{"id":1169,"date":"2022-07-28T14:31:08","date_gmt":"2022-07-28T04:31:08","guid":{"rendered":"https:\/\/ko.homes\/?post_type=faq-page&p=1169"},"modified":"2023-03-09T10:49:25","modified_gmt":"2023-03-09T00:49:25","slug":"maintenance-costs","status":"publish","type":"faq-page","link":"https:\/\/ko.homes\/faq\/maintenance-costs\/","title":{"rendered":"Maintenance & Costs"},"content":{"rendered":"\n
\n
\n

FAQS<\/h2>\n

\n Have a question about K\u014d? We have answers. Review frequently asked questions on the following topics:\r\n\r\n <\/p>\n

\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\t The K\u014d Model\t\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\t Co-ownership 101\t\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\t Buying a K\u014d home\t\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\t Scheduling & staying\t\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\t Maintenance & Costs\t\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\t Selling a K\u014d home\t\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\t Selling with K\u014d\t\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n <\/div>\n <\/section>\n\n\n\n
\n
\n

Maintenance & Costs<\/h2>\n
\n
\n
\n What are the on-going costs for K\u014d owners? <\/i>\n <\/div>\n
\n

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.<\/p>\n

Ongoing costs include:<\/p>\n

    \n
  • A nominal platform administration fee of AUD$150per month.<\/li>\n
  • Ad hoc daily cleaning fees during your holiday stay. These vary for each property.<\/li>\n<\/ul>\n <\/div>\n <\/div>\n
    \n
    \n What is included in K\u014d\u2019s platform fee? <\/i>\n <\/div>\n
    \n

    The AUD$150 fee is for K\u014d to manage the booking platform.<\/p>\n <\/div>\n <\/div>\n

    \n
    \n Is there a reserve fund for unexpected costs? <\/i>\n <\/div>\n
    \n

    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.<\/p>\n <\/div>\n <\/div>\n

    \n
    \n Who takes care of my home? <\/i>\n <\/div>\n
    \n

    K\u014d 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.<\/p>\n <\/div>\n <\/div>\n

    \n
    \n Can a K\u014d owner make decisions on behalf of the group? <\/i>\n <\/div>\n
    \n

    K\u014d 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.<\/p>\n <\/div>\n <\/div>\n

    \n
    \n What if the co-owners want to stop their partnership with K\u014d? <\/i>\n <\/div>\n
    \n

    If all co-owners agree, you have the right to exit the partnership with K\u014d as a manager.<\/p>\n <\/div>\n <\/div>\n

    \n
    \n Would I have to pay for repairs that results from a co-owner particular stay? <\/i>\n <\/div>\n
    \n

    No, you don\u2019t. 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.<\/p>\n

    If they refuse to cover the cost, K\u014d will use their portion of the reserve fund to cover any expenses.<\/p>\n

    In extreme circumstances, K\u014d can restrict their access to the home until the costs are covered.<\/p>\n <\/div>\n <\/div>\n

    \n
    \n What happens if a co-owner stops paying the monthly maintenance fees? <\/i>\n <\/div>\n
    \n

    If a co-owner defaults the payment of the monthly fee, K\u014d will use their portion of the reserve fund to cover any expenses and restricts access during any period of non-payment.<\/p>\n <\/div>\n <\/div>\n

    \n
    \n What is included in \u201cordinary maintenance and repairs\u201d? <\/i>\n <\/div>\n
    \n

    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.<\/p>\n <\/div>\n <\/div>\n

    \n
    \n How do I log a maintenance or repair request? <\/i>\n <\/div>\n
    \n

    Each home has a property manager assigned who will be available to assist.<\/p>\n <\/div>\n <\/div>\n

    \n
    \n Where would the money of the co-owners be kept? <\/i>\n <\/div>\n
    \n

    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 K\u014d.<\/p>\n

    Will I have access to an annual budget so I can plan for the house costs?<\/p>\n

    Yes. Owners will have full visibility of money spent.<\/p>\n <\/div>\n <\/div>\n

    \n
    \n Do I receive cost updates in the form of monthly statements (bills, taxes, etc)? <\/i>\n <\/div>\n
    \n

    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.<\/p>\n

    Cost statements can be made available upon request.<\/p>\n <\/div>\n <\/div>\n

    \n
    \n Are K\u014d properties insured? <\/i>\n <\/div>\n
    \n

    Yes, all K\u014d properties are insured.<\/p>\n <\/div>\n <\/div>\n

    \n
    \n What happens if a co-owner dies? <\/i>\n <\/div>\n
    \n

    The share will be transferred according to the instructions in their will or to their heirs if there isn\u2019t a will.<\/p>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/section>\n","protected":false},"author":2,"featured_media":1215,"parent":0,"menu_order":5,"template":"","acf":[],"yoast_head":"\nMaintenance & Costs - Ko Homes Pty Ltd<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ko.homes\/faq\/maintenance-costs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Maintenance & Costs - Ko Homes Pty Ltd\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ko.homes\/faq\/maintenance-costs\/\" \/>\n<meta property=\"og:site_name\" content=\"Ko Homes Pty Ltd\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-09T00:49:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ko.homes\/wp-content\/uploads\/2022\/08\/Image-6-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1920\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ko.homes\/faq\/maintenance-costs\/\",\"url\":\"https:\/\/ko.homes\/faq\/maintenance-costs\/\",\"name\":\"Maintenance & Costs - 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