How Fit is Your Investment Property?
Warrants of fitness for rental properties have featured in the media have come into the spotlight with political parties recently. We are familiar with warrants of fitness for the car – what about for your rental property?
The signs are that some sort of warrant of fitness for landlords is on its way; let’s look at what this will mean for you.
Changes in tenancy laws on 1 July 2016 meant the following:
- All rental properties are required to have smoke alarms.
- All new tenancy agreements need to include a statement of the extent and safety of insulation in the property, and any replacement of installation of insulation in a rental property must meet the required standards.
August 2017 – the Wellington City Council announced it will pursue a voluntary rental WOF and intends to make it compulsory in 3 years.
What would a WOF cover?
The best we have is what the Wellington City Council has introduced, and if you are a landlord it would be good to familiarise yourself with the 29 items on the criteria. This includes insulation, heating, ventilation and structural stability.
An inspector would check your rental property in the following areas:
- All walls, ceilings linings and floors are intact
- All surfaces are clear of mould
- Adequate food preparation and storage in the kitchen
- Secure storage with child safe locks in the laundry
- The lounge would require fixed heating. In the future it is more likely that a heat pump would be the minimum standard
- Portable heating would be unacceptable unless it was a unit or apartment less than 50sqm
- Windows would require secure latches
- The front entrance would need to be clearly labelled, identifiable and with good lighting at the front and rear
Overall your investment property must be in reasonable condition, with good spouting/stormwater which does not leak, and no cracks or holes.
Paths, decks and surfaces are to be free from moss and non-slip.
This is a quick overview of the changes coming, and it’s never too late to start ensuring your rental property will meet the standards when they are enforced. It’s protecting your investment as much as it is maintaining its quality and this in turn attracts quality tenants.
Quinovic Parnell is more than willing to work with owners and put plans in place to ensure your investment is looked after and by doing so, retaining its value for owners and tenants alike.
Is your property up to scratch? How ready are you for possible warrants of fitness of rental properties?
Follow the link below to get in touch with Quinovic Property Management in Parnell today about putting a plan in place for your Auckland rental property: