Can someone please kindly answer how many times real estate agent in NZ should inspect the property that we’ve recently purchased.
I know here in Australia inspection report is done when tenants go in and when they go out.
Pavlina
Hi Pavlina,
As a general rule 12 weeks is about as long as we will let a property go without being inspected.
Make sure you check all you insurance policies so that the inspection frequency satisfies the requirements. This is critial for landlords insurance!
Cheers
[email protected] – Experienced investors living in NZ who can find properties to meet your needs!
Project management also available – finding solutions for problem properties!
Don Nicolussi | Mortgage Broker - Home Loan Warehouse
http://homeloanwarehouse.com.au
Email Me | Phone Me"I think of finance as a technology, a way of getting things done." Robert Shiller
Hi Pavlina
It depends who you are using to manage your property and whether they are a member of a professional body (like REINZ).
Usually inspections are done on entry and exity of tenants and again every 12 or 24 weeks, more commonly 12 weeks or 3 months.
You don’t always see the reports, they are not furnished to landlords as a matter of course. They should be on file though and you can request a copy (it’s a good way of keeping tabs on the wear and tear of your property too).
Whom ever you are using you should have a signed property management agreement and the inspection timeframes should be listed in the agreement. It’s a good idea to check that they are doing the inspections on a regular basis – sometimes managers get a bit lax.
Sigrid de Castella & Antony Anderson
Authors “The Guide to New Zealand Property Investing – Australian Edition”
Available at http://www.kiwiproperty.bizThank you to all for this excellent information.
Pavlina
Pavlina,
Just one more thing. Don’t be afraid to get involved in the tenant selection process. You can head off many “potential” problems by being actively involved.
[email protected] – Experienced investors living in NZ who can find properties to meet your needs!
Project management also available – finding solutions for problem properties!
Don Nicolussi | Mortgage Broker - Home Loan Warehouse
http://homeloanwarehouse.com.au
Email Me | Phone Me"I think of finance as a technology, a way of getting things done." Robert Shiller
Property Inspections are usually agreed to when the Management is signed up.So if you purcahrs with a managment ask them for their rules. Regardless of whether the managemtn is with a REINZ member or Private Property Managemtn. Usual is on entry and exit of tenant and that should be NO CHARGE. The norm after that is every 3 or 4 months although some request every 6 months. If a tenant appears to be very good after the first inspections then the time can be extended by about 4 weeks. Recently had a property that had NOT been inspected for 6 months as the tenants kept the place immaculate. When I went through found there were 4 black little holes in the shower base. How did that happen and how long been there. Tenant said she hadn’t noticed them. The water was going through the base. LUckily under the base in this house was a concrete floor. If it had have been an upstairs bathroom could have been a different result. Problem was the shower base it self is faulty. So I do ALL of mine eery 3 months now. The costs of these inspections vary. SOme REINZ have a no charge policy others vary from $20.00 + GSt to $60.00 + GSt. If the proeprty has a lot of chattels included then an inspection takes a lot longer than a totaly unfurnished basic place.
If you are in the same town as the Property Manager you could request that you go with them on their next inspection. Keeps everybody on their toes then???? And yes ask for info about the application forms if you like. Not so much because you make the decision but just monitoring the Management until you feel totally comfortable with them. Some REINZ companies allocate 15 mins per property others take as long as is needed and reports are available if you request.
Aak for a photo of the property ( could cost you more) at the time of inspection so you can see if the exterior at least looks OK. Not every time but occasionally.
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