Purchasing an income property is a big decision. In some cases it can be a great investment, but there are risks involved. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we have seen that the real estate market can be unpredictable, so make sure you have realistic expectations about the potential return on your investment. As a landlord, you will likely need to pay for maintenance, taxes, cleaning between tenants and vacancy time. A reliable and talented repair person is vital. When the need arises, it’s important to repair items as soon as possible to prevent further damage. Most importantly, be sure to set money aside for emergencies so you aren’t caught off guard and unprepared. Check out below to see what sold in Maybury Park Estates in May 2016:
21509 Equestrian Trail, Novi: 5 bedrooms, 4.1 bathrooms, 4,008 sq. feet, 4 car garage, Sold Price: $945,000
20839 Richmond Drive, Novi: 4 bedrooms, 4.2 bathrooms, 6,114 sq. feet, 4 car garage, Sold Price: $1,590,000
Insurance can be expensive and rental properties can cost much more than insuring an owner-occupied home. Get a quote first, so you know what you’re getting into. For more information on Maybury Park Estates, or similar Northville or Novi neighborhoods such as Tuscany Reserve, Turnberry Estates and Bellagio, contact The DiMora Team today at 248-505-7728 or firstname.lastname@example.org.