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:

Managing insulation requirements

My property manager has gone ahead and had my property inspected for insulation requirements. They have emailed me a Statement of Insulation from an authorised provider. This fee will be passed on to me. The property is currently untenanted so a new tenancy will commence as soon as someone is found.

I never consented to this inspection or cost as I already knew the property met insulation and fire alarm requirements and informed the property manager accordingly. I also sent a copy of my property file from the council which states the level of insulation. Is it compulsory to have this Statement of Insulation provided by an authorised provider or can it be a personal statement from the landlord to be included in the new agreement?

 

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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:

Secondary occupiers under the LVRs

In the new LVR restriction wording it mentions that secondary occupiers are treated as ordinary owner occupiers.

What's to stop a current rental property owner either moving back in temporarily or leaving it empty after the next lease has expired (and treating it as a secondary residence for an interim period), topping up their loan up to the maximum 80% LVR (assume they are currently below 40% LVR), and then moving out again/re-renting and saying if asked that there had been a change in circumstances?

What checks in reality will the bank actually make in respect of this?

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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:

LTC share changes

Our rental properties are in a look through company (LTC)  company where my husband has 99% shares and I have 1% share holding. This is so we can write off any losses against my husband's income as he is the top wage earner.

However, my husband may stop working soon. This would make me the only income earner so it makes sense to for us to change the shares to me 99% and my husband to 1% . Can this be done ? Are there tax penalties for doing this ?

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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:

Chattel conditions

I rented out a furnished property. The tenant has complained constantly that the fridge makes a noise and wants me to buy a new one. It is a fridge that I have used for many years and it always served its purpose. She signed a year's lease, then after a month gave 90 days' notice. With less than a month before she vacates, an I obliged to replace the fridge?

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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:

Landlord liability

My question is about landlords' legal liability. My rental has a ceiling fan. What if the fan falls on the tenant resulting in death or injury? Am I liable and if I have landlord insurance is my liability limited to the amount of compensation as set out in the policy?

 

 

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