Selwyn Times: March 21, 2017
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
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