Frequently Asked Questions
Actual terrace view from our August home in Chamonix
In recent times, we've had a number of families commit to August. When you first hear about August, it’s natural to have many questions and we understand that it can be overwhelming to wrap your head around the August concept and how we organise 21 families to own five homes in five locations. What is great though, is that once we take the time to explain how it works, people realise that it is actually very simple.
This is why we run information sessions. We had a great turn out at our last webinar information sessions where we were asked a number of questions so we wanted to share this with you as we want to make answering your queries as easy as possible.
We also have a dedicated FAQ page on our website but we're also going to list the most popular questions here and the questions that were asked at the last webinar:
The co-ownership model & collections:
What is an August co-ownership?
As a co-owner of an August collection, you own an equal share to 1/21 of five properties purchased by the collection. All shares of a collection are equal and all co-owners enjoy the same rights.
How many co-owners are there in a collection?
Each collection will have 21 co-owners.
Why should we buy a co-owner share now and not wait until the next collection?
You should consider buying a share with August in a similar way to buying a secondary home on your own. When it is right for you it is right for you! Buying now obviously has the advantage of benefitting from any potential value increase of the collection.
How is August different to other co-owner schemes?
Unlike most co-owner schemes, with August are the co-owner of five properties as opposed to just one.
You also get many more weeks than in a typical holiday home club or fractional scheme. With August you get 12 weeks on average.
The August management fees (7,080€/ year) are also significantly lower than in most property clubs that tend to be far above 12,000€.
Another very important difference that we attach great importance to is that you do not have to think about the daily operation of the five properties when you become an August co-owner. August’s Operation Company handles all the cumbersome tasks associated with the purchase and daily operation of the properties.
What is the difference between joining in phase 1 and phase 2?
We establish our collections in 2 phases.
Phase 1 has a slight discount on the share price (€320K for the Signature Collection) and is composed of the first 9 families joining the collection. The families will get early access to the first 2 homes that will be completed when they join as co-owners.
Phase 2 share price is higher (328,750€ for the Signature collection) and is completed once the 12 remaining families have committed to the collection. Once phase 2 is completed, we buy and renovate the 3 remaining properties. Families joining in phase 2 have to wait for all 5 homes to be completed before
Whether you should join in phase 1 or 2 depends on your timeline. If you'd like to start holidaying in your August homes as soon as possible, we recommend you join in phase 1.
Can I sell my share at a later stage?
When you buy real estate, the first priority should be that the property fulfils your needs for a home or holiday home. However, the investment perspective is also important, not at least when it comes to holiday properties.
So when you wish to exit, August will help you sell your share. As we are constantly looking for new families to enter our next collections, we have a network of new families wanting to join an existing August collection.
Do August own part of the properties?
No, August does not own any part of the properties. All homes are solely owned together by the 21 co-owners.
Do you take any mortgages on the homes?
No, it's all a cash buy and there is no leverage in this model.
What happens if a co-owner does not pay for their part of the management fee?
The management fee should be paid in totality at the start of each year. If co-owners do not pay for their shares, they will be prevented from using the homes until payment is made. We have a strict process in place in the case where a co-owner defaults on payments - this protects all other co-owners from bad payers.
Does the management fee include any budget for on-going repairs or are we expected to pay extra for renovations every year?
Yes, your annual management fee already includes a budget in place for small renovations necessary to keep the properties in good conditions.
Do I have to pay taxes in the UK as a co-owner?
No, all taxes linked to the ownership of the 5 properties are paid by your collection directly. As the properties are not rented, there is no revenue and profit generated and no dividends. As such, you will not be paying taxes in the UK.
You may however pay Capital Gain tax when selling your share if gains are realised.
Are the homes freehold?
Yes, all August homes are freehold and purchased outright with no mortgage.
When will the first properties be ready?
Renovations have finally started and the properties will be ready in Q1 2021. Our families will have access to these homes as soon as we launch the collection early in 2021.
How do you select the properties?
Our search criteria are simple but strict. We select properties within 1.5h from an international airport and in the very best locations. We focus on the best location and potential of the homes. We purchase homes that require a bit of love and which we know we can renovate to our high standards. This also allows us to increase the value of the properties and therefore create value for the August co-owners.
The founders both have extensive experience in property renovations and design so this is something we have a proven track record, as we've had done it multiple times and enjoy doing most.
Is there A/C in the property in the South of France?
What type of mattresses are you buying for the homes?
Top-quality hotel grade mattresses, used by 5* hotels.
Is there a laundry room in the properties?
Can I ask for extra cleaning during my stays?
Yes - your concierge will organise extra cleaning and other services if you wish. This comes at an extra cost.
Do I have to use the concierge service during my stay?
No. You are free to use it whenever and there are absolutely no obligations to do so. The end of stay cleaning is mandatory and done by our cleaners but during your stay, you are free to do as you wish.
Can I bring my dog?
We accept small dogs. The owners will be responsible for any damages caused by the dogs. An extra deep clean fee will be charged to owners bringing their dogs as we need to ensure our cleaning standards.
Will August tell us about the best events/things to do in the regions where the homes are?
Yes, you'll get a travel guide with our tips on our favourite activities and events near your August homes. Also, the nice thing about co-owning homes with other like-minded families and joining the August community is that you will be able to share tips and recommendations.
Where are the families from?
Mainly from the UK but we also count families from Australia, Canada, USA, Portugal and France.
Can I lend my homes to my family without being there, for example, my daughter?
Yes, you can, as long as you let August know. You'll be responsible for the cleaning fee payments and any damages caused.
Are they many skiers?
So far it's 50/50. We have families from North America who are not necessarily interested in coming to Europe for ski holidays. We also have families who prefer coming to Chamonix for the hiking/summer season. There's a mix (and that's very much on purpose).