Are You Thinking of Buying an Investment Property?

Even if you are a seasoned property investor, but especially if you are relatively new to property investment, our advice is to “get advice”.

There’s much to consider:
  • Is it a good investment for me? Do the numbers work?
  • Do I know all I need to know about the property from a legal perspective?
  • What sort of rental return can I expect?
  • What improvements can I make to increase the value of the investment?
  • What type of features appeal to tenants; what are they looking for?
Here are a few tips that might help your decision making.

 

Bedrooms
The number of bedrooms is generally the first factor in determining how much a property will rent for. The bedrooms, the greater the rental income potential. Bedroom size is also important – they should all be big enough to accommodate a double or queen-sized bed.

 

Living Areas
The number of living rooms should be in proportion to the number of bedrooms. Usually, if there are four or more bedrooms, there should be more than one living area. Living areas are areas used for general living, ie – a space that can fit a couch, coffee table and TV. They also need to be far enough apart so that noise isn’t an issue. For instance, a house that has a combined lounge/dining upstairs and a rumpus room downstairs is considered to have two living areas.

 

Kitchens and Bathrooms
New or renovated kitchens and bathrooms are more appealing to tenants and “sell” rental properties. They also help maximise the sales price of properties when sold. Like bedrooms, the number of bathrooms can also influence the rental return.

 

Outdoor Living Area
Properties with an outdoor living area are easier to rent than those without any outside options.  Ideally, there should be enough space for a barbecue and seating for 4 to 8 people.  Yet anything is usually better than nothing.
Grounds should be low-maintenance and well maintained in the front and back. Consider the cost of lawn and garden maintenance and who you think should be responsible – you or your tenants.

 

Rental Property Investment

Presentation:
Properties that need repairs and maintenance aren’t appealing to tenants.  Property presentation is also a very important consideration.  As the property owner, home maintenance inside and outside is your responsibility, not your tenants.  It makes economic sense to ensure your property is presented in the best possible way.

At Quinovic Property Management over the past 30 years we’ve learned a lot about rental properties. We’ve helped residential property investors maximise the potential of their rental assets.

 Are you looking for independent, honest advice based on experience and knowledge?
Get in touch with Quinovic Property Management Parnell by clicking on the link below:

Keeping Your Rental Property in Good Shape

There is already a lot going on for residential property investors when it comes to maintaining their properties to an acceptable standard.  Are you aware there big changes?

From 1 July 2019 all rental properties are required under legislation to have ceiling and underfloor heating, with EECA, the government agency responsible for energy efficiency and conservation, being tasked to promote the government’s Healthy Homes Programme.  Investors who own rental properties need to stay up to date with their legal obligations, EECA’s websites are definitely worth reading.

Below are a couple of links to websites you could check out:

Setting up your rental property in advance of this increasing compliance focus gives a strong foundation for not just keeping it in good shape, but also in protecting those who live in it, and you as their landlord.  There will always be a cost to do this, however if ignored the cost can be much greater.

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There are obvious day-to-day things that are front of mind when it comes to a healthy home including:

  • Keeping your home warm and dry
  • Saving on power bills, etc

However, there are less obvious aspects that can be overlooked, especially after a property has been rented for some time.  No one wants to wake up to the news that their property has been the cause of a tragedy.

Here at Quinovic Property Management Parnell, we take our responsibilities to look after our tenants very seriously, and this includes having robust systems in place to make sure ongoing maintenance is taken care of, such as:

  • Electrical and gas work is properly certified
  • Appliances are serviced regularly
  • Heat pumps are cleaned regularly
  • Chimneys are checked and swept regularly
  • Smoke alarms are checked and serviced
  • Insulation meets the required standards

As well as the primary focus being the safety of tenants and their families, our maintenance programmes reduce the risk for landlords, including where there are any insurance claims, that these are approved.

For more advice or information about our residential property management services, follow the link below to get in touch with Quinovic Property Management Parnell:

Quinovic Property Management Parnell

Are You Installing and Maintaining Smoke Alarms in Your Rental Property?

Introducing smoke and heat Alarms with a 10 year life battery that are both small, and pleasing to the eye!

Quinovic Parnell has had great feedback from rental property owners regarding these smoke and heat alarms.  This product is a great idea for landlords who anguish over how to install an effective fire alarm system that can be relied upon.

Photoelectric Smoke Alarm for your rental property

CAVIUS is the world’s smallest Photoelectric Smoke Alarm.

The tiny, aesthetically pleasing Photoelectric Smoke Alarm has a diameter of 39mm, a penetrating sound at 85dB(A), and best of all, the battery is guaranteed to last for 10 years!

heat and fire alarms for your rental propertyThe clever people at CAVIUS have also produced the Thermal Heat Alarm. This is designed to detect a rapid change in temperature instead of smoke. This means you can install them right in the heart of your kitchen, without triggering it every time you cook!

Both devices are certified to EN14604, as well as being New Zealand Building Code compliant.

alarms for rental your property

The long 10 year battery life, tiny size and wireless installation have made them a hit among rental property owners and property managers alike.

Contact us here at Quinovic Parnell for any advice on your rental property!

Enhancing Residential Investment Property Rent Returns

Property Magazine International printed an article this week about enhancing private rental sector returns from the third quarter Young Index. The article gauged landlords views on the value of professional property management and its impact on residential investment returns.

Stats are for London but the trend is definitely reflected in Auckland’s investment property market.

Here are the trends:

76.6% of landlords believe that tenants pay higher rent for properties that are managed by professional property managers

82.9% of landlords believe that average tenancies are longer for property that is professionally managed

73% believe that professional property management enhances capital value

85.7% believe that professional property management is money well spent

77.6% recommend using professional property managers

81% spoke to use a professional property manager

17.2% only, manage their own properties.

The percentage self managing their properties is probably higher in the New Zealand rental property market due to the Kiwi do it yourself mentality in the name of cost saving. False economy?

In our experience properties we manage:

  • are well maintained so attract & retain good tenants and enhance property value
  • attract above average rents and with 6 monthly rent reviews ensure the best return and well and truely justify management fees
  • attract higher than average rents at letting time because tenants are not faced with letting fees.

Contact us for rental appraisals and management proposals , rental houses, rental units, rental townhouses, apartment blocks in Auckland.

Mary and David Vinsen and our team at Quinovic Parnell, Thomas Goehring, Gordon Walker, Chris Fleming.

www.quinovicparnell.co.nz

If you’re a landlord, put your feet up! Use experienced Property Managers.

We provide a complete property management service.

We find you good quality tenants for your rental property.

We are a family owned and operated residential property management business.

Call Quinovic Property Managers Parnell today!