One of the buyer groups that we have been seeing more of here at Barry Plant Thomastown in recent months has been those looking to buy for investment purposes. As I said in A POST IN THESE PAGES IN APRIL, we have seen a marked increase in the number of investors attending our Open Houses and raising their hands at auctions.

This increased activity has certainly added to the level of competition between buyers, as we saw in the recent sale of a three-bedroom unit in Marjory Street, Thomastown (pictured). This property had signed offers being made within 24 hours of hitting the market!

One thing I am noticing lately among those who are buying for investment purposes is that whilst they are devoting plenty of thought to what type of property they want; what area it should be in; what returns they want to generate and what improvements they plan to make; some investors are overlooking the importance of ensuring their investment is properly protected by taking out ‘landlord insurance’.

When investors think about insurance, many tend to focus on the potential for lost rent. However, there are many other aspects of effective coverage, such as tenant damage (whether intended or not), pet damage, natural disasters and even more extreme events like cleaning up a drug lab!

The fact is that the right insurance can make a huge difference for property owners, saving major expense not to mention sleepless nights.

So if you are in the market for your first property investment, or you are already a rental provider but unsure if you have “crossed all the t’s and dotted all the i’s”, feel free to give our experienced Property Management team at Barry Plant Thomastown a call this week on 9466 3233 for advice.

In the meantime, I hope you enjoy a safe and relaxing long weekend.

Cheers,

Con Constantinou

Barry Plant Thomastown