You’ve probably heard about the new rental property Warrant of Fitness (WOF) that’s been on the discussion table for a while now. The previous National led government started the ball running -thanks to the Greens. It’s been picked up by the new Labour Government and Councils around New Zealand.
According to this article on Stuff this week, it looks like some landlords are going to be faced with bills of thousands of dollars to make their rental property compliant, And they’re not happy. Heating and insulation are big ticket items to fork out on. The further south you travel and the colder it can get.
There’s speculation that some of them who don’t comply will simply sell. In fact one real estate expert from Bayleys predicts it.
A New Rental Property
We reckon there’s a very strong case for building a new rental property. Not just because you automatically get a house with everything ‘new’ that’s built to code – including the WOF. But also because over the long term it can make financial sense, especially if you are doing it as long term strategy. Think about the higher rentals and more secure tenants.
It’s not just about making sure the quality of the home is good and the overall build price is economical. It’s also about making sure the building site it goes on is priced right and the house is in the right area. When the sums are done, you’ll want all the numbers to add up so that you’re paying the same (or less) compared to a ‘used’ house.
The difference is, your new investment property in brand new and pristine.
If you’re thinking about investing, think about building a new rental property. We could be the perfect home builder to suit your project. That’s why at Build7, we’ve put together a range of house plans that would be perfect for you. Our Affordable Range is available right now for you to browse. We help with everything – even finding the right section so that the overall house and land package make sense financially.