How much bond for a property is taken and what happens to it?

Posted by Auckland Property Management Ltd on August 21, 2019 | Property Management, Video Blog

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One of the most commonly asked questions we receive from landlords is how much bond do we charge and what happens to it?

A maximum of four weeks rent for a bond may be charged to tenants, and once received (generally before the tenants move into the property), the bond should be lodged with the Department of Building and Housing within 23 working days. If a landlord does not use the services of a Property Manager there is the risk that the landlord may receive up to a $1000 penalty if the bond has not been lodged in time.

To lodge a bond Property Managers also ensure all tenants stated on the Tenancy Agreement have completed and signed a Bond Lodgement Form.

At Auckland Property Management we take the stress of managing your property out of hands, by providing you with a reduced risk property management approach.

Call us today for a complementary rent income assessment and property health check.