Becoming a landlord and renting out a property is a significant endeavor, whether you’ve invested in a property specifically for this purpose or you’re renting out your family home because you couldn’t sell it. But before you even think about advertising your property for rent, there’s a series of steps and standards to meet.

In New Zealand, with updated Residential Tenancy Laws, ensuring your property meets or exceeds the Healthy Homes Standards is crucial. For first-time landlords, understanding their legal responsibilities might seem daunting. To aid in this process, here’s a condensed checklist:

1. Healthy Homes Standards Compliance: Ensuring your property meets the minimum requirements set by the Healthy Homes Standards is essential. These standards cover aspects like heating, insulation, ventilation, draughts, drainage, and smoke alarms. Check out the following link for further information about this – Healthy Homes
2. Landlord Insurance: Securing the right insurance policy is vital. This policy needs to acknowledge that the property will be rented out, affecting the coverage provided and the insurance excess.
3. Tenancy Agreement Terms: Drafting a comprehensive tenancy agreement is a must. This agreement should include details like names and contact information of both parties, rental property address, rent payable, tenancy start and end dates, insurance excess, and a statement on Healthy Homes Standards compliance. Additionally, landlords can include specific clauses tailored to their property. You can find and print one from the following website – Tenancy Application Form
4. Property Advertisement: Gone are the days of simple newspaper ads. Crafting an effective advertisement involves pricing the property right, using attractive photos, and providing a detailed description of its features.
5. Tenant Selection: Once you start receiving applications, meeting prospective tenants in person allows for better judgment. Conducting reference and credit checks further aids in choosing the right tenant for the property and the neighborhood.
6. Paperwork: Upon agreement with a tenant, it’s time to finalize the paperwork. This includes signing the tenancy agreement and lodging the bond. Providing a signed copy to the tenant and lodging the bond with tenancy services formalizes the rental agreement.
7. Entry Condition Inspection Report: Before the tenant moves in, conducting a thorough inspection of the property’s condition is crucial. Both parties must agree on the current state of the property, documented in an entry condition inspection report. This report serves as a reference point for the condition of the property at the end of the tenancy.

Throughout the tenancy, landlords have ongoing responsibilities such as conducting routine property inspections, maintaining open communication with tenants, and ensuring timely maintenance and renovations.

In a dynamic regulatory environment, staying informed is key. For those with busy lives, hiring a property manager can ensure compliance, maintenance, and high-quality tenants for the long term. If you need guidance or assistance, don’t hesitate to reach out. We’re here to help streamline the process and ensure a successful rental experience.