Thinking about turning your home into a rental property? This is one of the more common ways people start as investors here in New Zealand. But it's a whole new world, and there is plenty you need to know about before taking the plunge.
Make Sure Your Home Meets Regulations
Avoid future stress by ensuring your property is compliant. Before getting started, get an understanding of what's required when it comes to smoke alarms, insulation, heating, ventilation, draughts, and other property requirements. You can research this yourself, or ask a Property manager to handle it all for you.
Consult a Property Manger for Rent Value & Potential Improvements
A good Property manager can evaluate your property to provide a rental appraisal, as well as highlight any potential issues your property might have and improvements you could make to maximise your rent yield.
If you turn your home into a residential investment, be aware that you may not be able to make tax claims against it. It always pays to talk to a professional accountant to make sure you set up your home-turned-rental properly to avoid issues with tax, ownership and debt allocation.
Creating a rental property comes with the responsibilities of being a landlord. It's not for everyone, which is why many turn to a property manager - increasingly so as new regulations are established. To understand the new laws that have just been passed, take a look at our recent article New Tenancy Laws 2020, or read our ebook Eight Laws All Landlords Need to Know.
Interested to hear more? Find out how our Wellington Property managers can help you. We manage property in the Wellington and Hutt Valley regions. Feel confident your property and tenants are looked after by our professional Property managers with our property management services .
Find out how our Care & Return System will benefit you, receive a no-obligation, free rental appraisal for your Wellington investment property today!
Call Jordan Atkinson - 027 297 0873
Quinovic Kent Terrace | Wellington
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Quinovic Johnsonville | Wellington
Call Helen Vance - 027 487 8103
Quinovic Hutt Valley | Wellington