Are You Ready For The Proposed BWOF For Landlords

Are You Ready For The Proposed BWOF For Landlords
With rental WOF being increasingly likely to become law in New Zealand, how fit is your property? Mark Trafford of Maintain To Profit (http://www.maintaintoprofit.co.nz) will give you a guide on the likely requirements of a rental WOF scheme, compliance costs and share cost-effective tips on how to be prepared Your browser does not support HTML...

When Is A Property Renovation Not An Investment

Investor and renovation expert Mark Trafford shows you what not to do when you renovate your next property.  Whether you are a buy-and-hold investor or you are intending to sell your property at a profit, Mark has some quick and easy tips to share to help maximise the benefits of every single renovation dollar you put into your project.  Mark is the general manager of Maintain To Profit, specialists in rental maintenance and renovation. Your browser does not support HTML...

Tips of Winter Wisdom from Seasoned Investors

Tips of Winter Wisdom from Seasoned Investors
One of the most rudimentary rules in property investment seems almost ridiculous to spell out. Bring investment properties up to high functional and aesthetic standards, and then maintain them at that level.  Otherwise you’re not investing a future of great cash-flow, or in your tenants’ well-being. These go together.  If that’s intelligence-insulting, read on, as it’s the details of such maintenance which are often not as blatantly obvious. As property investors, there are typical imperatives; certain annual checks if you want consistently good yields, low tenant turnover, plus a valuable, saleable asset. Each of the interviewed property investment experts – Tony Brazier, Tania Ellis, Adam Armstrong, Karen Warman and Mark Trafford – mentioned heating, ventilation, damp and mould reduction as the salient cold-month issues. For instance, at least one heat pump should be installed if none are current. Giving optimal heat output, these dry out the air, and mould is reduced.  Tenants may not necessarily know that their space needs regular air-change and air-flow. It should always be explained that dampness and ‘condensated’ rooms take far more power to heat than dry spaces. Ask tenants to open windows and doors on clear, dry days to prevent condensation from building. Also, if the house’s construction (for instance, unlined concrete block) has left it prone to moisture, consider installing an air-flow system such as a DVS or HRV. Sometimes security anxiety is why, when tenants rush to work straight after showering, they don’t leave a window open. The answer is to install extractor fans with sensors in each and every bathroom. Tell the electrician that you want to install a fan that...

Doing it Right with Bathrooms

Doing it Right with Bathrooms
• Research, planning and phoning around is far and away the best investment of your own time. Each trades-person needs to give you a written-down fixed price plus a fixed time-frame. If they won’t, use someone else. Lining up the various tradies to be ready in quick succession (and reminding them several times in the previous weeks of where they fit into your exact time-line) will save both time-lag frustration and wads of rental cash.  If inability to pick up certain materials in time is a hold-up, do that for them. • Measure up your space and your existing sad-looking fittings. Have a good hard think about how the bathroom will function best, ideally without the expense/consent process of moving plumbed features. Document it out by sketching any changes, with measurements. Research about on-special bathroom package deals from major suppliers …PlaceMakers, Bunnings, Mitre 10 Mega. If you need predominantly one item to upgrade….say the  vanity, see if an ex-display vitreous china model or demo-yard one is available cheaply, and plan around it. • Painting the walls, ceiling, windows and skirtings is something you can do yourself at the end. Using correct products will pay dividends down the track. (See Amber’s advice below) • Check the dwelling’s insurance policy.  What cover applies during renovations? If the cover is inadequate, change this! An attractive bathroom is a big draw-card to renters. It creates renter competition, and tenants will want to stay longer. But for a beautiful, functional thing now to still be a beautiful, problem-free thing in 15 years’ time, guidance is good. You can’t just go ahead and use any product or method and achieve lasting...