One man’s junk is another man’s treasure. Nowhere is this axiom more true than in the real estate marketplace. 2007, inspite of all protestations to the contrary was still one of the best years the real estate industry in Grand Rapids, Michigan has ever had. In fact, well within the Top 10!
For intelligent investors, the current real estate market is abounding with opportunities to buy right amidst all the red ink…and fix up to profit with Green! Yes, Green as in incorporating energy saving elements into upgrades on homes. The combination of a wise investment and intelligent improvements will increase the chances of Future Profits regardles of if you’re buying a home for an investment or personal purposes.
With today’s energy prices rising and projections indicating this will continue, fixing up a home to lower heating costs and electricity are real perks to new home buyers. Many homes which are in Foreclosure or Short Sale have not been upgraded recently. An energy efficient dishwasher, stove and refrigerator can dramatically lower the monthly cost of living in a home.
Insulating a home adequately, putting in new windows and upgrading the furnace are improvements which get the attention of today’s buyers. Marketing your home to emphasize the Cost Saving Benefits of Green Environmentally Friendly improvements will put more Green in the form of dollar bills into your pocket.
But first, make sure you BUY your home right. The Best Green Investment in real estate is the one in which you put as little money as possible to maximize your potential return. This is going to require some research and investigation. Be prepared to adequately research viable neighborhoods and scrutinizing homes which may have substantial obvious and hidden defects. Pay attention to community spirit. Neighborhoods which have associations and in which people are passionate about their environment make for better investments and better communities.
The bulls eye target is continually changing when it comes to real estate values these days. So, it’s important to have access to not only the current comparables, but also historical data for approximately a year at least. Making an intelligent offer is essential to ensuring that your investment, whether in a first home or investment property does well in the future.
This is not the best market to have a “short term” mentality. Be prepared to be flexible. If you purchase a home correctly, you can afford to hold onto it by renting it out if you don’t get a Sale on it right away. This can put Green Cash back into your pocket every month and save you the expense of paying utilities for a home you don’t live in. In addition, as an investment, you will want to check with your accountant about tax deductions on your investment property with regards to depreciation and improvements. These deductions can be substantial in their ability to improve your bottom line.
If you’d like to explore the process of Intelligent Investing when it comes to making your next purchase of real estate in Grand Rapids, Michigan…please contact us at 616-791-0511 or firstname.lastname@example.org