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:

Deductibility of break fees

Are mortgage break fees on the sale of a rental property deductible?

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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:

Structuring subdivision build

I currently have a rental property in Gisborne which is on land sub-dividable 1HA. I purchased it using the equity in my Auckland house. I plan to subdivide the Gisborne property and build eight houses on the new sections over the next three years. I then plan to rent the new builds out, rather than sell them. To do this, I would like to get a one-off revolving loan of $400,000. What is the best way to do this? My current loans are fixed till April 2018 at the same bank.

 

 

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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:

Subdivision tax considerations

I bought my family home in Auckland three years ago. Under the new Unitary Plan I would like to build three houses on the 700 m2 section. My intention is to keep one house for myself and sell the other two properties. Would I be paying tax on the profit I make by selling the other two properties?

 

 

 

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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:

Leaving unsafe rental

We signed a six month tenancy agreement, but the flat was broken into a week later and we have since moved out as we do not feel safe. The landlord has advised us that he will try to find someone to take over our tenancy and we will continue to pay rent until someone new takes over.

The burglars were able to kick down the front door, which could probably be done again. Also, one of the windows is not secure. We flagged this to the landlord the first week we moved in, but it has not been fixed. The landlord has fitted an alarm since we moved out.

What are our options regarding ending our tenancy agreement and bond? Do they differ from the normal tenancy rules as the flat does not feel like a safe and secure environment for us or our possessions?

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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:

Shared fence issues

My property adjoins a shared driveway leading to four properties. The fence between my property and the shared driveway needs repair, and I believe that in accordance with the Fencing Act, the costs of repair may be shared. My question is in what proportion should these costs be shared - considering the multiple nature of the shared ownership of the driveway?

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Insurance
Ask Myles Noble from Crombie Lockwood questions relating to insurance

Last answered question:

Meth damage claim confusion

I discovered my rental property abandoned when I went to do a planned inspection. The house was damaged, furniture and belongings had been left behind, and testing showed meth contamination above Ministry of Health guidelines.

I have landlord insurance, but my insurance company declined my claim for decontamination. They say the levels show it wasn't a lab and that only smoking occurred - therefore the damage was gradual, not sudden or accidental. They said they would accept the claim if meth was manufactured.

Now they are saying we have to decontaminate the property ourselves. How is this fair? We have paid insurance premiums with the belief that if this ever happened we would be covered.

 

 

 

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