Groveland Investment Properties
Groveland, which is a small town with a population of over 6,400 people, is located in Essex County. The town is only about 34 miles north of Boston, which means that commuting from the town is a likely scenario for residents. In addition, the average value of a home in this area is about $363,800, which is a good bit less than much of the property in the Boston Metro area. That being said, this town provides quite a few investment opportunities, so if you are looking to invest, make sure to consider this town as one of your options.
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Residential and Commercial Investment Properties
If you are looking to invest, then there are quite a few options to consider, which are:
- Single-Family Homes – These are larger units that are designed with two- three- or four-bedrooms inside of the home. This unit is designed for a family to enjoy, so there is not going to be a lot of different entrances or units to rent out to interested parties. Though this is one of the cheaper options when it comes to investing in the area, it will appreciate with time. You can either decide to live in the home for a period of time and then sell the property for a profit, or you can simply rent it out to a tenant.
- Multi-Family Homes – These are homes that are designed with multiple units. They include duplexes, condos, apartments, townhouses, and more. One of the advantages of these types of homes is that, even if you are living in one of the units, you will have at least one more to rent out. Ideally, the rental income that you receive from this type of property should cover the cost of your mortgage as well as the cost of any maintenance that needs to be done on the units. It should also cover the price of any upkeep on the property like mowing the grass, maintaining the pool, and removing snow from the walkways and the parking area. These are often the most lucrative types of investments to make in any given neighborhood.
- Commercial Properties – Another option when you want to find property to invest in is to find commercial property in the area. Typically, this can include things like an office building, a retail space, or even a warehouse. A warehouse space may be located outside of the important part of town, but you can find retail and office space in the same neighborhoods that you can find residential properties.
Investing in this area means that you intend to make a profit on the property. You can do this by considering the appreciation of the property in the area. Ideally, you want the property to increase each year so that you make more money when you decide to sell. Rental income is going to be a major source of income for you, so before you purchase property here, make sure that you will be able to get enough rental income to a pay for all of your expenses; in fact, you should have about five or 10 percent remaining to put back for emergencies each month.
Real Estate Market Overview and Neighborhoods
Since this is such a small area of Massachusetts, there are no neighborhoods in the town. Though, since this is an area where a lot of professionals make their home, it is a great place to consider raising a family. The schools in the area are highly rated, and the crime in the area is one of the lowest in the entire country. This area has a lot of parks and ponds in the area, which means that it is a great place to walk and enjoy the scenery.
Choosing the Right Investment Property
A big part of investing is owning property that can produce income for you. With that being said, there are quite a few investment options in the area. Boston City Properties can help you find an investment that fits your needs; we have been working in this community for years, so we know the area and can help you find the right property to invest in. Call us today at 617-247-1933.
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