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 30 years.

Last answered question:

Bond dispute

We recently moved out of a property that we were renting. Prior to moving, we did a walk-through and inspection with the owner. The owner and I signed the bond forms completely and the owner did not have any concerns during the walk-through.

However, when the refund came, only $320.00 was refunded and $1,000 was in dispute. I learned that the owner had made some changes on the form without informing us. Now she's claiming a lot of damages and repairs against our bond.

She has my number and email address but went ahead. I have a photocopy of the original form that we signed. Can I still claim the remaining bond? It seems that she just waited for us to leave New Zealand before submitting the tampered forms.

 

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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:

Joint venture options

I am keen to buy an investment property. I have about $50,000 for a deposit and earn a decent salary. But I think that rather than waiting to save more of a deposit it might be a good idea to look into investing in a joint venture. Do you think that joint ventures are a good idea? What would be your advice and recommendations when it comes to joint ventures?

 

 

 

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Apartments
Ask Aaron Tunstall, owner of Impression Real Estate, questions relating to apartments.

Aaron Tunstall is the owner of Impression Real Estate, specialising in sales, building and property management. Impression has been awarded property management company of the year three times.

Last answered question:

Apartment repair tangle

I own one apartment in a block of 12 and we are a cross-lease situation. We do not have a body corp. We pay a small monthly fee to cover the building insurance and lawn garden maintenance. We have no official property manager and things have ticked over nicely for the last 20 years. But now we are well overdue for repaint and repairs. It has never been done before because it is almost impossible to get everyone to agree on what needs to be done, who is to do it and how the money will be raised.

My question is what repairs should be a shared cost – eg: the roof or the ends of buildings? Any suggestions on how to get agreement and move forward would be welcome. We have three quotes for repairs and repainting but getting agreement is another story. There are a couple of tricky people who refuse to engage in discussion.

 

 

 

 

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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:

Cross border tax matters

I am a New Zealand citizen but worked in Australia from 2008-2010. During my stay there, I bought a property where I lived with my family. My circumstances changed and I moved to New Zealand in 2011. Since then, I have been earning and filing my IRD return in New Zealand. I am also filling ATO Tax return and accumulating my rental loss in Australian property. My property is mortgaged with ANZ in Australia. I have not included my property details, mortgage repayment, legal cost etc in my New Zealand tax returns since 2011.

My question is - is it possible to claim my Australian rental loss (which comes to about $60,000 from the last seven years) in this year's tax return? Or do I have to go back to IRD and amend my annual tax returns since 2011? Do I have to show Australian investment at all to the New Zealand IRD? I have heard that from August 2018, the information will be shared by the two countries. I just want to know what my rights are and if I am doing the right thing. On the other hand, I would prefer not pay tax for my Australian rental loss.

 

 

 

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Tax/GST/LTC
Ask Matthew Gilligan, managing director of Gilligan Rowe + Associates, questions relating to tax, trusts and finance.

Matthew heads GRA's specialist property and asset planning division. He helps clients create optimal tax structures and build wealth through property. He has an extensive buy-to-hold property portfolio, is currently involved in over a dozen developments, and is author of two books - Property 101 and Tax Structures 101.

Last answered question:

Cross border tax matters

I am a New Zealand citizen but worked in Australia from 2008-2010. During my stay there, I bought a property where I lived with my family. My circumstances changed and I moved to New Zealand in 2011. Since then, I have been earning and filing my IRD return in New Zealand. I am also filling ATO Tax return and accumulating my rental loss in Australian property. My property is mortgaged with ANZ in Australia. I have not included my property details, mortgage repayment, legal cost etc in my New Zealand tax returns since 2011.

My question is - is it possible to claim my Australian rental loss (which comes to about $60,000 from the last seven years) in this year's tax return? Or do I have to go back to IRD and amend my annual tax returns since 2011? Do I have to show Australian investment at all to the New Zealand IRD? I have heard that from August 2018, the information will be shared by the two countries. I just want to know what my rights are and if I am doing the right thing. On the other hand, I would prefer not pay tax for my Australian rental loss.

 

 

 

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Tenancy
Ask Jennifer Sykes, 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:

Fixed tenancy sale problem

We are looking at purchasing a property which currently has a two year fixed term rental agreement. If we purchase the property we would like to live in it as it will be our only property. The tenant is asking for $30,000 compensation to end the contract early so we can move in. Is this excessive? The tenant is only four months into the contract, but the owner needs to sell up due to financial hardship and so obviously isn’t in the position to assist with the $30,000 compensation.

 

 

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