Rental Properties – New Laws Now in Effect

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What you need to know: What: New minimum standards for rental properties to improve heating, insulation, ventilation and drainage, reduce moisture and stop draughts. Check out the recent Tenancy Services newsletter article for an overview of the specific requirements. When: New requirements come into effect in stages from 1 July 2019 to 1 July 2024. (Please look at the Tenancy Services website for 2020-2024 deadlines). Who:   Rental property landlords, owners and managers. Why:   To make rental homes warmer, drier and healthier for tenants. What you need to do: Make sure you have met the requirements: From 1 July 2019 Ceiling and underfloor insulation is required in all rental homes where it’s reasonably practicable, ie feasible, to install. Landlords must include a separately signed statement with each tenancy agreement that they will meet, or already meet, the healthy homes standards. This applies to any new, varied or renewed agreement. This statement is…

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R.E.S.P.E.C.T Your Will

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Even the great and good get it wrong and cause no end of heartache for those they leave behind.   Three handwritten wills have been found at the house of soul singing great Aretha Franklin.  Aretha Franklin died in August 2018.   Initially, family members said that she had not left a will.  In New Zealand that would have resulted in her estate being divided in accordance with the Administration Act.   The handwritten wills that were found are very hard to read and contain words that have been scribbled out and other words written close by.   Aretha Franklin left four sons and it appears that at least two of them will challenge the will.   There is uncertainty about the validity of the wills under Michigan law.   Clients are sometimes concerned at the cost of getting a will prepared. This example illustrates the cost of not getting…

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“Lies, damned Lies and statistics”

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The median house price for Queenstown between April 2018 and 2019 has stayed static at $950,000. There has been a drop in the number of sales for that period from 87 to 63. There was an increase in listings in April which may lead to an upturn in sales The previous pressure on buyers to “ buy now” seems to have eased. In the final half of 2018, 24 % of the properties sold in Queenstown were sold to North Islanders, with the majority being from Auckland. Should there be an Auckland buyer ban?? Perhaps a rebranding from the Overseas Investment Office to the “Auckland Investment Office”? Overseas buyers made up only 9% of total sales. Westpac’s crystal ball team don’t think there will be another cut to the OCR this year, but think it will be a close call. Interestingly, they predict house inflation to jump to 7% by…

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