Nor'West News: October 07, 2021

12 Thursday October 7 2021
Latest Canterbury news at starnews.co.nz
NOR’WEST NEWS
RAY WHITE PAPANUI NEWS
A ‘selling your home’ checklist
Selling a home can be a full-on
experience. We grow attached to our
homes and it can be hard to move
on from them, especially if it’s our
first home. We sell for any number of
reasons but, no matter, the same things
need to be considered before you start
the process.
Preparing your home:
You will need to get the property up
to scratch and looking as attractive
as possible to prospective buyers. For
some, this will mean finally finishing
that project, working on repairs,
decluttering and cleaning. Speak to a
property expert if you are considering
any expensive alterations to make sure
it’s worth the cost.
Repair History:
If your property has had insurance or
EQC repairs then this documentation
including evidence of completion of
works needs to be complied for the
sale, if you can’t find this information
then you can call EQC 0800 326 243
and ask for them to send the file for
your property out, note this can take
up to 20 working days to arrive.
Find a salesperson (agent):
Contact a few experienced local real
estate salespeople (agents) and set up
interviews. Potential salespeople will
evaluate your property and give you a
comparative market analysis. Once you
Tax changes are here!
find your salesperson, you will sign a
contract stating any commissions due,
length of the agreement, marketing
costs and the estimated sale cost.
Making more important decisions:
Next work with your salesperson to
decide how you want to sell (auction,
deadline sale, price etc), types and
costs of listings and advertising, open
home schedules and if you will issue a
price guide or ask for offers.
Contracts:
Your salesperson will draw up
the contract of sale, which should
include all details of the owners,
title, conditions of the sale, what is
included in the chattels (for example,
oven) as well as settlement date, legal
description and any tenancy details if
relevant.
Going to market:
The length of time your home will be
on the market depends on how you
choose to sell. For an auction, it’s about
four weeks, a price or by negotiation
method is often longer. This is the time
your home will be open for inspections.
It will take some effort to keep the
house tidy for that time.
Your salesperson will be responsible
for negotiating with potential buyers
to get the best price for you. Once it
has been sold, the buyer usually pays a
deposit at this point.
The last step is settlement day. This
is when you give the keys over to the
new owners and vacate the property
in exchange for the full agreed-upon
amount. Congratulations on your sale!
To discuss your map to a successful
sale, get in contact with one of the
team here at Ray White Papanui. We
look forward to working with you.
Vanessa Golightly,
Business Owner
and Licensee Agent
Ray White Papanui
027 664 9292
Vanessa Golightly
Licensee Agent &
Business Owner
027 664 9292
Stuart Morris
Licensee Agent
& Auctioneer
027 422 6395
Katrina Green
Operations Manager
Property Management
027 606 0030
Claire Morris
Licensee Agent &
Business Owner
027 662 4822
Ben McNab
Licensee Salesperson
& Auctioneer
027 427 7232
Tracy Thomson
Licensee Salesperson
027 440 3035
New tax laws for landlords came into
effect from 1st October and while the
Government first announced these
changes in March, we have had to wait
until just days prior to the changes
taking effect to find out more details.
One of the big questions a lot of
investors had was “What defines a
new build?” and “How long would it be
classified as a new build?” This concern
was generated as new builds have
been made exempt from one of the big
changes, where you are no longer able
to claim interest on your mortgage as
a cost to off-set against the income,
which will likely result, for most
landlords in a higher cost to run their
rental property.
We now know that the Government
has said that a new build will come
under this exemption for 20 years from
the change. This will apply for any new
build which had its Code of Compliance
issued on or after 27th March 2020.
Feature Properties
The other good news is that this
exemption will be transferable from
one owner to the next during the 20
year period, which also answers a lot of
questions landlords had.
Tax specialists are however advising
that the rules are very complex and
they recommend that independent
expert advice is sought to ensure
landlords understand the tax
implications according to their own
personal circumstances.
The Government has also said that
more generous exemptions could apply
to purpose-built rentals, commonly
known as build-to-rent rentals, so I
guess we need to wait and see what
this looks like.
So where does this leave the landlord
who owns an older rental property, and
ultimately how is this going to affect
the rental stock in New Zealand? Most
of us working closely with landlords
who own, and tenants who live in, these
properties are nervous that we will see
a shortage of mid-priced rental stock,
with investors either changing over to
new builds or selling up and getting out
of the game completely.
As each part of the tax changes take
effect the costs to landlords will
increase, making it impossible not to
increase rents to continue making
the ownership viable. In my opinion,
and from what I am already seeing
in the market, these tax changes
will not assist most of our tenants
unfortunately and could ultimately
backfire on assisting tenants to be in
homes for life. But – we will have to
wait and see!
Just Sold
Katrina Green,
Operations Manager
Property Management
027 606 0030
Richie Eggelton
Licensee Salesperson
021 089 65594
Hasna Ngara
Licensee Salesperson
021 262 4943
Olivia Hendry
Executive Assistant
Maria Paterson
Licensee Salesperson
027 543 4689
Jana Schleehauf
Licensee Salesperson
022 090 1227
Georgia Tuuta
Executive Assistant
Estelle Schuurman
Property Manager
Joy Coughlan
Mortgage Broker
027 223 3572
22 Kendal Avenue, Burnside
Vanessa Golightly & Maria Paterson
25 Gleneagles Terrace, Fendalton
Tracy Thomson & Hansa Ngara
160 Richardson Terrace, Woolston
Vanessa Golightly & Maria Paterson
Level 1, 7 Winston Avenue, Papanui
Phone (03) 352 0567 | rwpapanui.co.nz | /RayWhitePapanui Morris & Co Limited | Licenced REAA 2008