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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.
Exciting! Time to get serious!
These kids have been practicing for about 10 weeks to get their grading today, hope they do well!
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.
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.
I imagine,like me, there are a lot of happy Hamilton press readers out there very happy to see the crossword puzzle back. Big thank you to Summerset down the Lane and Summerset Rototuna for their sponsorship and of course Hamilton Press.
The Pacific nation of Kiribati is facing a growing number of challenges. But Wintec is there on the…
Personal trainer Alison Storey's weekly column, Storey on Sport, answers your questions on fitness a…
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?
Hi everyone,
We have a number of stone kitchen bench tops that we have no use for, they are 17 mm thick and are on average 1500 mm long by 600 mm wide. They do have cuts in them where the sink and stove are to be put. They can be used for renovating your new kitchen or a table top or as cutting… View moreHi everyone,
We have a number of stone kitchen bench tops that we have no use for, they are 17 mm thick and are on average 1500 mm long by 600 mm wide. They do have cuts in them where the sink and stove are to be put. They can be used for renovating your new kitchen or a table top or as cutting boards. We are not giving them away for free but they will be very cheap. If you are interested please leave me a message or text me on 0223158082.
Hello all,
Hope you're all surviving this cold weather we're currently having! Just a quick update to remind you that the shop will be closed from Monday 18th to Monday 25th of June for refurbishment.
We will resume normal trading hours after these dates.
Cheers.
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