Property listing ID: 499174
This is an opportunity not to be missed - a tidy, 3 bedroom brick home with a long term Housing NZ Lease, in a really good location for schools, public transport and shops. For those of you who are new to the investment market, or who may not know about Housing NZ Leases, here is a brief overview. You sign a Lease Agreement with Housing NZ. (The Lease term varies, for example it could be 10 years with a right of renewal for a further 5 years or for 5 years with a right of renewal for a further 5 years). (Note this is Housing NZ's right so if they want to extend they can regardless of whether you want to or not). Housing NZ provide the Tenant and do the inspections and in return, you pay them a management fee. As far as the administration goes, Housing NZ regularly pay rent into your bank account less their management fee. At the end of the Lease period, the property is returned to you as per the original Lease condition less normal wear and tear. For example if the tenant broke a window or made a hole in the wall, Housing NZ would have this rectified whereas, if the carpets were 15 years old and needed replacement, this would be at your cost as it is normal wear and tear. The advantage of a Housing NZ Tenancy is that you are not responsible for looking for tenants, doing credit checks, doing inspections and ensuring the rent is paid. The BIG advantage is that the rent is paid into your bank account, month in month out, year in, year out. In relation to 19 Kona Crescent, the net rent paid monthly to your Bank Account is $1638.00 . Note that Water Rates are paid by the owner and reimbursed by Housing NZ. The Lease term is 5 years plus right of renewal for a further 5 years with final expiry date 4th September 2022. (We have a copy of the Lease Document available for your perusal.) Sound interesting��take that first step now and give us a call.
Listed by Barfoot & Thompson , Glendene Residential Sales (Glendene)