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:

Turning bay concerns

We recently bought a rental that has a "turning bay" in addition to a carport. We know the tenants (who are remaining in place) use the turning bay as parking, and it would be impractical to stop them. Although I can't see any danger (it's essentially a retaining wall filled with gravel, which seems to be holding up fine), are we opening ourselves up to a risk that I haven't thought of? Should we put a sign up? Or would our inaction render a sign pointless from a legal point of view?

 

 

 

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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:

Switch to rental

I am planning to rent out my home while I travel for a few years. It is likely that I will continue to rent out the property when I get back, so the switch in use to becoming a rental property will be permanent.

The house has already increased in value significantly since I purchased it five years ago. Do I need to revalue the property before I start renting it out, or would I need to formally change the ownership structure to do that? If so, what would that involve?

As an alternative, should I consider selling my house and buying a new rental property? I'd like to avoid this as my house is in a good area with good rental potential.

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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:

Second hand goods rule

I purchased a zoned commercial, which had 3 flats and 3 commercial in 2016. The property was purchased from an unregistered person.

I did not claim GST on the purchase price, however i paid GST on the commercial rental, plus claimed on deductions for the commercial side.

The council deemed it all commercial, so i got rid of tenants and am now about to commence major renovations.

Can i now claim the full GST on the purchase price now that it will be commercially leased out and currently there are no tenants / leases in place.

My understanding is that i can claim under "second hand" goods rule /Sec 21FB(1)(b) of the GST Act?

 

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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:

Is landlord required to provide heating?

We have no heating or air conditioning in our commercial rental. Does our landlord have to supply this?

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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:

Maximising capital gains

We own a two bedroom unit in Auckland which we are living in. We purchased it in 2014 for $460,000 and then renovated it in late 2016. It is now valued at $700,000. We are wanting to maximise our capital gain as much as possible.

Do you recommend we use our equity to buy a rental and remain living in the unit or are we best to sell, find another do up, renovate and then sell it on? Ideally, we would like to move into a bigger house. However, from a property investment perspective, we want to make the most of the capital gains.

 

 

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Insurance
Ask Myles Noble from Crombie Lockwood questions relating to insurance

Last answered question:

Spa damage liability

We believe our tenant forgot to close the locks on the cover of the spa pool and heavy wind blew it away leaving two of the locks broken. It was in good condition when the tenant moved in and she signed the landlord checklist to state that nothing was wrong. But now she is saying that it was broken because of its age, weight, and sun damage.

I don’t have a photo of the spa as it was when she moved in. But I do have the council’s periodic inspection reports and they ensured the spa cover is secure and that the spa poses no danger for children.

Our tenant does not want to repair it because of the current law stating that if a landlord has insurance, the tenant does not have to pay for repair of damage nor the excess of insurance. The house is insured but its contents are not insured which means that the spa is also not insured. So does my tenant have to pay for the cover repair?

 

 

 

 

 

 

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