Metro Property Group – Insider Tips on Selecting and Renovated Properties

DETROIT - Dec. 8, 2013 - PRLog -- The Metro Property Group experts shed light on the recommended qualities of an investment property for maximum performance and profitability. The construction and real estate teams at Metro Property Group urge meticulously selecting properties and thorough rehabilitation for all investment properties in Detroit. You can visit the Metro Property Group website at http://www.MyMetroProperty.com .

Handpicking Properties

Before delving into the renovation process and insider tips, the real estate experts at Metro Property Group stress the importance of picking the correct properties in such a diverse city like Detroit. The first step in owning a performing-property in Detroit is selecting a quality property. How do you pick a ‘quality’ property? Time and time again, the phrase location is everything is stated repetitiously. While location might not be ‘everything’, it certainly is very important. In Detroit, ‘location’ refers to neighborhoods. The difference between some neighborhoods is day-and-night. To pick a good neighborhood, it is important to factor how close it is to suburbs, like Dearborn, Ferndale, Grosse Pointe, Eastpointe, or Oak Park. Additionally, higher rent averages and lower crime rates are also determining factors. Some of the best neighborhoods include, but are not limited to, Bagley, East English Village, Morningside, Belmont, Barton McFarland, Blackstone Park, Grandmont Rosedale, and many more.

After finding the perfect neighborhoods, not any house will do. It is important to pick a house on a street with fewer abandoned houses. Areas like University District, for example, take pride in their low vacancy and abandonment rates.

Next, it is very important to select a brick house. Brick houses appreciate much faster when prices are increasing. It is also common knowledge that brick homes last longer, require less external maintenance, have a more eloquent architectural style, and maintain a better overall shape. Not to forget, brick homes do a better job withstanding natural and man-made disasters from weather mishaps to fires.

Renovating Properties

There are many benefits of owning a newly-renovated property versus a distressed, non-modern property. For investors looking for a rental property, it is almost necessary that the property is properly renovated.

Remember, tenanting properties is the main source of profit in a rental investment property. With a renovated property, prospect tenants are much more likely to be interested. This also increases the properties ability to generate income, as a renovated property can be advertised at a significantly higher rental price than a non-renovated property.

When renovating a property, the flooring is very important. Metro Property Group strongly recommends ceramic floors in the kitchen and bathroom, as they are durable and attractive. Mike Alaweih, COO, boldly states “It is the Metro Property Group standard to refurbish all kitchens and bathrooms with durable, quality ceramic flooring. Throughout our years of operations, we have noticed that it is rare that a kitchen or bathroom floor needs maintenance after inserting ceramic floors.” In the living room and bedrooms, there are two practical options – carpet and hardwood floors.

To learn more about Metro Property Group, you can visit the "About Us" page at http://www.mymetroproperty.com/content/about-us.

Next, the interior must be painted completely. This is beneficial and practical for multiple reasons. Firstly, it makes the interior of the house look brand new and much more appealing to the eyes of a tenant. Secondly, if the paint is perfected upon renovation, it is easy to identify any harm caused by residents (tenants).  To save money and make the house look as elegant as possible, the experts at Metro Property Group recommend the same color tone throughout the whole house. The best colors to use are shades of beige. Shades of beige are less likely to get dirty and give the house personality.

With a freshly renovated property, your listing stands out beyond the competition. It makes it much easier to tenant the property at a higher monthly amount. This can increase your profitability and reduce vacancy periods. Additionally, when looking for an exit strategy, it is much easier to sell a property that has been thoroughly renovated as it holds a higher value in the real estate market.

About

Metro Property Group is the largest residential real estate investment and property management company in the metropolitan area of Detroit. Focusing on excellence, customer satisfaction, and profitability for our clients, Metro Property Group delivers world-class services in all sectors of property investment. A vertically integrated company, Metro Property Group provides investors arm-chair investment opportunities, handling everything from real estate, rehabilitation, and property management services. To read more about the Metro Property Group Team, visit http://www.mymetroproperty.com/content/metro-property-group-team