For a growing number ofpeople, Property in Michigan for sale has become a viable investment optiondue to the affordable entry level into the propertymarket, which currently offers a number of foreclosures, and a high demand for rental accommodation.
As stated by the leading housing data research firm, RealtyTrac, in 2011, 23% of allresidential property sales in Michiganwere foreclosures.
Although the low entrylevel is attractive to lots of potentiallandlords, the clever investors looking to investin Property in Michigan for sale should analysisthe area in which they are buying in, and the quality of tenant theywant to attract.
Homes near to strong,vibrant downtown commercial locations with good infastructure andtransportation links and thriving businesses prove popular for both tenants and landlords.
Selectively choosing houses in school catchment areas, near parks andwith good medical facilities, policing and fire departments are also key to securing quality tenants on a long-term leasebasis.
As the city of Detroit makesinternational headlines due to the revivalof its motor industry and an influx of technical manufacturingjobs, property investment in suburban and urban areas has helped boost the city’s real estate market.
The investment from overseasand domestic investors into investment properties has helped to regenerate previously uninhabitable and foreclosed properties,having a positive effect of the State’s real estate market.
Despite this upwardtrend in renovated, buy-to-let homes,the suply ofinvestment homes to rent for yields does not satisfythe current demand, with a leading Detroit property agent have suggested thatover half a million high tech workers have relocated to Detroitin search of work and will need qualityaccommodation.
With foreclosures accountingfor around 1 in 5 propertiessold in Michigan, and typically costing 34% less than homeswhich are not foreclosures according to RealtyTrac, distressed homes in wealthierneighborhoods are the number one choice with investors.
Only selectinghomes in popular neighborhoods whichsatisfy the company’s criteria, Experience International offersinvestors Detroit properties which typically providerental yields in excess of 20% with entrylevels from around $30,000, the houses are refurbished and pre-tenanted.
On some properties,50% finance is available and discounts are given to peoplewho buy their properties with cash.
For moreinformation about the best way to invest in Property in Michigan for sale,contact Experience International, call + 44 (0) 207 321 5863
