The annual cost of Co-Ownership
As with any home or holiday home there are always annual costs of ownership to consider. The apartment that Second Home is currently marketing at Jack’s Point is a good example.
Jack’s Point is a well-regulated community and there are levies payable for the upkeep of common grounds and the internationally renowned golf course, rated number two in New Zealand by NZ golf magazine in 2020 - on the shores of Lake Wakatipu.
These annual costs of Co-Ownership are managed by Second Home and are divided equally between all 8 co-owners and paid monthly. Owners have access to all monthly accounts, and you only pay 1/8th of the actual cost of each service. Second Home have an experienced local home manager who takes care of the day to day running of your holiday home. Second Home also look after the calendar of use for all co-owners and all administration and co-owner care.
To ensure a consistent standard of cleanliness, the apartment is professionally cleaned at the end of each stay and this cost is passed on to the co-owner applicable. This also removes the burden of cleaning from all co-owners and adds to your enjoyment of your holiday. Second Home’s cleaning professionals charge NZD $63 per hour inclusive of GST for this service and their time is based on the amount of work required. If you have only used one bedroom, one bathroom and the apartment is generally clean, the fee will be less than if the whole apartment has been used.
Any substantial expense such as the replacement of a furniture item in the future must be agreed by a majority of 75% of the co-owners with the cost being divided 8 ways.
An annual budget is included below as a guide to the estimated monthly costs per one-eighth co-owner. Please note these figures are based on the current information available and are an estimate only.
Estimated annual costs per co-owner incl GST in NZD
Body Corporate $650
Jack’s Point Residents Owners Assoc and Golf Levies $410
Rates Queenstown Lakes District Council and Otago Regional Council $490
Electricity Queenstown average Canstar Blue $295 pa per owner – allow $400
BioFuel for fireplace. Allow $225
Insurance $162
Gallagher QT brokers have given an indicative figure for contents only as the building Insurance is covered in the body corporate fees
Wi Fi $130
Consumables $125
Maintenance Allow $290
Carpet Clean, replacement crockery, cutlery, glasses etc
Second Home Management Fee $4200
Includes your personal Concierge to check your home at the end of each stay and again before you arrive and organise any special requests. Setting and managing the annual calendar of use for all co-owners, co-ordination of repairs and maintenance, accounts, web management and ensuring your experience as a Second Home co-owner is as enjoyable and relaxed as possible
Approx Total Per Owner Per Annum $8,300
Paid monthly $690
An exit clean is payable at the end of each stay at the rate of $63 per hour incl GST plus laundry.
Note: These figures are an estimated guide as of August 2024 however they are subject to change and reasonable cost increases