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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.
The Mayor made a statement that was somewhat disingenuous at Tim MacIndoe’s meeting Fri 16th Feb 18.
“Everyone’s property has doubled in value over the last 5 years”.
He was asked via e-mail what was the relevance of that statement?
It bore no resemblance to the issue at the time i.e. … View moreThe Mayor made a statement that was somewhat disingenuous at Tim MacIndoe’s meeting Fri 16th Feb 18.
“Everyone’s property has doubled in value over the last 5 years”.
He was asked via e-mail what was the relevance of that statement?
It bore no resemblance to the issue at the time i.e. rates increase and was pure prevarication. He has failed to respond.
A perusal of my own property records reveals the following for the 10 years 2007/08 – 2017/18:
2007/08 2017/18 $ Rise % Rise
CV $345,000 $485,000 = $140,000 40.58% rise in value
Rates $1105.16 $2365.31 = $1260.15 114.02% rise in rates.
Effectively the property has increased in value by less than half; however, the rates have more than doubled over 10 years.
Believe he was introducing a ‘red herring’ to throw the audience ‘off the track’ and succeeded.
What relevance has the CV of your property got to do with the services provided, it is inherently unfair. Admittedly some services are for the public good e.g. roads, however, there must be a fairer way to appropriate the cost, other than striking a rate-in-the-dollar on the Capital Value of your property each year to gain the required revenue and disproportionately spread the burden.
He stated that council was to explore operational methods of Claudelands perhaps disposal would be more beneficial. To date, Claudelands has lost $50,187,838. The A & P Association availability of use could be a condition of the sale.
He now supports a Hamilton Auckland commuter train, when during the election campaign he was vehemently opposed.
What has changed?
170 passengers per weekday subsidised by 158,500 ratepayers is grossly unfair. I may have been one of those 6 voters that got him across the line. In future, I will not support those campaigning or supporting a commuter train.
Applications are now open to Auckland Grammar School’s boarding hostel, Tibbs House, for 2019. Founded in 1962, Tibbs House provides accommodation, study and recreational facilities for 120 boarders. Boarders are supported by eight full time Masters who offer a wide range of teaching subjects and… View moreApplications are now open to Auckland Grammar School’s boarding hostel, Tibbs House, for 2019. Founded in 1962, Tibbs House provides accommodation, study and recreational facilities for 120 boarders. Boarders are supported by eight full time Masters who offer a wide range of teaching subjects and activities, as well as nightly study guidance.
To apply, visit our website to download an application form. Alternatively, contact the Director of Boarding, Mr Daniel Oram, at d.oram@ags.school.nz.
There will be no powdered faces, cloaks or inordinate costumes in Benny Marama's production of A Mid…
Antics of assistance dogs, rescued pups and pampered pooches have been captured for a book by two W…
New Zealand roads are some of the best in the world for motorcycling - open roads, the hilly terrain, spectacularly scenic highways. We want to know how many Neighbourly members ride a motorcycle or scooter or have someone close to them who does. Vote below and we'll share more about why … View moreNew Zealand roads are some of the best in the world for motorcycling - open roads, the hilly terrain, spectacularly scenic highways. We want to know how many Neighbourly members ride a motorcycle or scooter or have someone close to them who does. Vote below and we'll share more about why we're asking next week.
If you are in the Waikato and can spare some time, we have lots of groups looking for people to help them provide their vital services to the community. If you can help, please check out the available positions on our website!!
www.volunteeringwaikato.org.nz...
Beach volleyball will be held at the Commonwealth Games for the first time this year, and a Hamilton…
Forty-five framed prints and canvasses adorn the walls of the pavilion. Portraits of political f…
We have just moved house and have a good number of clean cartons for packing free. Large Banana & fruit boxes.
Pickup Discovery Drive.
Interested?
Contact Brian
gbk.wil@gmail.com
There are lots of awesome events happening in neighbourhoods around Aotearoa for Children’s Day, Sunday 4 March. Check out what’s on near you. If you don’t head along to an event, remember the most important thing you can give tamariki is your time and aroha!
It’s summer and for pet owners that can mean FLEAS! Fleas are at their worst during the warmer months. We want to help you and your pet enjoy summer itch free so we have taken up to 30% off all flea treatments.* Popular chewable Nexgard Spectra 3 pack for medium dogs is now only $42.92 and … View moreIt’s summer and for pet owners that can mean FLEAS! Fleas are at their worst during the warmer months. We want to help you and your pet enjoy summer itch free so we have taken up to 30% off all flea treatments.* Popular chewable Nexgard Spectra 3 pack for medium dogs is now only $42.92 and elsewhere you can pay up to $59.87!
These are our best prices ever so come in and talk to your local team at Pet Doctors Flagstaff today about which product is best for your pet. For clinic hours visit our website.
*Offer valid for a limited time.
More Kiwis are cutting back on meat; more farmers are noticing the downturn. So what part does meat play in your diet?
SUPER SUMMER SPECIAL
BUY 2x KILN-DRIED PINE STACKS FOR $360.00
SAVING OF $120.00
***each stack has comparable burning energy to 1.8 cubic metres of loosely thrown split wood***
Only available while stocks last and delivered prior to end February. Our HANDYSTACKS of dry pre-stacked … View moreSUPER SUMMER SPECIAL
BUY 2x KILN-DRIED PINE STACKS FOR $360.00
SAVING OF $120.00
***each stack has comparable burning energy to 1.8 cubic metres of loosely thrown split wood***
Only available while stocks last and delivered prior to end February. Our HANDYSTACKS of dry pre-stacked firewood consist of at least 320 chunky blocks of sawn firewood.
All blocks are cut to 265mm lengths and are random thicknesses and widths. They are then stacked on a pallet and delivered in tidy, pastic-wrapped stacks by our mini-forklifts right into your garage or woodshed.
Stack measurements are 1.1m high x 800mm wide x 800mm deep and are comparable to 1.8m3 of loosely thrown split firewood. No extra delivery charges apply.
No bugs, no mess, no waste. Amazingly clean and convenient.
Phone me on 021-909477 for more details.
Linda
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