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.
Tax Implications
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.
Landlord Responsibilities
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.
If you're considering Property Management get in touch with us today. Locally owned and managed, we offer residential property management services across the entire Wellington & Hutt Valley region.
We take care of investments, offering peace of mind and a personal service to investors and tenants alike. Our solutions are backed by industry-leading technology and proven systems that promote both excellent property care and strong investment returns. Taking on all aspects of the landlord’s role, we guide our clients with professional, tailored advice using our extensive experience and insight in the rental market that can only be built over time.
If you would like to chat about the possibility of working together, or to receive a no-obligation, FREE Rental Appraisal get in touch with our team today.
Quinovic Johnsonville | Wellington
Call Jordan Atkinson - 027 297 0873
Quinovic Hutt Valley | Wellington
Call Helen Vance - 027 487 8103
Quinovic Kent Terrace | Wellington
Call Jordan Atkinson - 027 297 0873
Quinovic Wellington Property Managers