Many Michigan residents could be in for a wealth windfall. If that includes you, what type of real estate might you want to invest it in?
According to financial experts millennials are beginning to inherit almost $30 trillion from their parents. North of the border CIBC estimates Canadian Boomers are also currently in the process of receiving almost $1 trillion from their aging parents.
A recent survey from Forbes shows that real estate has only continued to surge as the top choice of long term investment. So it’s likely that a lot of this cash will be invested in property. Much may be splurged on consumer items – boosting the local Michigan economy. Yet, the size of these inheritances will create many more investors.
For some this may seem to be the dream opportunity to buy that condo in Florida. Maybe it’s a vacation condo, second home, or mobile home for retirement. It’s true that FL property may have a place in the long term plans and investment portfolios of many individuals, but MI real estate is still a great move too. Right now rates on financial leverage and asset prices are attractive. And no one can deny the indomitable entrepreneurial spirit of Michigan, and the great value of its real estate today.
Many may want to finally buy their own home, or upgrade their home while the market is so appealing. Others may want to invest in student housing to ensure their kids and grandkids have a place and can more easily afford to go to Michigan’s great universities. Vacant land can be a wise choice for long term investments thanks to its low maintenance and holding costs. Income producing rental homes and commercial properties can be ideal for generating long term passive income in retirement and for heirs, while preserving and growing multi-generational wealth.
This activity should also support a new upward spiral in property values. So what will you invest in?