There has been a significant change in the real estate investment industry recently. The vacation rental sector, including hotels and vacation homes, has gone mainstream. Unfortunately, investors generally refrained from making these investments due to their exorbitant cost.
Thankfully, Everlodge has introduced its co-ownership investing model to the real estate market. With the removal of these conventional obstacles, a wider audience can now more easily access the real estate market. Co-ownership also makes it possible to share the rewards and risks of investments.
Property Ownership and Challenges
Historically, purchasing and maintaining a real estate property has always been very expensive. According to Barrows and Forrester, an average homeowner spends about £2,784 on maintenance, £12,500 on mortgage repayments, £2,400 on utilities, and about £2,000 on council tax, annually in the UK.
Similarly, in the U.S., the annual hidden cost of owning a home according to CNBC is about $17,459. This covers home improvements, property taxes, maintenance, utilities, and homeowners insurance.
The high expenses can make it hard for many people, particularly low-income earners to buy their own homes. The amount of money needed can vary depending on the size, age, and kind of property. For instance, taking care of a house worth $180,000 might cost about $1,800 every year.
Everlodge Levels the Playing Field
A co-ownership model like that introduced by Everlodge provides a cheaper way to get into real estate. They use a method called NFT fractionalization where a property is digitized as NFTs and then split into digital fractions.
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This makes it possible for investors to own a part of a property with a small amount of money, just $100. Additionally, people with less money to invest can share the costs and risks with others. It turns would-be renters into investors and opens up new chances for them to build wealth.
Everlodge Embraces Blockchain Technology
Notably, one technology that has helped to make NFT fractionalization possible is blockchain. blockchain technology allows Everlodge to keep a safe and clear record of who owns what. Also, it allows these NFTs to be traded easily, making real estate more flexible and accessible. Besides, trading these tokens is easier and faster than selling actual property.
Hence, users do not have to meet physically to buy and sell real estate properties. Everything occurs on the blockchain. Meanwhile, Everlodge has promised to partner with property developers and real estate giants to broaden property listings on its platform.
Final Thoughts
Blockchain property platforms like Everlodge are changing real estate investment. They have broken down barriers for a more inclusive market. This would make property ownership open to a wider range of investors through fractional ownership.
However, you would need Everlodge tokens to buy properties that are represented by NFTs on Everlodge. Lucky for you, Everlodge tokens are worth about $0.023 at the moment and could go higher soon. Moreover, market experts have predicted a 280% price increase in the presale stage.
For more information about the Everlodge (ELDG) presale, you can visit their website here.
