At Tressel, our core mission is to make property/housing ownership a reality for everyone in New Zealand. We believe in empowering individuals to build equity by offering affordable housing investment solutions.

To achieve this, we're committed to ensuring homes are suitable to be crowdfunded on the house website and that the homes that are "fit-for-purpose". This means every property available for investors is carefully reviewed to meet high Property Standards, protecting your investment value. Our standards are always applied before an offer to sell down a property is accepted on our site.

Our Commitment to Quality Housing

Every property must meet a comprehensive set of standards, ensuring it's a great place to live and a sound investment:

• Legally Compliant: All our homes strictly adhere to relevant National and Local laws, bylaws, and regulations.
• "As New" Condition: We do not believe properties should be offered where is a maintenance risk. New and/or as new properties avoid this. This means that homes that are not in an as new condition will be refurbished to meet the standard.
• Modern Features: Where possible, properties will feature solar power generation and double glazing, enhancing comfort and efficiency.
• Healthy Homes: We ensure all our properties comply with Healthy Homes standards, meaning they are free from endemic mould and dampness.
• Location: when considering a property offer we will consider community benefits such as local shopping, schools, public transport, sports facilities, and playgrounds.
• Parking: You can expect reasonable off-street parking facilities at our properties..
• Safe Surroundings: We carefully select properties that are not located close to high voltage overhead power lines or in areas of environmental risk that could pose an unreasonable threat to our Guardians.
• Accessibility: Our homes are designed to meet accessibility needs.

How We Accept a Property to be Offered on the Site

In our first two years, we're focusing on New Zealand's main population centres with a range of two, three, and four-bedroom homes,

Our Property Strategy:

• No Maintenance Policy: It's our policy not to purchase properties that come without a maintenance burden. Our focus is on ensuring every dwelling is in an "as new condition" before a guardian moves in.
• Preferred Properties: We prefer new properties (under warranty) or those less than 5 years old to minimise refurbishment costs. However, we're ready to consider an offer that includes a renovated or house suitable for renovation if the purchase price makes it a smart investment. All costs will be disclosed in the offer documentation.
• Dwelling Types: Standalone, terraced, and townhouse dwellings are preferred, though apartments may also be considered.
• What We Avoid: We will not consider leasehold properties or homes that have a history of being "leaky homes" or potential flood risk.
• Apartment Considerations: If we consider apartments, we'll thoroughly assess the building's condition, the body corporate's reserves, and their maintenance plan to minimise the risk of future additional demands. The body corporate fee is also factored into investor management costs.
• Neighbourhood Matters: We also look at the condition of neighbouring houses and the probability of adjacent development if information is available to ensure up to date offer details.

Our Property Assessment

Before any property is able to be offered on the Housies site, it undergoes an assessment (including a new property under warranty) to ensure it meets our standards and current building code standards. This assessment is conducted either by a Tressel property manager or an external agency, using our specific criteria and assessment app.

A key part of this assessment is evaluating the building envelope suitability and potential maintenance risks, including any refurbishment needs. This involves reviewing:

• Builder Reputation: We will review other completed projects by the builder.
• Roofing: The type (steel, tile, etc.) and condition of the roof, including gutters and seals for penetrations, are checked.
• Exterior Cladding: We assess the cladding for maintenance needs, avoiding composite cladding systems that rely solely on paint as the weather barrier. For example, cedar cladding will require some additional care every few years.
• Glazing: Glazing flashings are inspected.
• Wet Areas: We review interior wet area waterproof systems behind tiles or acrylic panels, including upstands, wall tile height, and floor and wall substrate.
• Kitchen & Cabinets: Kitchen cabinets should be on pedestal stands and preferably wall mounted in wet areas. We prefer vinyl-wrapped or melteca type products with PVC edge products over painted cabinets due to ongoing wear and tear. Laminate benchtops are likely to have higher maintenance costs.
• Plumbing & Electrical: For example we check for individual water shut-off valves for taps and hot water cylinders (not just at the mains point) and ensure electrical certification is up-to-date.
• Utilities & Common Areas: Exterior utility position and access, as well as access in common areas for any maintenance considerations are reviewed.

Environmental Checks: We also consider environmental aspects such as the age and condition of on-site utility infrastructure (stormwater and sewerage), boundary fencing, and environmental risks like flooding and associated insurance risks.

Maintenance Planning

Each property will have a long term maintenance plan which will schedule annual and long term maintenance consideration. This includes scheduling expected future higher cost items such as kitchen, bathroom and exterior upgrades.

The long term maintenance fund will be included in the initial offer. The funds will be held by the Property Co and only used for maintenance. Maintenance spending and account balance will be disclosed in the Property Co annual accounts which will be posted on the property file.