Each co-owner is listed on the title as the owner of a share of the home as tenants in common. A maximum of two owners can own each share. Your share is owned independently of the other co-owners, allowing you to sell your share at any time. Unlike timeshare arrangements, you own the real estate asset and can benefit from any appreciation in value. The title of each co-owner must remain unencumbered to protect all owners.

This is your holiday home, and it is built and furnished to accommodate you, your family and friends during your allocated weeks. The nominated co-owner is responsible for the home during their allocated time. Co-owners are not permitted to rent the home.

We take assessing prospective co-owners for suitability very seriously to ensure we have responsible co-owners who will treat the home, their partners, and their neighbours with the utmost respect. Each new applicant must undergo an assessment process to become a co-owner in the home. Second Homes principals John and Sharon Russell have 25 years experience in the share boating industry as well as their share home in Italy and Queenstown.  This experience has provided them with the ability to choose co-owners who they feel will understand and appreciate the spirit of sharing.

Responsible and respectful partners who are citizens of New Zealand, Australia, or Singapore are invited to co-own exclusive holiday homes located in New Zealand, Australia and Italy. Ownership of residential real estate in New Zealand is limited to residents of New Zealand, Australia and Singapore only.

Second Home’s Italian Villa in Mercatello, Italy, is open to residents of most countries including but not limited to the USA, Canada and Europe.

Most of Second Home’s holiday homes in Australia and New Zealand will have eight co-owners with each owner having the opportunity to own more than one share. In certain circumstances the number of owners may change to suit a particular property.  As per the “Property Sharing Agreement,” each one-eighth co-owner is entitled to use the home for private use for six weeks annually, Monday to Monday using our smart booking system.

To make each stay a very special experience for you, your family and friends, Second Home have included everything you would expect in a luxuriously appointed holiday home and more. Second Home’s Interior Designers furnish the homes with a tasteful and relaxing lifestyle furniture and décor package suitable for the level of quality and lifestyle that our owners expect. A full schedule of finishes, fixtures, fittings, and furnishings is available for each home.

To maintain the exclusivity of Co-Ownership, Second Homes are reserved for use by co-owners, their family, friends, and invited guests only. Second Home do not allow rental of the homes. This maintains the privacy and luxury experience for all co-owners.

The actual cost of running the home, together a management fee, are simply divided by the number of owners and on charged to the owners monthly. These costs include rates, insurance, electricity, Wi-Fi and window cleaning.

To help co-owners plan ahead, Second Home provides an annual budget for each home.

Second Home is totally focused on creating a worry-free experience for their co-owners. Taking the safety and security of the homes and their co-owners very seriously, and that is why each home is comprehensively insured, including contents, with all co-owners named on the policy. In the event of a general insurance claim, all co-owners would share the excess equally. However, if a particular co-owner is responsible for the claim, such as breaking a window, that co-owner would be responsible for the excess.

Second Home understand that buying a home is a significant investment, and that is why we offer a staged payment plan. Co-owners pay a $2,000 NZD refundable deposit when submitting an Expression of Interest form. A further deposit of up to 10% of the value of their Co-Ownership is then paid upon signing the legal documentation. The balance is paid upon completion of the home. All purchase monies are paid into Second Homes solicitor’s trust account and released upon issue of the title.

The Agreement for sale and purchase of real estate is the REINZ contract that all co-owners sign to formally include their buying entity on the title to their holiday home.

It is a comprehensive binding document that sets out the rights and obligations for all aspects of the shared home. It includes details of the booking system and online calendar, conditions of use, and how the property is to be managed and maintained. The legal documentation is designed to ensure all co-owners use the home respectfully and outlines your responsibilities as a co-owner.

Second Home understand that circumstances change, and that’s why co-owners can sell their share in the home at any time after the first 12 months (this is to allow Second Home the opportunity to sell any remaining shares following settlement). Before selling, co-owners must first offer their share to the other owners. If no co-owner takes up the offer, the share can be sold, either through Second Home or an independent agent. Second Home will assist co-owners by providing a current market value for their share based on its original purchase price, previous sales and current market conditions. Any new co-owner must be approved for suitability by the other co-owners and the proceeds of sale of the Co-Ownership share after selling expenses belong to the co-owner.

A calendar of use is prepared by Second Home 12 months in advance of each 12-month period. This allows owners to pre-book flights at the best rates and to lock in their allocated weeks holiday time well in advance.

To allocate these weeks for an eight owner holiday home, you will be asked for your first and second preferences for your first two weeks. Once this has been established and posted on the calendar, you are then asked for your preferences for your second two weeks, and then your last two weeks. You can choose one week at a time or two weeks together. To ensure all owners get an equal opportunity of popular times, you must spread your weeks throughout the year allowing all owners the chance to use the apartment during different seasons. Once you have chosen your 6 weeks, the remaining 4 “maintenance weeks” are allocated to four owners in the first year and to the remaining four owners in the second year, rotating. You then have the ability to swap weeks with your fellow co-owners by agreement.

Despite best intentions, plans can sometimes change, and so if you are unable to make it to your holiday home for your allocated week you simply go to the co-owner’s section of the website and notify your fellow co-owners. If another co-owner can take your week, you can swap one of their weeks or they owe you a week. If you are not able to swap, there is no option other than to forego this week.  

While the future sale of the home is not contemplated, if at any time 6 of the 8 registered co-owners decide to sell the property, after reasonable consultation it must be sold. If the home is to be sold, it must first be offered to the existing co-owners. If a sale to the co-owners is not successful, the home must be valued by a local valuer and then listed for sale with an agreed agent. The proceeds of sale after agent’s commission and selling expenses is to be divided equally between the eight co-owners.

The person, persons or entity registered on the title is the legal owner of the share in the home and will be treated as the absolute owner of that share. If the Co-Ownership is registered to two people, one person must be nominated for all communications. That person is the duly authorised agent and representative of the Co-Ownership share.

The website has a secure co-owner’s section with a specific page for each home. You can use this at any time to log into the calendar for your home, arrange exchanges of time between owners, communicate with your fellow co-owners, upload stories and photos and share recommendations of special places, events, restaurants, services or activities in the area. It is also where you make notes on any items requiring servicing, repair or replacement.

The Second Home team are committed to making your experience an enjoyable and memorable one for you, your family and friends. With over 25 years’ experience in Co-Ownership of luxury motor yachts and holiday homes, John and Sharron Russell and their team have the knowledge to take care of their co-owners in the way you would expect to be looked after.

As a co-owner in your home, you have a responsibility to be a good partner and neighbour. Owning a holiday home is a privilege that comes with a commitment to being a respectful and considerate co-owner who understands and accepts the spirit of sharing. Second Home are committed to protecting and enhancing the experience of fellow co-owners and contributing positively to the local community.

The completion of your new holiday home is an exciting time for all owners and part of this experience is meeting your fellow co-owners. Second Home will host an owners' housewarming party upon completion, to introduce you to your new home and your fellow co-owners. We encourage all co-owners to participate in this special event as this is an added dimension to the many benefits of Second Home Co-Ownership.