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Not everyone chooses to sell their current home when they decide to move on. Sometimes, it’s not even an option. If you’re looking to hang on to your personal home and turn it into a rental, there are a few things to consider first.
1. Wear and tear
This is perhaps the biggest thing … View moreNot everyone chooses to sell their current home when they decide to move on. Sometimes, it’s not even an option. If you’re looking to hang on to your personal home and turn it into a rental, there are a few things to consider first.
1. Wear and tear
This is perhaps the biggest thing homeowners need to know. As a rental, your personal home will experience more wear and tear than it otherwise would if you lived in it. Your garden will probably not look as immaculate as it once did, and your walls and floors may acquire new scuff marks. So, if you can’t shake off your emotional attachment to the property, you may be better off selling it rather than renting it.
2. Location
The location of your home can have a major impact on its rentability and how easy it is to find quality tenants. If you’re close to local amenities like schools, Waikato University, Waikato Hospital or public transport routes, you have a better chance of keeping your property tenanted.
3. Maintenance
If your home is high maintenance - perhaps it has a pool, a large garden, or old appliances - know that you’ll need to keep it maintained to a reasonable condition to meet your obligations as a landlord/owner. This may involve extra ongoing costs, or costs to remedy the amount of maintenance required.
4. Family homes do best
In Hamilton, family-sized homes do particularly well on the rental market. Four-bedroom houses in Hamilton fetch, on average, between $450 and $520 per week. As for the strongest performing suburbs, Hamilton East/University, Te Kowhai/St Andrews/Queenwood, Dinsdale South/Frankton, Dinsdale North/Nawton and Flagstaff/Rototuna have recently experienced the strongest rental growth for family-sized properties with three to five (or more) bedrooms.
5. Landlord responsibilities
When you turn your personal home into a rental, you will take on the mantle of landlord, which comes with its own set of responsibilities. This includes finding and screening tenants, conducting or arranging inspections, repairs and maintenance. It’s a lot to manage—especially if you’re no longer living in the region. It’s why so many investors hire professional property managers to take care of the day-to-day running of their properties. Moreover, their fees are tax deductible.
Important note: If you’re leaving the country for more than 21 days, you’ll need to either appoint someone as your landlord in your stead or hire a property manager.
6. 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.
Here's a question from a reader of NZ Gardener, Ash in Whangamomona, who wants to know what to do with 100kg of chokos! He's looking for ideas to manage a bumper choko crop. And feel free to share more ideas in the Reply space.
Let’s hear it for the amazing Fire and Emergency volunteers who help keep our communities safe.
This National Volunteer Week, head to the LetsHearIt landing page on Neighbourly and share a few words about why you’re thankful for what our volunteers do to keep our communities safe. We’ll … View moreLet’s hear it for the amazing Fire and Emergency volunteers who help keep our communities safe.
This National Volunteer Week, head to the LetsHearIt landing page on Neighbourly and share a few words about why you’re thankful for what our volunteers do to keep our communities safe. We’ll make sure they hear your message loud and clear.
Knowing how much we value their sacrifices is part of what keeps Fire and Emergency New Zealand volunteers going. Thank you for letting them know how grateful you are for everything they do.
At Colourplus, warm up this winter with free curtain making on a wide range of fabrics, and15% off selected Luxaflex blinds. There is also up to 30% off selected wallpapers in a range of trending patterns. Visit Colourplus Thames - 448 Pollen Street for expert decorating advice from our … View moreAt Colourplus, warm up this winter with free curtain making on a wide range of fabrics, and15% off selected Luxaflex blinds. There is also up to 30% off selected wallpapers in a range of trending patterns. Visit Colourplus Thames - 448 Pollen Street for expert decorating advice from our experienced team. Conditions apply, see in store or attached image for details. We’ve got your style!
As more and more of us try to do our bit for the environment, we'd love to hear what habits you've changed.
Have you gone off-grid? Found a way to create an environmentally home? Maybe you've given something up or swapped it for a greener alternative...? … View moreAs more and more of us try to do our bit for the environment, we'd love to hear what habits you've changed.
Have you gone off-grid? Found a way to create an environmentally home? Maybe you've given something up or swapped it for a greener alternative...? Click here to share your eco tips, tricks and experiences and we'll publish a selection of the best.
Tourists arriving in New Zealand may soon have to pay to enter the country under a Government proposed international visitor levy.
The proposal would impact international visitors entering New Zealand for 12 months or less and would be at a rate between $25 to $35.
Do you think international… View moreTourists arriving in New Zealand may soon have to pay to enter the country under a Government proposed international visitor levy.
The proposal would impact international visitors entering New Zealand for 12 months or less and would be at a rate between $25 to $35.
Do you think international visitors should be charged a levy to enter New Zealand?
Does your community group help families and young people in your local area and need of more funds to support the great work you do? Your local The Warehouse store is now calling for applications to become a partner for our Customer Choice ‘Bags for good’ Programme. In the last financial year … View moreDoes your community group help families and young people in your local area and need of more funds to support the great work you do? Your local The Warehouse store is now calling for applications to become a partner for our Customer Choice ‘Bags for good’ Programme. In the last financial year over $529,000 was raised for 279 community partners across NZ. Curious? For more information or begin the application click here.
Applications close on the 23rd of June.
Quick action has seen a commercial kitchen rangehood stolen from the Whangamata RSA found within a d…
The Hauraki Herald and Neighbourly are on the hunt for Neighbours of the Week. Whether you live in …
The Ohinemuri Singers will whisk away the chill of winter by treating audiences to some Island time.…
Resene has just released the latest Habitat plus, full of inspiring ideas to help you bring out the best in your home with wallpaper. Pick up your FREE copy at your local Resene ColorShop. Make sure you view the extensive wallpaper library while you're in store; there's something to suit … View moreResene has just released the latest Habitat plus, full of inspiring ideas to help you bring out the best in your home with wallpaper. Pick up your FREE copy at your local Resene ColorShop. Make sure you view the extensive wallpaper library while you're in store; there's something to suit all tastes from neutral to bold, pattern to texture, fun to traditional, striped to botanical.
Housing affordability is getting worse for Kiwis - especially in Auckland.
About four in five people renting are unable to comfortably afford mortgage payments, recent Government statistics show. Many Kiwis are fleeing expensive cities like Auckland in search of affordable housing in the … View moreHousing affordability is getting worse for Kiwis - especially in Auckland.
About four in five people renting are unable to comfortably afford mortgage payments, recent Government statistics show. Many Kiwis are fleeing expensive cities like Auckland in search of affordable housing in the regions - and they're not looking back.
So, in your current situation are you able to afford your own home?
Ten years of work to commemorate Waihi miners who served at war came to fruition just the night befo…
A smartphone app being developed by Paeroa College students will benefit beehive health and save beekeepers time and cost by sending instant alerts when or if something goes wrong.
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