Halifax Investment Properties
Halifax, Massachusetts, is a small town that has a population of fewer than 8,000 individuals. Located in Plymouth County, this town is only about 33 miles away from Boston, which means that traveling to the city on a daily basis is doable. In addition, there is also an MBTA commuter rail that connects the city to Boston's South Station. The median value of homes and properties in the area is about $367,000, which makes it a good area to invest in, especially considering the 6.5 percent growth that this area experienced in the past year. It is predicted that there will be a four percent growth within the next year, so investing in this town can present you with a great opportunity to profit.
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Residential and Commercial Investment Properties
Investing in property in this area has quite a few benefits, regardless of whether you decide to invest in a residential property or a commercial one. Boston has a thriving real estate market right now, and the towns surrounding the area are also benefiting from the growth in the area. Professionals and students in the area are always looking for a place to live, and many of them are willing to pay a steep rental price to get a place to live in a community that is close to the city but far enough away to enjoy a suburban life at home.
Some of the advantages of investing in this type of property include:
- Appreciation of the Property – The longer you own property, the more the property is going to be worth. If you maintain the property and make repairs when things are broken, you will most likely see an appreciation on the property each year that you won it. In fact, if you rent the property out to tenants, when they move out, try to upgrade the units to keep them modernized so that you can increase the value of the property even more. After a few years, the property that you invested in will be more than the price that you paid when you invested in it.
- Rental Income – When you invest in rental property, you are most likely only going to pay about 30 percent of the full price, the rest will be financed. This amount becomes your mortgage, and if you are receiving rental income for the units, your mortgage should be covered. The rental income that you receive also needs to be enough to cover maintenance expenses and upgrades that you need to do on the property. Ideally, you should be able to set aside at least five to 10 percent of your rental income in case you need to make emergency repairs.
- Tax Write-Offs – Owning property can be strenuous, but one of the benefits that you will notice when you do invest in property is that there are a number of things that you can write off to help you get more money back on your tax return. This includes things like property taxes, insurance that you have on the property, maintenance costs, repair costs, and even mortgage interests.
Real Estate Market Overview and Neighborhoods
With a total of about 17 square miles, this town is relatively small. That being said, there are not designated neighborhoods in this town to consider when looking to invest; however, you will want to get an impression of the town as a whole before diving in and purchasing a property. To start, this is a neighborhood that has a very low crime rate, which makes it a safe place to live and own property. The schools in the area are also very highly rated, which means that the education of the children in the community is taken seriously, making it a great town to raise a family.
Choosing the Right Investment Property
Whether you decide to invest in a commercial property in the area or a residential property, you need to decide which investment opportunity is right for you. If you are having trouble finding a property that fits your needs, contact Boston City Properties today! We have up-to-date information on properties in the area, so we can help you make a sound investment decision.
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