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Property Investor News

Is asbestos contamination the next ‘can of worms’ for property investors to deal with?

The hits seem to just keep on coming for property investors. The latest ‘industry scare’ is asbestos. It’s believed that up to 75% of the NZ rental housing stock will have building products containing asbestos. Proposed changes to the Health and Safety Act mean that from April 2018 every property under management may need to contain an asbestos register if there is a possibility that the property may contain asbestos. We are keeping a close eye on this issue and will update all of our property owners as necessary.

In the wake of the London tower fire:

There has never been a better time to consider emergency preparedness in both your rental property and own home. The tragic London fire has served as a reminder to us here at Walker Weir to ensure that all of the properties we look after are fire safe and have emergency evacuation plans where necessary. We harp on about it, but for a very small annual cost we can ensure that your property is smoke alarm compliant – which is now a legal requirement. If you haven’t done so already then please get in touch and request our annual smoke alarm service. If you live in Auckland then we can also include your own home. Hint: Always keep a working torch beside your bed (the wind up ones are good because then you don’t need to worry about the batteries.

Common sense starts to kick in over tenants damaging landlord’s properties:

The Residential Tenancies Amendment Bill (No. 2) which has been introduced to Parliament will provide better protections and clarity for landlords, Building and Construction Minister Dr Nick Smith says. “This Bill makes three practical changes to the Residential Tenancies Act to help ensure our tenancy laws better manage methamphetamine contamination, liability for careless damage and the tenancy of unsuitable properties. It builds on the changes we made last year requiring smoke alarms and insulation, and establishing a Tenancy Compliance and Investigations Team. “This Bill recognises that meth contamination of properties has become a significant issue that needs clearer direction. We want homes to be safe but we also don’t want properties being vacated when the risks are low.” Under the new Bill tenants will be liable for the excess (insurance) cost up to a maximum of four weeks rent for each incident of damage.

Property maintenance: 

It’s an UNLWAFUL ACT for a landlord to fail to adequately maintain a tenanted rental property. As agents for the landlord that responsibility falls to us and the fine for each breach is $4000. Tenancy Services now operate compliance units to help tenants take action against landlords for issues such as failing to adequately maintain rental properties.
Next landlord disbursement date: Monday 3 July 2017
Disclaimer: Given the opinions expressed in parts of this newsletter it’s important that we make it clear that the contents of this email are opinions and observations and made in good faith. We suggest that in all cases independent legal and financial advice is sought.
Kind regards from the hard working team at Walker Weir Property Management.

July 6th, 2017