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.

To ask a question, you will need to be a registered member (it's free).

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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:

Tenant reno arrangements

I am looking to start renovation of a dated property.

This will involve a complete renovation of the kitchen (possibly removing a structural wall). It may also involve renovation of the laundry and bathrooms. Realistically the house will not be liveable during this time. I have existing tenants who are very good and I do not want them moving out.

What are my responsibilities/obligations to them while the house is being renovated - eg: do I have to pay for there accommodation elsewhere or do they not pay rent during this time?

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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:

Legal transfer service

Is it wise to use the free legal transfer service offered by Kiwibank when refinancing (rather than paying for your own conveyancing)?

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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 Nick Ashford of Withers Tsang & Co questions relating to Tax and Asset Structures

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

Last answered question:

No loss deductions

I have two leasehold apartments within the Auckland CBD (relatively low value, $40-50k range). These were purchased purely for rental. During the course of my four year ownership, there have been ground rent reviews for each of these, which have resulted in a 2-3x rise in rent.

I have been told by the real estate agents that the expected price would be significant lower than what I paid for, sustaining a capital loss. Would I be able to claim back capital loss on sale of these apartments?

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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:

Using rental home for business

My tenant has started a chiropractic business in the property he rents from me.

He never discussed this with me and I prefer that it would not be done, but I did not specifically prohibit such activity in our tenancy agreement.

Do I have a right to request that my property not be used this way? Would I be liable for damages if his patient were injured by his activity?

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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:

Sell or hold?

My wife and I are in our early 40s. We only own a three bedroom home in Queenstown. We have around $145,000 left on the mortgage and approximately $450,000 of equity valued by the bank on the property. Homes similar to ours in the immediate area are selling for $850,000. We have a very large section which we plan to add a two bedroom rental on to shortly in order to increase equity and provide income.

District plan changes are set to allow us to subdivide the section in two to three years. This could mean the two bedroom rental is part of a separate title.We could possibly get three to four other titles on the section. We are mid to low income earners and will mostly have our equity to work with on the larger part.

Potentially, we can see more land becoming available around the time that the district plan is approved. This could mean more supply, and less demand, which could drop the value of our only asset. Would you suggest getting the best price now and going mortgage free or holding?

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Insurance
Ask Myles Noble from Crombie Lockwood questions relating to insurance

Last answered question:

Insurance confusion

I work as a lawn mowing contractor and I have Public Liability Insurance. I mow a lot of rental properties. I broke a $1000 window at a rental property the other day while line trimming (just an accident - no negligence)and I thought I would be covered by my insurance.

But my insurance company informed me my insurance would not cover this as it was the owners responsibility. They cited the Holler vs Osaki case. Tenancy Services also said it was the owners responsibility, citing the same case. The property management company disagrees with this and said I am liable as I am a contractor and my insurer needs to come to the party. Who is correct?

 

 

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