IS YOUR INVESTMENT PROPERTY INSURED?

Just recently, a major amendment to the Residential Tenancies Act 1986 was announced stating that insurance details from landlords will need to be stated on future Tenancy Agreements. This is just one of the many legislative updates announced this year alongside the Healthy Homes Standards.  Our team is working to ensure that all landlords/owners are aware and where necessary will help organise the required information for all new tenancies.  
 

New laws for careless damage

New tenancy legislation was passed on 24 July 2019 which will affect landlords and tenants in a number of ways. Landlords and tenants will both benefit from a Bill that clears up liability for careless damage to a rental property.

“This Bill makes practical changes to the Residential Tenancies Act 1986 to help ensure our tenancy laws better reflect responsibility for careless damage of rental properties,” Associate Minister of Housing Kris Faafoi said. “These changes will provide greater certainty to landlords, minimise cost and risk, and ensure tenants have the right information when deciding if they will rent a property,” said Kris Faafoi.

Landlords will need to provide insurance information in any new tenancy agreement, including whether the property is insured and if so, what the excess amount is. The statement in the tenancy agreement must also inform the tenant that a copy of the landlord’s insurance policy is available on request.
 

Unlawful Tenancies

The Bill also deals with unlawful residential properties, such as illegally converted garages or sleep-outs, by ensuring the rights and responsibilities under the Residential Tenancies Act are applied. The law for prosecuting landlords who tenant unsuitable properties is also strengthened under this Bill.

“We are improving our tenancy laws so that tenants and landlords are protected and can have clear expectations before going into a tenancy… through this Bill, we are committed to making sure that tenants are living in safe homes while also making sure properties are not being vacated when the risk is low.” Kris Faafoi said.

These changes are scheduled to take effect on 27 August 2019. We will be working with you to ensure deadlines are met.

Read the full media release on the Parliament website: https://www.beehive.govt.nz/release/new-laws-careless-tenant-damage-unlawful-tenancies-and-contamination

Heating & Insulation Update

This is a timely reminder to the very few investors that have not yet insulated their properties that compliance to the Healthy Homes Bill is part of your responsibilities as a landlord and we will not manage your apartment if it does not meet the requirements.

Heating is the other major requirement that is also part of the Healthy Homes Bill. MBIE Tenancy Services outlines the need for providing heating in the living room as it’s stipulated in the 1947 Housing Improvement Regulations and its amendments – this requirement is taken seriously at Tenancy Tribunal and there have already been quite a number of fines. 
See articles here:  https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12256232
https://www.stuff.co.nz/business/117482293/landlords-fined-after-rental-property-was-so-bad-it-has-to-be-pulled-down 
https://christchurchrentalproperties.co.nz/news/landlords-fined-for-breaching-new-insulation-laws

As a property management company we are here to help you navigate and adhere to the latest regulations the best way possible that does not cost the earth. Don't hesitate to contact us if you want to discuss your insulation or heating options so we can help you reduce your risk of not being compliant.

Retrofit - Financial Assistance

Find out about the Retrofit Your Home financial assistance to help with the costs of these improvements.

See the Ministry of Housing and Urban Development website for more information about the Healthy Homes Standards and how to comply with them.

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Need a Heat Pump or two?

If you are looking at installing a heat pump into your property we have a great contact for you.  They are quick, reliable and very reasonably priced and come with a 6 year warranty.  If you would like their contact please click this link.