On the 1st of October this year, the government enacted their new Residential Tenancies Amendment Act 2010 revealing a number of new and quite startling amendments that directly affects investors.
One in particular is the requirement for any Landlord who is intending on being out of the country for more than 21 days MUST appoint an agent to manage the property in their absence. Even if the Landlord unintentionally stays out of the country more than 21 days, they will be in breach of this requirement of the Act and liable to a $1,000 fine.
So, for all you holiday makers, travellers and gypsies out there – beware of the teeth within this new Act, and if you intend being out of the country make sure you cover yourself by having an agent poised and ready – in case you are away longer than you intended.
Happy investing . . . and holidays from the RER Property Management Team here in Auckland, New Zealand