Property Investors Summary 2019 and a 2020 Preview

Property Investors Summary 2019 and a 2020 Preview

Our Property Management Team has been at the forefront of a number of changes this year, we have summarised the changes investment owners have seen and what 2020 may hold.

In 2019 from 1 July 2019, ceiling and underfloor insulation become compulsory in all rental homes where installation is reasonably practicable. The other important aspect was to provide the below documentation:

 

  • Keep records that demonstrate compliance with any healthy homes standards that apply or will apply during the tenancy; and
  • Include a separately signed statement of intent to comply with the Healthy Homes Standards in any new, varied or renewed tenancy agreement. Residential Tenancies

 

 

From 1 July 2019, ceiling and underfloor insulation become compulsory in all rental homes where installation is reasonably practicable.

  • Keep records that demonstrate compliance with any healthy homes standards that apply or will apply during the tenancy; and
  • Include a separately signed statement of intent to comply with the Healthy Homes Standards in any new, varied or renewed tenancy agreement. Residential Tenancies

 

The Call For Change Campaign: This has been a real positive this year! Regulation in for the property management industry. Whittle Knight is a real advocate as a REINZ (Real Estate Institute New Zealand) accredited company.

REINZ are putting pressure on the government to decide on how they will act on this before the upcoming 2020 elections. REINZ specifically want consumer protection for money being held in a trust account, all property managers having a process to resolve disputes, every property manager to have insurance to practice in the property management industry and that all property managers are complying to regulations.

 

2020 will be the year to prepare inspections for the Healthy Homes compliance as we want to make sure we meet the timeframes below:

 

Compliance Timeframes:

    • 1 July 2021 – From this date, private landlords must ensure that their rental properties comply with HHS within 90 days of any new, or renewed, tenancy.
    • 1 July 2021 – All boarding houses (except Housing New Zealand and Community Housing Provider boarding house tenancies) must comply with the HHS.
    • 1 July 2023 – All Housing New Zealand houses and Community Housing providers must comply with the HHS.
    • 1 July 2024 – All rental homes must comply with the HHS.

Full details of the regulations can be found here Residential Tenancies (Healthy Homes Standards) Regulations 2019

 

Don’t expect too much to change in 2020 as this Government will look to implement all of its election promises before we all head back to the polling booths again.