Hanover Investment Properties

When you're a professional looking for an opportunity to relax in a suburban hamlet after your work in Boston is done for the day, Hanover, MA, is a great option. With a population of more than 14,000 people, the town has a very family-friendly community that makes it a great place to live. Situated in Plymouth County, this town has a thriving property market that's ripe for investment in the commercial and residential areas of real estate.

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Commuting is also very simple from this town; not only is Massachusetts Route 3 very accessible, but roads like Route 123 and 139 are within reach as well. Additionally, the nearby MBTA commuter rail is also fairly easy to get to.

Residential and Commercial Investment Properties

There are more than a few excellent reasons to consider an investment in one of the properties in this area. One of the most important ones is that the town is little more than a half hour away from Boston, which means that it is very convenient for professionals. As a result, both commercial and residential properties stand out in town. In this section, let's take a look at these property types.

Commercial Properties

With such proximity to Boston, you can assume that there'll be startups and small businesses that will be attracted to this town. As an owner of a property of this type, you can lock these businesses into a five- to ten-year lease, which guarantees a fairly steady cash flow. Additionally, owners of commercial properties can also charge lessees for things like maintenance costs and even property tax values.

Residential Properties

These types of properties include both single- and multi-family homes, and like commercial properties, cash flow should be your ultimate goal. Appreciation happens at different rates for these types of properties, but it's almost inevitable that these types of properties will increase in value throughout the ownership period. Additionally, these properties also tend to be great hedges against inflation due to the fact that they have rents and market values that naturally cause home value increase that should match or exceed the rate of inflation.

In addition to renting out these types of residential properties, you can also flip them. This means that you'll add features to the home to increase its market value. This is a fairly quick way of increasing a property's value, and it's also great for investors that want to buy and sell quickly.

Real Estate Market Overview and Neighborhoods

This town is relatively small, so it only has two major neighborhoods. That being said, these neighborhoods differ significantly when it comes to the real estate market. Here are the two neighborhoods:

• Town Center – The center of town has options for retail and also has properties that are slightly above the town's median at $534,750. Rent in this area is on average around $1,677 per month. While the monthly rent is significantly lower than the average of $2,100, the property value is a bit more expensive than the town's median. More than 11 percent of the homes here pre-date the 1930s.
• The North Section – Property values here are fairly even with the town's median and rents are also at this point, which means that it's definitely more expensive to rent here than in the town center. Many of the homes in this neighborhood have been build before 1999.

When it comes to the overarching town, it's easy to see that it is a thriving market, which is partially due to the fact that it's somewhat close to Boston. When it comes to residential properties, the town has a primary owner-occupied market; in fact, about 85 percent of the properties are owner-occupied. For renters, slightly over 15 percent of the town residents rent their properties, and this amount can be inclusive of multi-family or single-family rentals.

The median home value for this town is $524,105, and the price per square foot in town is about $10 cheaper than the Boston Metro Average, which definitely indicates that this is a good town for investment. To further cement this assertion, the town, in the last year, has experience home value growth of about 3.2 percent, and this is expected to rise another three percent in the next year.

Choosing the Right Investment Property

With a wealth of property types to choose from, it'll be up to you to decide which most accurately fits your needs and predilection. Are you patient? If so, a property investment in a more long-term profit type of property may be best for you. In these cases, multi-family and commercial tend to yield dividends within a few years worth time, especially with things like rent appreciation and market changes.

If you're looking for a little faster payout, then single-family homes with a little forced appreciation can certainly be faster than the other two options. In any case, Boston City Properties has talented and licensed agents that can help you find the property that can ensure an excellent return on investment. Contact us today.

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