Pauline Duthie, principal of Christchurch Girls High School, recently announced the zoning expansion for Girls High School to match Boys High.
The Christchurch Girls High School zone now stretches from the corner of Tuam and Colombo streets to the corner of Blighs and Papanui roads. This now includes Riccarton, St Albans and Ilam which were previously excluded.
Zoning changes will take effect in time for 2018 enrollments which will open later this year.
Our English Park Townhouses are positioned in a prime location at 113-115 Cranford Street, situated in both the Boys and Girls High School zones.
These two story architecturally designed north facing townhouses are ideal for anyone wanting to secure an affordable 4 bedroom family home. Priced from $670,000, contact us today to find out more.
Final release in Wigram Skies – Register your interest.
The final stage in sought after Wigram Skies is soon to be released. Choose between a range of two and three bedroom townhouses in this highly desirable subdivision. Register your interest today to secure your new home.
Choosing the finishing touches for your bedroom.
The bed is the centerpiece of any bedroom. Aiming to make this the star attraction can transform even the most boring bedrooms into a space that reflects your personal style. Read More.
Last month the Reserve Bank Governor released new restrictions to lending that would take effect on September 1st.
Banks have started to implement these restrictions already, but the nuts and bolts of the changes are:
- For investment properties banks are now forced to require at least a 40% deposit for the majority of the loans they issue.
- For owner-occupied property banks require a 20% deposit on the majority of their loans.
- Loans that are exempt from the existing LVR restrictions, including loans to construct new dwellings, would continue to be exempt. At present many banks are struggling with this exemption however lending rules seem to favour new homes over existing.
NZ Property Investors Federation executive officer, Andrew King, has said that experienced and better resourced investors would see this as an opportunity as many smaller investors will be forced out of the market for the time being. The banks still have 5% of lending for investors at their discretion so it is worth enquiring to see if this is an option. Investor borrowers may wish to spread borrowing across multiple lenders (split banking) to avoid LVR grouping. Some investors may also wish to consider non-bank providers who are not bound by these restrictions. This gives equity short investors an opportunity, albeit with a higher interest rate.
The Residential Tenancies Act being considered makes an investment in new property much more favourable.
- Minimum standards for insulation and health and safety requirements will mean added cost for existing homes. All of our homes already meet this new standard.
- Being a new home there is no or little maintenance for a number of years. All of our homes have a 10 year Masterbuild guarantee.
There is greater tax advantage for depreciating chattels on a new property.
- New homes attract a higher quality of tenant with long term lease arrangements. The start point for tenancy is a brand new home and our property managers look to return property to the same standard at the end of tenancy.
- Horncastle is the only company that offers full property management with the option of rent guarantees for new homes.
It will be interesting to see how these restrictions play out from September 1st moving forward. If you are considering purchasing an investment home, or adding to your existing portfolio, Horncastle Homes has a variety of property options that may be suitable. Feel free to call or email if you would like to discuss the options specific to you.
For more information, contact Matt Withington: 027 496 6524
How can KiwiSaver get you into a brand new home?
On the 1st of August 2016 Housing New Zealand announced changes around their HomeStart grants for first time new home buyers, making it easier for KiwiSaver members to afford a brand new Horncastle home.
If you have been a contributing member of KiwiSaver for 3 or more years you can now apply for a HomeStart grant of up to $10,000 on new builds if purchasing individually or up to $20,000 if purchasing with another KiwiSaver member.
With housing caps of $650,000 for the Auckland region and $550,000 for the Christchurch region, a quality Horncastle Home is now even easier to get into.
Read more about the KiwiSaver HomeStart grants here or contact the Horncastle Homes team to discuss a housing option to suit your budget.
For more information, contact Matt Withington: 027 496 6524
In May 2016, Parliament passed a law change to amend the Residential Tenancies Act (RTA) with regards to smoke alarms and insulation, amongst other smaller changes.
These amendments have been introduced with the aim to reduce fire-related injuries and deaths and to make homes warmer, drier and safer for the million New Zealanders who live in rental accommodation.
How will this affect you as landlords? Well, as of the 1st July 2016, all residential rental properties are required to have working smoke alarms installed within three metres of each bedroom door and sleep-out, and there must be a minimum of one working smoke alarm on each level of the property.
The landlord is responsible for making sure smoke alarms are in working order at the beginning of every new tenancy, and the tenant is responsible for replacing batteries (if required) during their tenancy.
Smoke alarms that are newly installed, or which replace expired or faulty ones, must be long life (10 year) photoelectric smoke alarms, however hard-wired smoke alarms are also acceptable.
As of the 1st July 2019, all residential rental properties in New Zealand must be fitted with ceiling and floor insulation as a minimum (although some minor exemptions apply). The minimum thickness of ceiling insulation has been set at 70mm covering all accessible areas above habitable spaces. Timber subfloors are required to have underfloor insulation in reasonable condition, covering all the accessible subfloor area beneath habitable spaces. Concrete slabs count as underfloor insulation. These requirements will bring properties to a minimum standard as per the 1978 Building Act. Some properties may be eligible for insulation subsidies.
As of 1st July 2016, further to the smoke alarm requirement, all new tenancy agreements must state the level of insulation in the property, whether it be up to the 2019 requirement or not.
In immediate summary of impacts, all properties must have working smoke alarms in the correct placement from the 1st July 2016, and all new tenancies must state the level of insulation. As such, it would be an offence for this information to be omitted from the Tenancy Agreements that our office create. Horncastle Property Management has been working with select contractors on a fixed price of $75 + GST to assess properties coming up for re-letting to supply a report on what level of insulation is currently fitted in the property, along with a cost of $35+ GST per required smoke alarm. The installation cost of fitting these smoke alarms is included in the base assessment fee. If it has been established that your rental property does not have working smoke alarms, your Property Manager will contact you to discuss having one of these assessments take place.
Our comprehensive Property Management software has the ability for us to track the expiry date of the smoke alarms and record notes on the level of insulation to make the re-letting process faster and more efficient and to ensure that your property is compliant with the new legislation. Whilst these amendments to the act sound daunting, the immediate cost implications are low.
Your Property Manager will be in touch in the coming months to discuss if your property or properties are non-compliant and will work with you to ensure the most cost effective solutions for you.