Frequently Asked Questions
No. You only need to worry about yourself. Dransfield will be selling the other shares of the home. You can have as much or as little contact with the other owners as you please.
Yes. Dransfield will facilitate the exchange of weeks between the owners of your home.
You can sell your share in the home at any time, provided the buyer agrees to participate in Dransfield Shared Ownership. Your co-owners will have a first right of refusal if you wish to offer up your share for sale.
You can sell your share privately, through a real estate agent or through Dransfield Shared Ownership who will look to actively promote the secondary market.
There is no maximum number of shares that you can purchase.
During your allocated period of occupancy you can:
- Use the home yourself
- Allow family or friends to use the home
- Keep the homevacant
- Swap your allocated usage with co-owners by agreement
- If permitted rent out the home
To find out more about Shared Ownership @ Magenta Shores contact us on (02) 8234 6633 or email us.
Your house will be cleaned and maintained to a 5 star standard by the resort staff ofQuay West Magenta Shores.
Buying a share at Magenta Shores will allow you full access to all the resort's facilities.
Shared Ownership, or fractional ownership as it is sometimes referred to overseas, has been operating for some 20 years in the USA where it is a multi billion dollar industry. Shared ownership is also popular in many other destinations throughout Europe, Asia and South Africa. In Australia there are several other Shared Ownership products that have been launched in NSW and Qld.
Each owner will recieve an equitable allocation of weeks commensurate with the number of shares owned. A 1/6th share would typically allow you at least 8 weeks occupancy per year.
You will pay a share of the annual running costs in proportion to the number of shares that you own. Annual levies will be based on an estimate and reviewed each year. The levies will be payable quarterly in advance and cover the costs of:
- Cleaning and repairs
- Utilities
- Insurance
- Body Corporate
- Management Fees
- Golf Membership
- Scheduled maintenance
