Buying an investment home in Oakland County MI
The whole idea of buying an investment home in South East Michigan is to MAKE MONEY. So if you are contemplating jumping into the flipping and landlord business it pays to know what affects the resale value of a home. I am going to talk about a couple of factors that affect the resale value and even affect whether a renter will rent the house or stay in the house a long time. These concepts below apply to all homes whether it is a home for sale in Milford Michigan or a lake house for sale in Clarkston MI.
When you buy a house the normal items are three bedrooms, basement, and a garage. That is what I consider a normal house and what most people want when looking at homes. Sure people will buy a house without a garage, but they prefer a garage. They would rather have a garage so they can park their car in it. They may want storage in the garage.
It is the same way with basements. They prefer a home with a basement but they will buy a house on a crawl space or slab. Many times buyers and renters will prefer a home that either has a basement or a garage. They want more room to store their belonging.
So let’s talk about bedrooms next. Renters will stay longer in homes that have room. What I mean is that it is easier to keep a renter in a 3 bedroom home than a 2 bedroom home. If they have to change to working from home or if they need another bedroom for another child then a 3 bedroom home would be better. I have had renters in homes for 15+ years. I believe it is because they had room and had no need to move.
Lastly lets talk about the size of the bedrooms. Many home buyers want at least one spacious bedroom. A bedroom big enough to put a queen or king bed. It is the same way with rental homes. At least one spacious bedroom. The second issue on spacious bedrooms is the size of the rest of the bedrooms. If the second or third bedroom is so small only a twin bed and nothing else can fit in it the size of the bedrooms then that becomes an issues for renters and also becomes a problem when you go to resell it. Small problems can cause issues on resale and even renting the house.
I hope this helps you understand what may happen when buying an Investment house in Oakland County. You should prefer to buy a 3 bedroom home with spacious bedrooms. You will get a better return on the house and it will be easier to sell. You can rent or sell a 2 bedroom house, but you want decent size bedrooms. Feel free to call or text me with questions. In 2021 there have been no deals because it is a hot sellers market. You have to be a smart investor when buying a Metro Detroit home and hope to make money investing in real estate in Southeastern Michigan.
Feel free to call or text me on your next move. I get homes sold and help my clients find the good deals out there. My cell is 248-310-6239
Here are some articles I wrote in the past.
Elizabeth Lake homes for sale Waterford Michigan
Cranberry Lake White Lake Township
Toys for Tots, Participation, Appreciation
Maceday Lake homes Waterford MI
Detroit foreclosures and homes for sale
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