per month, and additional cleaning can be arranged for a fee.
Keywords: cleaning responsibility, professional cleaning, additional cleaning
What does the membership fee cover?
The membership fee covers property management, maintenance, snow plowing, security, system management, and one monthly cleaning per house. It also includes access to a service line for support.
Keywords: membership fee, property management, maintenance, services
What kind of insurance coverage is provided for the houses?
HEIMKOMA provides comprehensive insurance, covering general property damage, liability, and fire. Any damages caused by unacceptable behavior not covered by insurance will be the responsibility of the owner.
Keywords: insurance, damage protection, liability coverage
Are there additional fees outside of the membership costs?
The only additional fees occur if an owner causes damages not covered by insurance due to unacceptable behavior. Otherwise, the membership fee covers all regular maintenance and services.
Keywords: additional fees, damages, unacceptable behavior
What kind of smart home technology is in place?
Each house is equipped with smart home technology to provide a seamless and secure experience for guests. This includes advanced security systems that automatically grant access when you have a house booked, and lockouts if an owner overstays their reservation.
The homes also feature automatic systems for heating and water, ensuring optimal comfort and efficiency during your stay. These smart home features are designed to create a hassle-free environment, allowing you to focus on enjoying your vacation.
Keywords: smart home technology, security, automatic lockout
Financials & Payments
How does HEIMKOMA structure payments for ownership and maintenance?
Owners pay an upfront down payment for their share 20% or more. This down payment helps finance the purchase of the home. Depending on how much they financed, families then pay down the remaining debt over time, similar to a traditional investment property.
Each house also has a maintenance fund that is estimated to be around 3% of the home's value per year. This maintenance fund ensures there are no outstanding bills for repairs, taxes, or other operating costs. It provides financial security and stability for the co-ownership model.
In addition to the down payment, owners also pay a monthly membership fee. This fee covers maintenance, management, and other services required to operate the home efficiently. The membership fee is a simple, all-inclusive payment that streamlines the financial responsibilities of co-ownership.
Keywords: payment structure, down payment, monthly fees
What happens if I cannot meet my financial obligations?
If payments are not made for 3 months, the owner loses access to the houses until the debt is paid. In cases of continued non-payment, the owner’s share will be sold to cover the debt, with any remaining funds returned after fees are settled.
Keywords: financial obligations, non-payment consequences, debt repayment
Can I finance my share through HEIMKOMA?
Yes, financing options are available through HEIMKOMA’s partners, allowing families to spread the cost of ownership over time.
Keywords: financing, payment plan, partners
What are the ongoing monthly costs associated with owning a share?
The monthly costs include the membership fee, which averages 75,000 ISK per month and covers maintenance, security, snow plowing, and a professional monthly cleaning.
Keywords: monthly costs, maintenance, membership fee
How does HEIMKOMA handle property taxes and utilities?
All taxes and utilities are covered under the membership fee, ensuring that owners don’t face unexpected or additional costs.
Keywords: property taxes, utilities, membership fee
Legal & Compliance
What legal documents are involved in the ownership process?
Each owner signs a co-ownership agreement that outlines the rights, responsibilities, and legal structure of shared ownership, including HEIMKOMA’s role in management.
Keywords: legal documents, co-ownership agreement, legal structure
Is my share of the property legally secured?
Yes, your share is legally secured through contracts that comply with Icelandic property laws, ensuring you have full legal rights to your portion of the property.
Keywords: legal security, property laws, share ownership
How are disputes between co-owners handled?
HEIMKOMA provides clear rules to mediate disputes between co-owners. Serious disputes can be resolved through legal channels, but legal costs are not covered by the company.
Keywords: disputes, mediation, legal resolution
Are there any restrictions on who can invest or own a share?
HEIMKOMA is designed for families, and each owner must represent a family. Exceptions can be made at the company’s discretion, but owners must meet specific financial and legal requirements.
Keywords: ownership restrictions, family ownership, financial requirements
What happens if I want to sell and haven’t found a buyer?
If you haven’t found a buyer after 18 months, HEIMKOMA will purchase your share based on the terms outlined in the purchase contract.
Keywords: selling share, buyback option, purchase contract
Heimkoma is a profitable investment, in your family.