Do you own rental properties?

Atul Mehta from Moore Stephens Markhams Chartered Accountants reminds rental property owners of their new obligations following changes to the Residential Tenancies Regulations. Download article in March 2017 Contact Magazine here.

If you gain income from rental properties, be aware that you need to comply with some new rules. These changes aim to make homes warmer, drier and safer for hundreds of thousands of New Zealanders.

Insulation
On 1 October 2016, changes to the Residential Tenancies Regulations came into force to reflect new standards on insulation.  Standards New Zealand’s ‘Energy efficiency – Installing bulk thermal insulation in residential buildings’ provides extended guidelines for insulation installers and building owners. This follows the changes that took effect on 1 July 2016,
which required all rental properties to have ceiling and underfloor insulation by 1 July 2019. Landlords must now also provide a statement in the tenancy agreement for any new tenancy commencing on or after 1 July 2016 about the location, type and condition of insulation in the rental home.

Smoke alarms
Landlords must now have working smoke alarms installed in all their residential rental homes. Replacement alarms that are subsequently installed need to have long-life batteries and a photoelectric sensor. Hardwired smoke alarms are also permitted.

Expedited abandonment process
There is a new process for landlords to regain possession of their rental property if the tenant has abandoned the property.

For more information contact your Moore Stephens Markhams advisor.

Serious about your success?