I was wondering what type of insurance do most people take out with regard to investment regional properties.
Is there anyway of protecting the income of the investment property through insurance. For example, if someone does not pay the rent for 4 weeks you have a back up source?
Generally, do most people only have building insurance and thats it? What happens if minor damage is done to the home that is not covered under the general building insurance? Is there a form of covering everything?
A few other questions:-
1. If a property is before 1985 is it still worth having a quantity surveyor view the property or is there purpose purely to determine a depreciation schedule?
2. I once had a buyer that attempted to purchase a property on an option agreement – basically stating that if the property could be rezoned and suited his needs then he would purchase the property. Settlement was 6months in a boom market. Is this just another form of flipping a property to a new buyer because I believed after speaking with him that his intentions were to onsell the property as soon as he could. Is options becoming common practice?
Thank you
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