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Would Your Investment Pass the Proposed WOF for Rental Properties?
As part of the government’s proposed budget, introduction to rental WOF’s has been on the agenda. Although the proposal is only directed at state housing, it may only be a matter of time before the these WOF’s are introduced to private rental properties as well.
The checklist which will be used by assessors is certainly a work in progress and it’s been suggested based on the current checklist that 90% of homes would fail a WOF. But no need for panic at this stage, this will be developed and improved after further trials to ensure that any checklist and methodology is practical for assessors and landlords to comply with.
You may feel this is an unnecessary step for the industry and you may be correct if you have a property that is well kept but for those properties that are substandard, this could help ensure all homes are suitable for living and might bring some wayward landlords back into line. If there is a minimum standard for all rental properties to meet, it can only improve the rentability and overall value of the homes. Imagine having the choice of quality tenants who are prepared to pay good money for your property if you could offer, safe homes that are insulated, dry, mould free and have basic safety features like smoke alarms and legal hand rails.
Would your property pass and if not, are you prepared to take steps to get it to the required standard?
Keep checking www.dbh.govt.nz for more developments on this topic or feel free to contact me to discuss further.
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Under the programme you may be eligible for funding of 80% towards costs of insulation for your rental property and, in selected areas with the support of local community trusts, this may be topped up to a 90% subsidy.
If your property:
- was built before 2000 and
- your tenant has a Community Services Card and
- at least one occupant is under 17 years, over 65 years or has verifiable health needs
Then you (the landlord) may be eligible to receive ENERGYWISE™ funding of 80% towards the cost of the property's insulation.
If your tenants are not eligible you can still get a 33% subsidy for your rental properties through Smart Energy Solutions.
See more at: http://smartenergysolutions.co.nz/page/insulation-products-installation-funding-for-landlords#sthash.SWCrwTgx.dpuf
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Interesting Tales from the Tenancy Tribunal
Breaches of the tenancy agreement discovered during inspections
A landlord claimed compensation because three people were residing at the tenancy address when the tenancy agreement stated only two were allowed. The third occupant was the tenants’ teenage child.
The tenant said the landlord had visited the premises at least ten times during the tenancy and that the child’s belongings were always present. They said it was well known by neighbours that their teenager lived at the premises.
The landlord claimed compensation at a rate of $20 a week for the term of the tenancy, believing the child’s presence had caused increased wear and tear on the premises and increased his insurance and water costs. The landlord could not quantify how he reached the $20 figure and told the Tenancy Tribunal that a person should not be able to live in his house for free.
The Tenancy Tribunal dismissed the claim for compensation because the landlord was unable to show any consequences of the breach.
The adjudicator noted it was unfair that a landlord should be able to claim additional rent after the tenancy for a breach that a reasonable person should have been able to deduce for themselves in the frequent visits they had made to the premises. If the landlord had noticed the breach he could have advised the tenants of the consequences of it so they might have mitigated the losses and compensation he then claimed.
This is an excellent example of how important it is to deal with any tenancy issues as soon as it’s discovered. At AAPM we address breaches promptly to minimise issues that may arise in the future. Our aim is to mitigate any potential loss for owners and landlords and reduce stress for all parties involved.
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What's New at All About property Management?
We’ve been taking some great steps to promote our business and get our name out there. If you haven’t already seen us driving around, here’s our mobile advert!
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Special Offer to our Clients
- Tenant Practice Services Ltd has developed a product called Bond Extend which is exclusive to property managers
- Did you know 95% of debts over $5000 are when Landlords manage properties themselves rather than when managed by property managers
- For only $250rrp per year, Bond Extend will buy any debt balance stated on a Tenancy Tribunal Order and they offer a 48 hour payout guarantee with a limit of $5000 after the tenants bond has been used against the order
For more information please visit www.bondextend.co.nz or contact All About Property Management to find out more.
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Recent Market Statistics
Average prices from 1/2/14 to 31/7/14
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