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HCNZ Rental Appraisal

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  • #16
    The rent review is annual. i will investigate whether we can use a Property manager as a comparison. Thanks for that.

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    • #17
      Originally posted by Alayne View Post
      The rent review is annual. i will investigate whether we can use a Property manager as a comparison. Thanks for that.
      Don't ask, just do it... if the numbers come back in your favour, ring HCNZ and politely discuss with them how to remedy their erroneous rental appraisal.

      Assume you are right until proven otherwise. The worst that can happen is you get what you have now.

      "I think I'm right, can you prove me wrong?", but gently handled.

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      • #18
        HCNZ Rental Appraisal

        Hi all,

        I'm in the process of leasing a property to Housing New Zealand and they require a rental appraisal from Sheldons, Roberts McKeown, Hickey & Co or Seagars.

        This is my first property and it would be great if you could give me some advice if you have dealt with any of them before.

        Cheers

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        • #19
          My advice - DON'T lease to HNZ

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          • #20
            Why's that, care to share?

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            • #21
              HNZ rent is a lot less than market rent

              You can't get out of the long lease but can try to sell the house, nobody wants to buy the house with a long lease, especially to HNZ

              The tenants aren't the type I would want in a house I own

              The PM cannot select the tenants they would choose, it's like it or lump it

              Tenants are based on highest need first ie women's refuge, evicted tenants, ex prisoners, mental health, addicts

              The valuation will drop along with area and it brings all the other properties down to that level especially if this is a HNZ area anyway

              Houses are handed back taking into account fair wear and tear - which is much less than the condition you originally leased it for

              It is extremely difficult to get a tenant out

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              • #22
                The area is already scattered with HNZ houses so that seemed like the logical option.

                I believe the rent is a percentage cut on the appraisal that I obtain, so that could possibly work toward my favor if its high enough.

                Or in a complete turnaround, I could not use HNZ and instead try to rent it out myself. In that case, how would I start attracting good tenants on a newly renovated house in a HNZ area?

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                • #23
                  HNZ only pay a percentage of the market rent? And then fill it with crap tenants?

                  Surely you could do better than that yourself? Like with your own property manager I mean?
                  Last edited by Davo36; 30-11-2010, 08:26 AM.
                  Squadly dinky do!

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                  • #24
                    Good, well maintained & presented properties will always attract tenants, though it is a difficult time of year. Suggest you try Trademe, I get a good response (in Auckland) from ads there though it has gotten expensive. I won't look at any house for sale with HNZ lease, no matter how good the returns.

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                    • #25
                      Returning to the original question, I'd go for Sheldons. I've found them fast, fair and realistic.

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                      • #26
                        Anyone know about selling to Housing NZ, have a house that fits their criteria.

                        And tips and tricks ?

                        In South Auckland.

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                        • #27
                          I can see that renting to HNZ could be a good option for some people. Set & forget, but as mentioned, whatever you do, don't look at the place until you get it back or you may have a heart attack. Budget to update it at the end of the lease, which you would have to do on any place after 10 years anyway. Returns will be a bit lower, but there will be no vacancies either. Management fees are a bit higher.

                          On the other hand, you could just place the property with a good property manager who will take care of tenanting, inspections, rent collection etc. If you decide to manage it yourself, it may pay to use a manager for a while to learn.

                          We use Seagars for Auckland, they seem OK, but haven't tried the others.

                          Where is the property?

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                          • #28
                            Originally posted by Vic View Post
                            I'm in the process of leasing a property to Housing New Zealand . . . and it would be great if you could give me some advice if you have dealt with them before.
                            Search these forums for HCNZ. There are
                            one or two threads on the topic. Perspectives
                            vary, considerably. As I recall, one thread was
                            about a trashed house. HCNZ did what they
                            were supposed to do and 'restored' it to the
                            original condition, before handing it back.

                            Some forumites said that's the way it goes.
                            You got your place back in a reasonable con-
                            dition and HCNZ guarantees the rent.


                            Others thought the maintenance clauses were
                            a bit over-the-top, if I recall aright.
                            .
                            Last edited by Perry; 30-11-2010, 04:14 PM.
                            Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

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                            • #29
                              What you gain in "set and forget" you lose in thrashed house and likelihood of lower gain as area will always go downhill.
                              Don't touch them IMHO.

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                              • #30
                                Originally posted by [email protected] View Post
                                What you gain in "set and forget" you lose in thrashed house and likelihood of lower gain as area will always go downhill.
                                Don't touch them IMHO.
                                Ever sell them any houses Dean.
                                I heard they will buy houses if price is lower than new build.
                                And meet their requirements.

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