Buying and renting out an investment property is a big decision. It may appear straight forward on the surface, but there are many factors to consider:
Here are some points about what a landlord must and must not do.
The landlord must have insurance for the property (the physical buildings and the section) against fire, storm, flood, damage from burglary, etc, if they want it protected against loss.
To ensure coverage it is vital that you advise the insurance company that the property is tenanted. Check that your policy covers chattels, e.g., carpets and curtains.
We also recommend that landlords take some form of property and income protection insurance.
This is an additional insurance taken out by a landlord to cover:
Both the tenant and the landlord have responsibilities and obligations when it comes to repairs and maintenance which both parties should be aware of. After all, it is in both parties’ interests to have the property repaired promptly to prevent further damage and discomfort.
If tenants discover damage or maintenance that needs to be undertaken then they should inform the landlord as soon as possible. If the damage is serious or is likely to cause harm to someone and the tenants have been unable to contact the landlord after making every effort to do so, then the tenants may have the repairs done and ask the landlord to reimburse them (this applies to health and safety issues only). However, if the repairs are not of an urgent nature then the tenants must inform the landlord and ask them to fix it.
If the tenants have asked a landlord to make specific non-urgent repairs and the landlord has not done so in a reasonable amount of time, then the tenants have other actions they can take, such as serving the landlord with a Fourteen Working Day Letter asking for the work to be done. In such situations, it is recommended that the tenant contact Tenancy Services to ensure that they follow the correct procedures.
On some occasions, the landlord may discover damage that has been caused by the tenant. In these cases, the landlord should issue the tenant with a Fourteen Working Day Notice, which will give the tenant two weeks to fix the problem.
If these obligations are fulfilled it is advantageous to both parties. The tenant will have a safe, comfortable place in which to live and the landlord will maintain an investment that will continue to give good returns.
Click on the link below to access our maintenance request form in PDF format for you to download, print, and complete.
Maintenance request form
The Tenancy Tribunal is a special court set up to deal with unresolved problems between landlords and tenants which they have been unable to settle themselves.
A Tenancy Tribunal case normally takes place only after mediation between the parties has been attempted and the parties have been unsuccessful at reaching a resolution.
A tenancy adjudicator oversees the case and makes a decision, which is legally binding on both parties.
The adjudicator listens to both parties, any witnesses and evidence that either party feels is important and makes a decision based on this information and any provisions in the Residential Tenancies Act.
For more information, visit the Ministry of Housing website.
When you are a real estate investor what you don’t want is to encounter the day-to-day issues of property management. Our Lochore’s property management service can remove the day to day stress and hassles for you.
Find out more about our services
To enable us to provide you with a complimentary rental assessment of the rental value of your property in the current market, please provide us with the information requested by completing the property appraisal form above (under the photo)
If you are considering renting your property, we can advise and find a tenant for you. Complete the casual letting form above (under the photo)
Download a copy of our Property Management Authority form
As an investment property owner, you want to know that your property is being managed by a team of professional, ethical and caring people. This is what Lochore’s strives to achieve for all of our investment property owners (landlords). We can offer you a personalised service, from purchase through to finding a quality tenant who will treat your property as their home.
Tenants, investors, landlords receive our total commitment and capable understanding of all the rules and regulations that must be adhered to in this business. We are constantly striving for higher standards in order to provide you the finest property management service available on the North Shore. In summary, we treat your property as if it were our own.