Reading Time: 3 Minutes
New Landlords Advice
If you've recently become a landlord there's a lot to think about. Managing your finances, maintaining your rental property, ensuring you meet the Healthy Homes regulations and keeping on top of your responsibilities as a landlord are just some considerations. And then there's finding and retaining good tenants!
Here are our top tips to get you started.
Managing your finances is an important part of owning a rental home. There are a range of costs associated with renting out and managing your rental property and it's important you set your rent at the right level.
As a property owner, you are legally responsible for maintenance costs (see below), costs associated with ensuring your home meets Healthy Homes standards, and certain utility charges. Managing rent arrears and completing rent reviews are other areas to keep on top of. You must also be prepared for the possibility of your property being vacant between tenants. If you engage a property manager such as Crockers we can help take the stress out of money management.
Who is Responsible for Rental Property Maintenance?
Landlords must keep their properties in a reasonable state of repair. While landlords and tenants both have some share in the responsibility for keeping a rental property in a good condition, landlords take the lion’s share and are legally required to maintain their properties. A seasonal property maintenance plan is a helpful tool to ensure your property is up to scratch all year round.
See our Property Maintenance Checklist
What are the Healthy Homes Standards?
There are now Healthy Homes Standards in place which include specific minimum standards for heating, insulation, ventilation, moisture and drainage, and draught stopping in rental properties. All new or renewed tenancy agreements must include specific information about the property's level of compliance with the standards.
The Healthy Homes regulations were introduced to increase the quality of rental homes. Compliance is mandatory and if properties are not brought up to Standard not only are landlords liable for large fines, but the Tenancy Tribunal will order landlords to remedy quickly.
Read more about Healthy Homes Compliance
What are My Responsibilities as a Landlord?
As a landlord, you are essentially running a business and supplying a service to your tenants. You have certain obligations under the Residential Tenancies Act and failure to meet these obligations can result in penalties.
Keeping on top of the law can feel arduous so this is an area where engaging quality property management can be beneficial.
How Can I Find and Retain Good Tenants?
Finding good tenants can make or break your property investment business. A great tenant will pay rent on time, keep your property in good order, and stay for longer.
When looking for tenants it’s important to set the rent at the right level, make an informed decision on whether to allow pets and to keep an open mind about which tenants are right for your property.
Read more about Rent, Tenants and Pets
How Can I Start Out in Property Investment?
Investing in property is an exciting proposition. If you’re looking to buy an investment property but don’t know where to start, read our guide explaining how you can start out in property investment
For detailed advice for landlords download our Landlord Handbook here. Contact the helpful Crockers Property Management team on email@example.com or chat on 09 623 5952.