FAQ’s

With Tesori-Italy’s co-ownership, also commonly known as fractional ownership, someone buys a share in a real-estate property that they then will own together with other shareholders. In fact, the property deeds are in name of an Italian company (s.r.l.) which the shareholders own together. The s.r.l. manages the property, is responsible for maintenance and the day–to–day operation on behalf of the co-owners. The Tesori-Italy concept is based on a maximum of 10 co-owners/shareholders per property.

A 1/10th share entitles the co-owner to five weeks of exclusive use of the entire property. During that period the property is completely at the co-owner’s disposal, not just part of it, and this for as many years as you decide to remain a shareholder.

An annual service fee is due to be paid per share to cover the operating costs of the property and will vary by property as they will all be different. The annual service fee includes housekeeping, essential supplies, maintenance, building and contents insurance, capital reserves (replacements, etc.), utilities, property taxes, management fee, corporate legal services, and accounting.

All charges are based on actual costs and are available for review by the co-owners. Each year differences with expenditure will either be charged or refunded after the accounts are finalised. The annual service fee payable per share is budgeted each year and decided at the annual general shareholders’ meeting. Professional property management is provided by Tesori-Italy SRL, the property management company.

Many people believe that co-ownership is the same as Timeshare, but there is an essential difference. With co-ownership, the buyer owns part of the equity in an asset with their name on the deed. As the value of the property appreciates, so does the value of the buyer’s equity. The share can be sold at any time, left in a will, or part of what ever can be done with another common share.

A net capital gain can be realised with co-ownership when the buyer sells the share. Timeshare ownership only entitles the buyer for the agreed number of weeks per year. No benefit is realised from a change in the value of the actual property with Timeshare. The property title is 100% owned by the principal owner, so all benefits are for the principal owner. This is the main reason why Timeshare resale value tends to decline, and co-ownership shares tend to appreciate. When time runs out, you are left with nothing.

In Europe, unlike in the US, the concept of Fractional Ownership has slowly been accepted. Probably partly due to the poor image of Timeshare with its questionable sales practices in the 1980s. In the past few years, however, interest in co-ownership has increased enormously. It is the fastest growing segment of the real estate market and is now also catching on in Italy, Spain, France, Portugal, and the rest of Europe. Developers see it as a new alternative to the traditional build & sell model and find that there is much more interest from buyers because of the extra services that are so important for co-ownership to be successful.

Tesori-Italy only invests in small scale properties with growth potential for their co-owners. Each property and its location are unique and always in a pleasant environment. For instance, Timeshare is usually a vacation purchase with no property equity that eliminates hotel expenses.

Resale co-ownership is an investment that tends to appreciate because of the property equity. You can sell your share yourself or you can ask Tesori-Italy to sell your share for you for a reasonable fee. Due to the strong competition in Timeshare, it is difficult to resell a Timeshare and companies often charge you high marketing costs.

Tesori-Italy does not yet have a track record, but similar co-ownership initiatives have proven flexible and solid resale results averaging 12% in total.

Tesori-Italy is the Italian development and management company run by four Dutch friends living in Montefiore dell’Aso, Italy. Tesori-Italy is their small-scale initiative to connect the preservation and revitalisation of the historic centre of Montefiore dell’Aso with the market for boutique–style luxury holiday homes and cultural events.

The legal structure of Tesori-Italy is a s.r.l. (equivalent to Ltd. in the UK and B.V. in The Netherlands).

Tesori-Italy is a young company with a transparent way of doing business. Before concluding a contract for the purchase of a share, all legal aspects are extensively discussed with the buyer without any hidden or small print. Trust is of great value to Tesori-Italy!

When buying during the initial sales proces, directly from Tesori-Italy, there are no additional fees to pay as all costs are taken care of by Tesori-Italy.

Prices vary per property, mainly because of size of the property and facilities available. Actual prices will be published when the property goes on sale. In case you are interested you can always contact us for more detailed information.

