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:

Negligent property manager?

We hired a professional rental management company for our property while overseas for 15 months. We decided to rent partly furnished and decided to sell our property on our return to NZ. The tenant left two weeks after being offered the property and advised of sale. The agency returned the full bond on final inspection, but we have since found that our furniture was damaged/ vandalised and there was slight property damage that was not fixed properly.

We've expressed our concerns to the agent. But we have been told that we would have no leg to stand on if went to the Disputes Tribunal as the house was clean and tidy on their inspection - just the usual wear. However, we've asked for full detail reports and photos and still have not received them and we are being ignored via all correspondence.

Is there a legal right to dispute the agency was negligent in their management of our personal property. The agent keeps siding with the tenant (an ex-agent herself) - although we hired them and payed their fees to care for our belongings? 

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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:

Loan movements

I purchased an investment property 12 months ago and paid 50% as a deposit. I have now sold an overseas property and bought a house for myself, which is also mortgaged 50%. I want to move the loan on my house to the investment property, which the bank is willing to do.

However, when I asked my accountant if I could claim on this additional mortgage on the investment property he said I couldn't as I didn't need it when I first bought the property. This seems to go against everything I have read in this forum and in books. Is he misinformed?

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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:

Rental income tax

I have recently bought a home and income property as a first home owner. It has two separate dwellings on the title. I stay in one and rent out the other to help to pay my mortgage. It has a seperate power and water meter. Do I still need to pay tax for the rental income? If so, how do I pay it please? 

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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:

Transferring tenancies

We are just in the final stages of purchasing a property. We are buying the property tenanted.

With four individual units each on a periodic tenancy agreement, I was wondering how the transfer process works?

When do I let them know our bank account details: does this happen before settlement? I'm assuming this would all take place before settlement? Is it something we do or our solicitors?

Along with the landlord transfer form, do they need to fill out another periodic agreement with ourselves as the new landlords?

If I want to put the rent up as a new landlord, is it the standard 60 days written notice and is this done all tenancy transfer or better left to a later date?

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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:

Roof share

We own the top story unit of a two story of a two unit block. The roof needs renewing. Does the owner of the lower unit have any obligation to contribute to the cost? To me, it seems that they share the roof..?

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Insurance
Ask Myles Noble from Crombie Lockwood questions relating to insurance

Last answered question:

Commercial insurance

We have just bought a commercial property (first one) and have organised and billed the tenant for the building insurance. They've come back and said they already have insurance with another provider. Is it normal for the tenant to have this insurance? Seems a bit strange that we wouldn't hold the policy. Thanks

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