Propertyscouts New Plymouth

Fortnightly Landlord Newsletter - 6th Oct 2017

Election 2017 update:  Only a very brave man or woman would predict what the leader of NZ First is going to do once all the special votes have been counted. On the one hand we know that there is bad blood between Winston Peters and the National party.  Whereas, if he opts to form a Government with Labour he will have to work with the Greens and the various policies they have. Most Landlords would be right to be concerned about any Government featuring the Labour and Green parties, and if you add NZ First to the mix then the news doesn’t  get any better for your average hard-working landlord. Changes proposed by these parties include a ban on residential property sales to foreign buyers, changes to the Reserve Bank, a crackdown on speculators which may see an extension of the bright line test from two to five years, introduction of a capital gains tax, increasing landlord notice periods to 90 days, limiting rent increases to once a year and abolishing letting fees. And if the Greens get their way we will see the introduction of rental property warrants of fitness and a requirement for landlords to put aside a maintenance bond to fund repairs and maintenance. Watch this space and let’s hope common sense prevails – whatever the outcome.        

House sales down:  According to the Real Estate Institute of NZ house sales were down by 20% year on year in August. BNZ economist Tony Alexander went as far as sending a message out to Real Estate agents –start looking for a new job. Local agents we deal with are a little more upbeat however, and expect that once the uncertainty of the election is behind us and the warmer weather kicks in they expect to see a lot more properties coming onto the market. They’ll be hoping they are right and that Tony Alexander is wrong.   

Residential syndicate groups:  We are interested in exploring the level of interest from landlords in the syndicated purchasing of residential rental properties. The basic principal behind this idea is that landlords would register their interest in being part of a syndicate and the level of financial input they could contribute. We would then help put them in touch with other like minded landlords and help find appropriate investment properties in various locations across the country. This is a service we are now confident we can offer given the wide spread of Propertyscouts franchises we have across the country. If this concept interests you then please respond in the first instance by email and we will send you further information on the concept. 

FAQ:

Q:  If tenants have pets can, I state in the tenancy agreement that they have the carpets professionally cleaned at the end of the tenancy?

A:  No. The Tenancy Tribunal has previously ruled that you cannot ‘predict’ what the state of the carpets will be at the end of the tenancy. If the carpets are not reasonably clean when the tenant vacates then it is deemed reasonable for the tenant to pay to have the carpets cleaned.

Renter's education course:  A renter's education course has been rolled out as a trial programme in Hawkes Bay. The course teachers first time renters about their responsibilities in renting a property, including cleaning, keeping the property dry and warm and where to get advice when they need it during the tenancy.  The course includes teaching them about reporting maintenance to landlords and not having to put up with maintenance issues which is not undertaken by landlords.  Here at Propertyscouts we cover off all this sort of information with tenants during our ‘tenant induction’ process.

Next Disbursement:  Monday 16 October 2017.   

Disclaimer: Given the opinions expressed in parts of this message it's important that we make it clear that the contents of this email are opinions and observations and made in good faith. We suggest that in all cases independent legal and financial advice is sought.

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