Maintenance & Costs
Just like any home, there are ongoing maintenance and management costs involved. One of the great benefits of co-ownership, is that these costs are shared across all owners, based on the number of shares of the home they own.
Ongoing costs include:
- A nominal platform administration fee of AUD$150per month.
- Ad hoc daily cleaning fees during your holiday stay. These vary for each property.
The AUD$150 fee is for Kō to manage the booking platform.
We also set up a reserve fund, where each owner puts in 6 months of their share of expected operating costs. We also allocate a portion of the monthly fees for any future large improvements to avoid any large cash outflows when major repairs and upgrades are required. Its size is property dependent.
Kō is responsible for managing each of the homes on our platform. For physical maintenance, we partner with vetted agents based near each home to ensure the property is managed to the highest standards.
Kō is a neutral third party that always acts in the best interest of the group. As such, we make decisions that impact routine maintenance of the homes such as weather proofing and smaller repairs. Bigger decisions need to be brought to a vote. Each share of the home equals a singular vote.
If all co-owners agree, you have the right to exit the partnership with Kō as a manager.
No, you don’t. The costs for the general management and upkeep of the house are shared. However, if a co-owner ruins an appliance during their stay, they are responsible to replace it.
If they refuse to cover the cost, Kō will use their portion of the reserve fund to cover any expenses.
In extreme circumstances, Kō can restrict their access to the home until the costs are covered.
If a co-owner defaults the payment of the monthly fee, Kō will use their portion of the reserve fund to cover any expenses and restricts access during any period of non-payment.
It refers to the cost of labour and materials involved in ensuring that your holiday home lives up to the standards of a luxury home. In practice, this relates to things like landscaping, gardening, and pool maintenance among others.
Each home has a property manager assigned who will be available to assist.
All the money collected from co-owners from each property will be kept in an account overseen by our third-party trustee and managed by Kō.
Will I have access to an annual budget so I can plan for the house costs?
Yes. Owners will have full visibility of money spent.
Statements are shared with co-owners quarterly with a full reconciliation yearly. You will receive a financial statement for your property, a balance sheet, and a cash-flow statement.
Cost statements can be made available upon request.
Yes, all Kō properties are insured.
The share will be transferred according to the instructions in their will or to their heirs if there isn’t a will.