Frequently asked questions

Have any questions? We are here to help you

Buying a second home

Yes, as a Suomma owner you don’t only have the right to use the property you also have ownership of the property you really like. For each property, we set up a SL (Spanish limited liability company) that directly owns the property, and then Suomma owners own all the shares of the SL. On the other hand, most timeshares sell the right to use a fixed amount of time in an apartment building or hotel shared by dozens of people, there is no property ownership.

Not very different, we follow a very similar process to the standard home purchase process. We always work and partner with local real estate agents and notaries on every property transaction.

Home operating costs, such as property management, maintenance, taxes and repairs, are passed along directly to owners transparently with no markup. Costs are shared pro rata. Owners pay an additional monthly Suomma fee which covers limited company oversight, ongoing owner support, and the technology that enhances your owner experience.

Yes, any owner can choose to rent out their time. It can only be done via Suomma as we need to be in control of who comes in and out of the property, as we want to guarantee the good experience of all owners of the property. We take care of everything! you just need to tell us the number of days you want to rent out and we will manage the whole process.

As a service to owners, Suomma works with professional interior designers who decorate and furnish the home to suit its unique style and location. We want create an environment where owners enjoy spending their vacation time.

Yes, if home prices increase then as a true owner any equity gains realized are yours.

Yes, we have a Property Usage Policy that all owners must adhere to. You will have access to this policy before purchasing your shares. We want to ensure all owners have a great experience enjoying the property without needing to interact with each other. Suomma will oversee the compliance to this policy.

Share resales and transfers

As a benefit to owners, we offer a one-time option to transfer ownership to another available Summa property during the first 12 months after you close on your purchase, should you decide a different home is a better fit. There are no fees, and you can start enjoying your new home right away.

After 12 months of ownership, any Suomma owner can choose to sell their ownership interest, at any time. Each owner has independent control over the sale and price of their share. You can choose any means to sell your share, but if you choose to we can assist in the sales process.

Suomma will assist in the sale process by tapping into its existing marketplace of buyers and marketing the home on our platform and third-party websites. Completion is fast and streamlined, we have a big audience of home buyers actively looking to buy a share in a property like yours!

We charge the standard commission fee that agents charge in each market, which typically stays in the 4-5% range.

Smart booking system

Your access depends on the number of shares you own. Each share gives owners up to 44 stay nights a year.

There are two types of stays: peak and general. Peak stays are the ones that occur within high season dates, generally July and August but depend on the location. General stays occur throughout the rest of the year. Each owner has the right to the same proportion of peak stays as the number of shares they own (e.g. in Marbella there are 8 peak weeks during the summer, each share will give the right to one peak week)

The maximum length of a stay is based on shares owned. During peak times, the length of the stays will be determined by the number of shares an owner has (e.g. an owner with 4 shares can book 4 consecutive weeks in August)

Short-notice stays give owners more flexibility to book time in their homes without having to plan far in advance. Open dates can be booked as short-notice stays 2-30 days ahead of your arrival date.

No. To ensure ongoing access for all owners, the period between your arrival date and your prior departure must be equal to or greater than the number of nights of your last stay.

Owners can book their home from 2 days to 24 months in advance of arrival.

Owners can cancel with no penalty 60 or more days before arrival. Cancellations will trigger a notification to other owners, alerting them of the newly available dates. For cancellations made within 59 days of arrival, there is no penalty for the canceling owner if the dates are rebooked by another owner. If the dates are not rebooked, the dates count toward the canceling owner’s annual stay night cycle for the year.

Standard arrival and departure is noon, but owners can request earlier arrivals and later departures. All efforts will be made to accommodate your requests if the calendar and cleaning schedules permit.

Every region has a dedicated Home Manager who supports owners with scheduling, home management, special requests and any other home-related issues.

Selling part of my home

Selling ownership interest in your property allows you to keep using the property, while distributing costs and realizing liquidity. If you love your second home but feel you aren’t getting the most out of it, co-ownership might be an excellent option for you.

Suomma will purchase your property and retitle it into a property-specific limited company with eight equal ownership interests. You can retain the amount of ownership that meets your needs, up to 50%, and Suomma will find buyers for the rest.

We vet all owners, who agree to a common-sense owner code of conduct.

Depending on the conditions on the property we may execute a renovation. On top of that, our interior design team reviews each home, if the existing furniture is a fit for Suomma we purchase it directly from the seller, if not the home is given a full interior design makeover following closing.

Maintenance & Costs

Suomma provides an array of services, including ongoing maintenance and property management; aggregating and managing monthly owner expenses and taxes; overseeing the limited company and resolving any disputes; continually innovating and improving our digital technology; offering a rental service for unused days; and providing dedicated owner support, 365 days a year.

We find that owners exhibit true pride of ownership and typically leave their home in excellent condition. To ensure a quality experience for every owner, homes are inspected after each visit. Any damages beyond regular wear and tear are charged to the owner who was using the home at the time. Damages will be always repaired by Suomma before the next owner uses the property. On the other hand, owners are not individually responsible for life-limited items that eventually need repair or replacement, like a dishwasher; those are paid for by the limited company reserve fund.

All operating expenses are passed through at cost, and all cost statements are available to owners upon request. Suomma cannot increase its fees without cause. As the limited company manager, we will only increase what is collected from owners as necessary to cover a change in household expenses (e.g. an increase in insurance rates). We don’t generally do yearly increases of our fees, but when we do they are always linked to inflation.

Reserve funds are held in the individual limited company’s bank account, managed by Suomma. Funds are only used for the home’s repairs and maintenance. When the need for a major repair arises, Suomma will allocate funds after a transparent competitive bid process.

Every share owned holds a vote. Owners can bring major issues about their home to a vote of the group. To call for a vote, notify your Suomma Home Manager.

Every share owned holds a vote. Owners can bring major issues about their home to a vote of the group. To call for a vote, notify your Suomma Home Manager.

Suomma works at the service of its owners. If owners decide that Suomma is not providing adequate service, the owner group can vote to remove Suomma as the programme manager of the home and self-manage the property.

Material changes require an ownership vote. Suomma has limited authority to make non-material changes (e.g., change of address for local government reporting purposes) on behalf of the ownership group.

The deed for each property is recorded in the name of a property-specific limited company. Each owner holds their interest through the limited company, which provides for both privacy and liability protection.

No, owners may sell at any time after 12 months of ownership. You set your own price, and Suomma will list and market your share much like a whole home sale.

In the unfortunate event of an owner default, Suomma will step in to service the operating expenses. If not resolved within 90 days, we will foreclose on that specific share and manage the resale without any disruption to the ownership group. This is one of the benefits of our ownership programme.

Suomma is responsible for paying property taxes. Funds for taxes are included in the owner operating expenses. We are not tax professionals and suggest you consult with a professional for more information should you wish.

RE agents FAQ

Suomma works in collaboration with agents and pays a referral commission.

Your buyer can contact us directly, but you’re welcome to schedule an in-person or virtual tour on your buyer’s behalf. Simply fill out the contact form on the listing page for the property they’re interested in, or call our sales team at the number provided.

The paperwork and process are similar to a whole property sale. The main difference is you get an easy commission because Suomma handles everything!

Share the property with our sales team. If it’s a fit, we’ll follow up.

We have a robust toolkit of ready-to-use marketing materials for agents. They include agent education, buyer education and a suite of assets that can be co-branded. Contact our sales team to learn more.

We work in coordination with local agents to source and promote whole property listings we think may be a good fit for Suomma co-ownership.

Sign up to our newsletter and be the first to know when we have new properties

    Powered by