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 22 years.
Last answered question:
Boarding house owner obligations
What items must the landlord of a boarding house provide to the minimum six residents? Toilet tissue, light bulbs, smoke alarm batteries, dish washing liquid? What does the resident provide? I know about the main things, like furniture, but what about the little things?
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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:
Bank LVR application
When you are refinancing a property (either an owner occupier property or an investment property) will the bank apply the LVR ratio against the original purchase price or against the current value? For example: I purchased a place in 2010 for $300,000 and currently owe $250,000. The property is now valued at around $650,000.
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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:
GST on mixed purchase
This relates to the treatment of GST on a mixed residential/commercial purchase. What is the position if I purchase such a property from a GST registered vendor, with I myself being GST registered?
The property has a restaurant and a two bedroom residential apartment. They are both leased to the same entity (the restaurant). I would be leasing the property to that GST registered entity.
Is it safe to assume then that there is no GST payable on the entire purchase and that I charge and recover GST on the OPEX? Is it up to the leasee to make any apportionment if the GST cannot be claimed as part of the OPEX?
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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:
Repairs & rent reductions
Our tenants moved in in July. There was a dampness in a room due to leakage in the shower. A plumber fixed the leakage in front of the tenants at the time they moved in. We provided a dehumidfier but the tenants hardly use it so that their power bill doesn't get too high. On the weekend my husband went to access the dampness. He found the dehumidifier was off and the dampness was still there. He dried it a bit.
Now the tenants have demanded that we reduce the rent. Last week I went and completely dried the carpet. Shortly afterwards, my husband went to check and found dampness again. We notified the tenants that the plumber would come on Sunday. They said they wouldn't pay rent until it was fixed.So I gave them three weeks notice and they said we used them and they will only leave when they find another space. Is this acceptable?
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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:
Investing in Queensland
I am looking at investing in Queensland. I am new to this but I am wondering: can I set up a loan in Australia or do I need to get a loan from a New Zealand bank? Also, can you help me around some information about stamp duty in Queensland when purchasing property.
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Insurance
Ask Myles Noble from Crombie Lockwood questions relating to insurance
Last answered question:
Sub-let carpet worry
I sublet a room in a shared flat last year. In the dining room a friend dropped a tiny splash of coffee on the carpet. Unfortunately, in our attempt to clean it up the carpet developed a huge yellow circle a lot bigger than the original stain. We attempted to clean it several times before discovering online that with old carpets the underlay seeps up into the carpet when you put water on it and stains it.
I moved out and a few months later the other flatmates from the actual lease have also moved out, so the landlord is coming for an inspection. In regards to the carpet, who pays? Would it be covered by his insurance? If not, as he needs to re-carpet the whole house anyway, do I still pay a percentage? Also this landlord never fixed anything during my time there despite us telling him about stuff. They still have my bond.
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