Own A Rental Property?

Riann Umaga-Marshall Odds & Ends, Uncategorized

Own a rental property?

 

The Government proposed changes to the Residential Tenancy Act with the aim of improving rental property standards and tenancy services

 

What do the new Residential Tenancy Act proposed changes mean for you?

 

SMOKE ALARMS FITTED

 

  • You will be responsible for fitting and maintaining working smoke alarms in your property from 1 July 2016. Long-life photoelectric ones will be required if your property does not already have alarms.

 

RETROFITTED INSULATION

  • You will be responsible for retrofitting your property with ceiling and underfloor insulation by 1 July 2015 and also having the measurements of the insulation available to potential tenants so they can make informed decisions.

 

  • There will be specific exemptions to the insulation changes that you will need to inquire about if you think your property can’t or shouldn’t have insulations fitted.

 

STRENGTHENED ENFORCEMENT OF LAWS

  • I’m sure this won’t apply to any of you but…There will be increased levels of involvement by the Ministry of Business, Innovation and Employment where needed to protect tenants and also strengthened provisions to increase tenants confidence in exercising their rights without fear of losing their tenancy.

 

SPEEDING UP RE-LET TIMES

  • A new ’10 day’ process will be introduced to speed up the time taken to have your house available to re-let when a tenancy is abandoned. Currently this process can take up to 6 weeks leaving landlords out of pocket. The aim is to reduce the losses landlords have to incur due to something out of their control.

 

 

Overall, I think the changes will benefit everyone through the flow on effects of healthier homes, healthier kiwis, and improved tenancy relationships leading to less time with untenanted properties.

 

Let us know if you need any help structuring your investments and planning for the future or help with the ‘get it done’ compliance work.