Let's compare staying in a hotel/rental with co-owning a second home in a head-to-head battle to see what comes out on top.
Whether you visit a city often for work or pleasure, there have traditionally been two options — stay in a hotel or rental, or buy a second home in that city. The latter is of course extremely cost-prohibitive if it's just for periodic use; however, the rise of the co-ownership model brings fresh new possibilities to the table.
Co-ownership allows you to have genuine ownership of actual real estate, at (you guessed it) a fraction of the cost of the traditional investment. This means a second home is now a real opportunity for so many more hardworking people.
With that in mind, let's compare staying in a hotel/rental with co-owning a second home in a head-to-head battle to see what comes out on top.
There's no doubt that hotels and rentals can be expensive, especially in desirable locations. In fact, the average nightly rate for a hotel room in London during the month of December has risen from £138 in 2019 to £162 in 2021.
Even rentals/Airbnbs are just as pricey, with the average price for a whole-home Airbnb in the City of London rising 41% from about £96 to £164 in 2021. This is just the average, with 5* hotels, ranging in the hundreds and thousands per night!
Oh, and if you want extras like valet parking or a room with a view, you can expect to pay even more. With a Flyway Home, any "extras" come as standard; a gorgeous view, a smart mattress, a residents-only gym, and a swimming pool. All these 5* features are simply your second home’s amenities — this is what your ownership share buys you, once and for all, at the moment of the sale.
But what about the cost of co-ownership in a Flyway Home?
With Flyway, you can get started with as little as a 1/12th ownership, meaning you can stay for up to 30 nights per year, all while only having to invest in 1/12th of the total Flyway Home's price.
While the price of your Flyway Home will depend on your investment, pragmatism would ask you to look at the long-term costs. When you pay to stay at a hotel or rental, that money simply disappears once you leave. With a Flyway Home, you're making an investment in actual real estate that most probably will only grow in value over time, if it’s located in a sought-after location, such as the heart of London. Of course, this will depend on fluctuations in the real estate market.
That investment could ultimately yield gains from potential appreciation depending on whether and when you choose to sell your Flyway Home's ownership share/s, which is contributing to the attainment of your financial goals, much like any other asset ownership.
WINNER — FLYWAY HOME
When it comes to location, every city has a range of quality hotels and rentals in prime locations that everyone knows about. Think of Mayfair in London for example; it’s home to The Ritz, Claridge’s, The Cannaught, etc. Whether you're looking for a luxury hotel in the heart of the city or a central rental property, you'll be certainly able to find what you're looking for. The hotel and rental industries are as old as hospitality itself, so it has had plenty of time to establish itself in every major city around the world.
On the other side of the coin, is a co-owned second home through Flyway, which you can imagine, has not had the luxury of decades in the industry to establish a footprint. However Flyway Homes have the inherent advantage of progress — global cities are constantly evolving and adding new real estate in prime locations, and Flyway takes advantage of that by snapping up the best homes possible as they are built.
Take for example the Flyway's Wader Home, in the brand new tower development One Crown Place, in the heart of the City of London. Or speaking of Mayfair, Flyway’s flagship home, in 9 Hanover Street, the Hummingbird — uncompromising design and elegance next to the world’s finest shopping establishments, and for that matter, meters away from Claridge’s.
It's a very close match here, and so in the interest of fairness, we must admit it's too close to call. Let's call this one a draw!
WINNER — DRAW
While hotels and rentals can be convenient in that they're typically easy to book, there's also the small matter of availability. If you're trying to stay in a popular location or a very popular 5* hotel, chances are you'll have to book well in advance to get the room or rental you want, especially if it’s one of the signature London hotels or neighborhouds.
And even if you do manage to snag a room or rental last minute, there's no guarantee it will be available next time you want to stay.
With a Flyway Home, on the other hand, your investment entitles you to a set number of nights per year that you can stay, meaning you can control availability by the number of shares you own. If you invest in a 1/12th ownership share, you can stay up to 30 nights per year, all the way up to 180 nights per year with a 6/12th ownership share. All you have to do is book your stay in your second home via the Flyway App (read how scheduling works here).
You also won't have to worry about packing and unpacking your "touch of home" items each time you stay, as your Flyway Home is literally your second home — fully furnished and equipped with everything you need. It’s a luxury hotel-experience, in a place that you own; the best of both worlds.
Finally, with a Flyway Home, there is no need to check-in at a front desk or have to ask repeatedly for add-on services — it's your home waiting for you, supercharged with the same smart features that make your stays flawless time and again, without you having to think about arranging anything. It’s your home after all!
WINNER — FLYWAY HOME
While hotels and rentals usually come with a series of amenities, they typically pale in comparison to what you get with a Flyway Home in terms of innovation, automation, and state-of-the-art new technologies! To be honest, even most luxury hotels can't compete with the smart amenities a Flyway Home offers. And certainly, short-term rentals are far left behind.
Flyway Homes are fitted out with top-of-the-range appliances and features like Sonos speakers, 8sleep mattresses, Toto washlets, Philips Hue lights, and TopBrewer coffeemakers, to mention just a few. This is the latest in home automation, going way beyond standard luxury.
When it comes to the larger 5* amenities like pools, cinemas, and gyms, you might have to do quite a bit of scrolling to search for a hotel with everything you need for a comfortable stay in the center of a metropolis like London. Many Flyway Homes on the other hand have a resident's only cinema room, gym, pool, spa, and a 24/7 concierge, being nestled within new luxury developments that were built to mimic a hotel experience.
The only unfortunate thing about the level of innovation and luxury offered in Flyway Home is that you may find yourself upgrading many of the amenities in your own home to match those of your Flyway Home!
WINNER — FLYWAY HOME
There's no doubt that hotels and rentals offer a high degree of flexibility, especially when compared to owning an entire second home outright. With a hotel or rental, you can come and go as you please without having to worry about the property itself — someone else takes care of maintenance, cleaning, and security for you.
With traditional ownership of a second home, it could be fairly stated that you would have a range of responsibilities and not much flexibility. This is where Flyway Homes change the game.
While Flyway does take care of all the responsibilities that come with owning a second home, including taking care of all maintenance, cleaning, and security, they also offer a high degree of flexibility that other accommodation options don't.
For example, Flyway gives you a big window of time available to stay at your second home — anywhere from 30 nights all the way to 180 nights, depending on your ownership share. Fancy a quick trip for the weekend? That should be no problem. Do you think you'll need your Flyway Home for a certain week, but it turns out you don't? No harm, no foul — you can cancel without any days being deducted from your yearly stays, up to 30 days ahead of your visit.
Both the hotel/rental and the second home offer compelling attractions here, so we'll call this one a draw.
WINNER — DRAW
If we tally up the scores, that's three wins to the Flyway co-owned second home, and two hard-fought draws. If you're like us though, one thing stood out when looking at the comparison in its totality, and that's overall lifetime value.
Hotels and rentals are great when you need them, but they quickly become expensive with extended stays, and your money simply disappears into thin air once you leave.
A Flyway Home on the other hand offers all the benefits of a second home — without any of the hassles of traditional ownership, and at a fraction of the price.
Add to that the fact that your Flyway Home stands a chance of appreciating in value over time, and thus, it can be seen as an investment with long-term potential.
So there you have it — if you're considering a second home, but don't want the hassle or expense of traditional ownership, then a Flyway Home is definitely worth your consideration.
If you're still not sure what co-ownership is, please complete the form below or book a call with the Flyway Concierge team for further information on our available properties and how you can start your journey to a second home!
Send us your questions, comments or simply declare your interest to buy shares. A member of our team will reach out to arrange a call