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Selwyn Times: March 21, 2017

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2<br />

SELWYN TIMES [Edition datE]<br />

Latest Christchurch news at www. .kiwi<br />

Tuesday <strong>March</strong> <strong>21</strong> <strong>2017</strong> 47<br />

Your guide to Show Homes & New Sections<br />

in the <strong>Selwyn</strong> District<br />

Residential<br />

Investment<br />

Properties<br />

Renting out a home or investment<br />

property has become more complex with<br />

more legislative and insurer requirements<br />

and the potential for issues that were once<br />

never a factor.<br />

Insurance companies have certain<br />

requirements for rental properties so from<br />

the outset, inform your insurer that the<br />

property will be rented. Take out landlord’s<br />

house and chattels cover then read<br />

your policy and contact your insurance<br />

company if you have a concern, to avoid<br />

the potential for a claim not to be paid out.<br />

Insurers often want to be informed when<br />

a house is vacant for a period of time and<br />

require landlords to carry out regular<br />

inspections to ensure the property is being<br />

looked after. Record inspections showing<br />

dates and any problems, along with how<br />

these were addressed.<br />

Landlords have responsibilities in<br />

relation to the law as well. The Residential<br />

Tenancy Act requires tenanted properties<br />

to have operable smoke alarms and<br />

insulation will be compulsory in all rentals<br />

from 1 July 2019.<br />

Smoke alarms must be in place and<br />

operational. If a new house or it has never<br />

had smoke alarms, long-life photoelectric<br />

alarms with a battery life of at least eight<br />

years or<br />

hardwired in<br />

smoke alarms<br />

must be fitted.<br />

Batteries must<br />

be replaced in<br />

existing alarms<br />

as per the<br />

manufacturer’s<br />

A long-life<br />

photoelectric alarm.<br />

dates, and<br />

when the<br />

alarm expires<br />

or stops working, it must be replaced with<br />

a photoelectric or hardwired alarm. There<br />

are also stipulations in relation to the<br />

number of smoke alarms for a rental and<br />

the positioning of these.<br />

Tenants also have a responsibility not<br />

to remove or disarm a smoke alarm and<br />

to replace batteries in older systems when<br />

needed or inform their landlord/property<br />

manager that a smoke alarm is not<br />

working in other cases. Failing to comply<br />

with the law, could lead to a fine of up to<br />

$4,000 for landlords and up to $3,000 for<br />

tenants.<br />

Another concern for landlords that has<br />

been raised in the media in recent times is<br />

drug use and in particular the effects of ‘P’<br />

on a property. Many buyers of properties<br />

previously rented, are now requesting that<br />

a drug test is undertaken before the sale<br />

is confirmed. It is therefore a good idea to<br />

include a clause in the Tenancy Agreement<br />

to allow for the property to be drug tested<br />

from time to time.<br />

Not all ma and pa investors who manage<br />

their own rentals find it easy. They may not<br />

carry out quarterly property checks or find<br />

it embarrassing inspecting the house when<br />

tenants are living there. They may avoid<br />

bringing up issues which could adversely<br />

affect the property and its ultimate value,<br />

or forget to check that rent payments are<br />

made on time.<br />

For those who want an investment<br />

property but not the hassle a professional<br />

property manager would be contracted.<br />

They will find tenants, carry out property<br />

checks to ensure the property is being<br />

looked after, and monitor rent payments,<br />

issuing notice to tenants if needed and<br />

overseeing repairs and maintenance of the<br />

property when required.<br />

Insurers require regular property inspections.<br />

Insurers often want to be informed when a house is vacant for a period of time.<br />

Many buyers of properties previously rented request a drug test is carried out.<br />

Brand New Prebbleton Show Home Open<br />

This Weekend: 72 Blakes Road, Prebbleton<br />

Open on Weekends from 12pm to 4pm<br />

Silver medal winner in Registered Master Builders 2016 House of the Year Awards<br />

Builders of superior homes.<br />

Built to last.<br />

Office & Show Home: 5 Broomleigh Drive,<br />

Faringdon, Rolleston<br />

New Show Home: 72 Blakes Road, Prebbleton<br />

Phone: 03 374 9172 or Rob: 0<strong>21</strong> 324 876<br />

E-mail - robin@artisanhomes.co.nz

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