Of course you can come and have a look at the property before making the final decision to buy shares and become a co-owner. In the event that a property is still being renovated, we provide you with the drawings and art impressions in order to get a good idea of the final result. You can also decide to come over and make an “Experience visit” to get acquainted, during which we will guide you to get to know the region, Montefiore dell’Aso and the project better. Based on this, you can then make a well-considered decision to become a co-owner and enjoy Italian life just like us.

It is Tesori-Italy’s objective to make your stay and co-ownership as pleasant and comfortable as possible. That is why we will provide you with as much service as possible so that you can fully enjoy your co-ownership. This of course includes everything related to household matters such as cleaning, maintenance, administration, furnishing the house with personal items before your arrival, etc. But we can also provide you with the desired information about life in Italy, the surroundings, local or regional activities, and a booking service (for a fee) if you want us to rent out your weeks. We will always do our utmost to answer your questions or wishes as much as possible and to share our knowledge of the region with you.

An online reservation system is available for the co-owners where they can indicate their weeks of use according to a rotation schedule. Each share entitles the co-owner to two consecutive weeks in the summer period, which runs from the end of May to September (20 weeks). The remaining 3 weeks per share are spread over the rest of the year. If desired, it is possible to exchange weeks with each other. Every year, 2 consecutive weeks are reserved by Tesori-Italy for maintenance.

An online reservation system is available for the co-owners where they can indicate their weeks of use according to a rotation schedule. Each share entitles the co-owner to two consecutive weeks in the summer period, which runs from the end of May to September (20 weeks). The remaining 3 weeks per share are spread over the rest of the year. If desired, it is possible to exchange weeks with each other. Every year, 2 consecutive weeks are reserved by Tesori-Italy for maintenance.

Yes, you can under the condition that you and your rental guests respect the conditions that apply to everyone. You, as the co-owner, are responsible for any damage caused by your guests (paying and non-paying) during the stay in your own weeks. House rules apply to this and must be signed by the co-owners when purchasing the shares and by the rental guests before arrival.

There are 2 options for renting out your own weeks:

You can either rent it out yourself, or

Tesori-Italy can help to rent it out for you against a small management fee.

Montefiore dell’Aso is also very nice to stay outside the summer season. Out-of–season many (outdoor) activities are possible, even skiing in the Sibillini Mountains. Each property is made very comfortable for every season as it is well insulated, has underfloor heating and a cosy fireplace.

We are still in the start-up phase of our activities focusing on our first property, but when more properties would become part of the Tesori-Italy network you are always free to rent from a co-owner of another property.

Owners pay an annual service fee to Tesori-Italy. The hight of the fee varies per property, depending on size of the property and the services rendered. Before potential clients sign the contract to buy a co-ownership share all conditions, costs and other details are being explained, so no surprises afterwards. Tesori-Italy is responsible for taking care of maintenance and running costs to keep the property in good condition.

To assure a pleasant stay and nice co-ownership of the property Tesori-Italy and all co-owners must follow the Terms and Conditions set out before the transfer of shares. House rules also apply and will have to be signed by all co-owners when buying their share.

Terms and conditions

We are all real animal lovers, but unfortunately pets are not allowed. Hygiene, potential allergies and the risk of damage and smell don’t allow this.

No, it is absolutely not allowed to smoke inside the property (also not under the extractor hood in the kitchen)!

No, it is not allowed to make changes to or in the property or its furniture. Of course, if you would like to move a small piece of furniture (e.g. a chair) to another place during your stay, that is not a problem at all.

Yes, that is certainly possible. Each co-owner has a private storage space at the property or nearby. At the co-owners’ request Tesori-Italy can place personal items in the house, so that everything is ready upon arrival and after departure Tesori-Italy will store these items again for the co-owner.

Of course, it depends what it is about. If it has consequences for the other co-owners or financial, organisational consequences. Tesori-Italy is committed to take good care of the property in everybody’s interest. Proposed changes will be presented to the group of co-owners. A structure of representation and consultation will be in place and things like that can also be discussed during the annual general shareholders meeting.

It is Tesori-Italy’s objective to make your stay and your co-ownership as pleasant and comfortable as possible. Therefore, in case of a complaint please let us know as soon as possible, so it can be solved as soon as possible and in the best possible way. When you buy a share, you will be provided with all necessary details.