The recent damage dealt by Hurricane Matthew is a fresh reminder of some of the great advantages of owning Michigan real estate.
While our hearts go out to all of those impacted by this recent storm, it is also an important call to be thoughtful about what property you buy, own, hold, and invest in.
The attraction to Florida is obvious. Sunshine, sparkling water, warmth, and beaches. Other places have their appeal too. New York City is a magnet for visitors and real estate investors. Silicon Valley is perhaps the most competitive property market in the world. Yet, these destinations all seem to also share some of the highest risks too. Hurricanes, terror attacks, annual wildfires, and so on.
The chances of an individual property being hit in a single storm or disaster may be small, and most people will have insurance. Though while Michigan may not always boast the warmest and sunniest weather, it may certainly offer far more security for real estate investments.
It is also important to point out the price and value differences, and future outlook. You get a lot more for your money in Michigan. That means surplus cash every month you can use to go on vacation, while keeping your core living expenses and bills down.
Looking ahead Michigan boasts a very bright outlook. The tech and startup scene is taking off. New luxury units for seniors are being proposed for areas like Rochester. There is a lot of room for life to get a lot better, and for the market to bring great new housing options, and build a lot of equity. Contrast that with some of the other destinations mentioned that are typically on the frontline of real estate downturns, and which may be very overpriced.
We can’t understate the tragedy of Hurricane Matthew and other disasters. Yet, we shouldn’t underestimate the value of Michigan real estate either. Sure, go off on a sunny vacation every year. Maybe even invest in a beachfront condo. But cashing out of Michigan, or failing to take advantage of the opportunities to diversify with all the valuable types of property on offer here could be a mistake many will be kicking themselves for later.