The following items and services make up the cost of each share.

• The apartment will be fully furnished down to the finest detail by one of Queenstown’s leading interior designers. The furnishings are top quality and chosen to reflect the relaxed style of living to be enjoyed by the co-owners at Jack’s Point. Furnishing a three-bedroom apartment can be achieved for a smaller budget, however this is another benefit of sharing the costs where you can have high quality furnishings and only pay one eighth of the cost. The budget for this is NZD $250,000.

•  Legal expenses are part of every real estate purchase and Co-Ownership adds a further dimension with the introduction of a Property Sharing Agreement. Second Home’s principals have over 25 years’ experience in creating these documents and have prepared an effective agreement which provides security and a clear set of uncomplicated and fair rules to guide and protect all co-owners. Included in your purchase price is preparation of an REINZ Agreement for Sale and Purchase of Real Estate, all aspects of conveyancing of your title in the apartment, the Property Sharing Agreement and access to Second Homes Queenstown Solicitors CP Law for advice to New Zealanders, Australians and Singapore residents on issues relating to buying freehold property in New Zealand. Second Home strongly recommend having your own independent solicitor provide advice as well.

• To reach a select audience of suitable buyers, Second Home must employ qualified real estate agents and pay appropriate commission to them for this service. These agents are a vital part of conveying the message to you about the many benefits and advantages of Co-Ownership. Second Home Co-Ownership is by invitation, and this is crucial in ensuring harmony within the Co-Ownership group. Prospective co-owners must feel comfortable with Second Home and Second Home with them so both parties fully understand their obligations as a sharing partner before commitments from both parties can proceed. Agents introduce prospective clients to Second Home and then our team take over from there to ensure suitability. Their cost for this service is 3% of the selling price (eight x $378,000) plus NZ GST of 15% Totalling a little over $100,000.

• Second Home service fee. This is a one-off service fee included in the price of your share and covers the costs of marketing and administration as well as our risk in providing an unconditional purchase guarantee upon the sale of four of the eight shares on offer. This provides a guarantee to those first four owners and all subsequent owners, that the property is proceeding to completion regardless of the remaining shares being sold or not. Any shares unsold at the settlement date will be funded and owned by Second Home until such time as they are sold. A significant figure in our service fee is an allowance for interest on borrowings. Second Home funds the initial deposit to purchase the apartment for up to 2 years. We also fund the furnishings and fit out and storage of these items which must be purchased in advance of settlement, and we fund the holding costs of any unsold shares at settlement.