You’ve decided that investing in rental property is a great option, exciting times ahead! But now what?
Do you know what to look for and what to avoid when looking at investing in rental property? Do you know what your legal obligations and responsibilities are as a landlord?
Yes? No? Don’t worry, we’ve got your back! Read on for our most valuable tips that will help you purchase a property that gains the maximum return and best possible tenants, is low maintenance and hassle free.
What to look for when looking for a rental property to invest in
Healthy homes compliant: To ensure your investment meets the new healthy homes requirements the plumbing, drainage, heating, ventilation and insulation needs to be up to standard. You can get this checked by a Qualified Healthy Homes Inspector who will provide you with a report and once compliant the certification required.
Location: A property close to supermarkets, schools, bus stops and parks may attract higher interest than properties with no amenities close by so keep this in mind when searching.
Easy maintenance: When investing in rental property, look for property that is low maintenance for you and also the tenants to maintain. Huge gardens and large trees or shrubs that require regular maintenance are some ideas of what to look out for. Also bear in mind the age of a property and maintenance and repairs that have, or have not, been recently completed, the newer a property the less likely it is to need continued maintenance or repairs.
Things to consider for a profitable return
Rental yield: Take into account all expenses including rates, insurance, mortgage repayments and calculate rental yield to ensure your investment is working for you.
Don’t guess: Engage with a Professional Property Manager who can advise you on current achievable rents with detailed accurate directly comparable data of current and past rentals in the neighbourhood.
Seek advice: Talk to your solicitor and accountant who can give you solid financial and legal advice.
Stay up to date: There are numerous government initiatives being put in place regarding new builds verse older homes, ensure you are up to date on current investment related legislations and consult with your accountant.
Secure your investment with a Professional Property Manager
A Property Manager will take the stress out of managing your investment property, especially now with the plethora of new legislative requirements, fines and responsibilities.
They will work for you ensuring your property is compliant avoiding any potential legal implications.
Lime Property Management have access to all property marketing mediums ensuring maximum exposure of your property, take all enquiry and complete all viewings for you. We can complete full credit, tenancy and social background and reference checks on potential tenants to secure you a quality tenant and constantly track your property – that’s our job!
Ensuring that rent is paid on time and processed correctly, paying property expenses on your behalf, being your tenant’s point of contact, conducting regular routine inspections, ensuring your property is taken care of and reporting back to you. We attend to all maintenance, repairs and emergency work on your behalf.
There are different levels of management that a Property Manager can provide for you. We have options tailored to suit your specific needs, we can look after the advertising of a vacancy and secure the best tenant for you then hand it back over to you to self-manage, or we can take care of every aspect of your management so your time is freed up to start searching for your next investment!
Get a free rental appraisal
Property Management Christchurch | Property Management North Canterbury
When you locate a property you think would make a good investment, call us and we can complete a complimentary rental appraisal for you. This will determine how much the property could rent for and we will advise you on any potential beneficial or detrimental factors that may affect your return.
This is a free service and will enable you to work out your potential rental yield.
Our Property Manager, Dee Boivin, is always happy to help and can give you solid advice about rentals in Canterbury.
Dee has experience with property management in Christchurch and North Canterbury.
You can contact Dee here.
We recommend seeking professional financial advice to determine if you are ale to purchase a rental property, there is some help here on Sorted.