Last month we went along to a meeting at the Hawkes Bay Property Investors Association. We are looking to purchase a rental property in Hawkes Bay so we joined. We went to the AGM this evening and the speaker (after all the boring last year reporting) was very good. However he caused us some distress because there are so many new regulations (some that were never made into print so nobody knew about them) that make us think.. are we doing the right thing?
You see we are getting on, I’m 50 this year and Claire is a little older than me. we want to retire with some kind of nest-egg, I mean who doesn’t and we thought that investing in property would be a good way to secure that retirement plan.
After our initial annoyance that KiwiBank (BOOO) won’t loan us money because we aren’t (and don’t want to be) working stiffs we decided we would buy something with just what we had and save whatever income we gained from that. This made us look outside our comfort zone and we looked in Flaxmere (see yesterdays rant about Flaxmere).
We then went to a crappier part of Hastings today but when we got there.. the two houses across the road are infested with the mongrel mob.. just go and google them to see what a nice bunch of chaps they are.
Besides the gangland stuff happening in the neighborhood, the house is entirely clad in asbestos. We decided that the crappier parts of Hastings are not where we want to invest our money either so we are looking at a few other things, and if needs be I’ll become a working stiff so we can get a loan from a bank.. not KiwiBank however, their days as my bank are truly numbered.
So the speaker this evening told us about all manner of interesting government nonsense that landlords have to comply with. Apparently currently.. you cannot get any money from tenants who trash your house! You have to have a safe work plan for anybody that comes onto your rental property to do work (including yourself) and the new regulations regarding asbestos are just totally bonkers. And then there’s the total fiasco that is meth amphetamine contamination. It’s a lot to think about and we will have to do a bit of research.
Another regulation is that now you have to have consent and a fence for any pool that holds over 400mm depth of water. Arghhhh! At least that one is pretty easy to include in a tenancy agreement 🙂