Free advice for Landlords - ask our property experts a question

Do you have a property investment question you want answered? The Ask an Expert section is a free service provided for property investors in conjunction with a panel of selected property experts.

Please note that questions should be of a general nature about property investing and your question and the subsequent answer may be published in the NZ Property Investor magazine. There is a limit of ONE question per submission. We will use our discretion whether questions are published and we reserve the right to paraphrase your comments for our experts.

Before you send in a question, please read the Ask an Expert archive thoroughly. There is a chance that your question may have been previously answered and it will be listed there.

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Property Management
Ask Bernard Parker from Quinovic Property Management questions relating to property panagement

Quinovic's outstanding people and systems provide the most professional, effective and reliable residential property management service in the NZ market for over 22 years.

Last answered question:

Warning vs privacy

A tenant left my property owing $4000 in unpaid rent and damages. That tenant has now found a new property and I have found out the address. How can I find out the name of the new landlord, so that I can warn them about this tenant?

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Finance & Strategy
Ask Kris Pederson, director of Kris Pederson Mortgages questions relating to Mortgages, Finance, and Strategy

Kris is a respected commentator on the property and finance markets in New Zealand and overseas. He spends his time working closely with his support team sourcing clients leading edge finance strategies.

Last answered question:

Accessing equity

I am looking at using equity for another home. My parents currently own a home valued at $600,000 and there is $98,000 left to pay. How do I go about applying or could you recommend a bank that is easy to deal with?

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Apartments
Ask Krister Samuel of Ray White City - Britomart questions relating to apartments investing

Krister is ranked in the top 1% of all real estate agents nationwide and specialises in the high yielding Auckland apartment market. He is happy to share insights and information on any aspect from an extensive knowledge base built up over a decade.

Last answered question:

Apartment insulation requirements

We moved into an apartment.

Before we moved in we weren't able to check the garage as the tenant showed us through and he wasn't very forth coming.

We took the place and I asked the property manager if it was possible to get the place insulated, as upon flat inspection, I noticed it wasn't.

He said he'd get back to me. (I put it in writing too.)

When the key hand over happened I asked again and he said the house isn't that cold. He was wrong. On our first night there it was freezing cold.

Is there any way to ensure this gets done? Surely a landlord would want to do this as an investment on their property and to ensure long term great tenants?

 

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Tax/GST/LTC
Ask Mark Withers, director of Withers Tsang & Co questions relating to Tax and Asset Structures

Mark Withers and his team at Withers Tsang & Co specialise in advising on property related transactions, valuation and restructure services and tax planning.

Last answered question:

Voluntary tax disclosures

We bought our first home in 2006 and rented it out in 2009. As a young couple who migrated to New Zealand from Asia, we were not very familiar with rental property tax liability so we sought advice. However the advice that was given to us was that we do not need to file a tax return as we do not gain income from our rental property.

I have only recently found out that this advice is incorrect. So I have done some calculations and also found out that we have been gaining minimal income ($1,000 annually) since 2013. I will file a tax return very soon but will I be penalized for not completing a tax return in the past years? Please advice.

 

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Tenancy
Ask Allan Galloway, Ministry of Business, Innovation and Employment questions relating to tenants and landlords

The Ministry of Business, Innovation & Employment provides information and guidance on building law and compliance, services including weathertight homes, and advice for tenants and landlords.

Last answered question:

Ending fixed-term tenancies

I, the main tenant, just found out that we've been getting noise control complaints that go back two years (although most have been this year). I gave my ex-criminal son permission to have parties with his friends in my garage to keep him away from trouble but I was never told that noise control have been around a few times. Equipment were never confiscated and the police apparently were never able to come around so it was just the council who did.

The council then went to the agent with the report and the agent rang my daughter and, rudely, had a go at her for it. They even sent unprofessional emails making things up that weren't on the council report. We then got a 14 day remedy notice. BUT, before 5 days were up, we were told that we have to leave before the (fixed) tenancy agreement is up or they'll take us to the Tribunal. They are threatening that if we don't move, all costs will be our responsibility.

Scared, my daughter gave three months from now without letting me know first. However, after speaking with my first born overseas, I feel we've been mistreated. What can we do?

 

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Property Advice
Ask Ron Hoy Fong, director of Ronovationz for questions relating to investment strategy and property advice

Ron loves to share his passion for property and his coaching course provides one-on-one mentoring and support that will empower you with tools, strategies and valuable insights so you can achieve investment success and become a property master.

Last answered question:

Newbie tactics

Would it be a good move to get a 20% home loan and then, after three months or so, convert it to an investment property? What would be the advantages or disadvantages? Or would it be worthwhile waiting to save up for the 30% investment property in Auckland? This will be my first property purchase. I haven't purchased my home yet as I prefer living in the city. I just want to save on initial costs as I'd rather spend it on renovation.

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Insurance
Ask Myles Noble from Crombie Lockwood questions relating to insurance

Last answered question:

Policy confusion

We have a rental property that was badly damaged in the Christchurch earthquakes. The tenants moved out to the sleepout and we claimed the full loss of rent for a year.

We had a lump sum policy that rolled over between the two earthquakes. There was major confusion with our policy and two years ago EQC and our insurer still believed that we were only entitled to one event claim, and there SOW's reporting show major complicity.

Our house is a two storey 1940 Villa that is not economical to repair. However, EQC say they can pay $240,000 one cap payment for September, then only $45,000 for February. Even though our insurer knows they have further liability they say they cant help unless EQC bring February up to cap.

As our policy rolled over and was increased we can, hopefully, claim the full amount again, as the house will be written off. My guestion is do we have a claim for continued loss of rent due to this EQC/insurer debacle? Can we claim loss of interest also?

 

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