Hanson Investment Properties
As one of the inland towns on the south shore of Massachusetts, Hanson is a beautiful place to live that has several key attractions like the picturesque Wampatuck Pond. The town is only about 26 miles from Boston, which means that it is optimally located for those that want to commute to and from the city. Route 3 and 24 are close at hand in town, and if you need to travel by mass transit, the MBTA commuter rail service also travels into town along the Kingston-Plymouth line. In fact, the town even has a small airport that serves smaller aircraft.
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For those looking for investment opportunities in town, there are several that can provide residential or commercial options, and with such close proximity to a major city, now is a good time to consider an investment.
Residential and Commercial Investment Properties
If you're new to investment real estate, it's important to know your options. As with any kind of investing, you're here to make a profit, so it's important to do a little research so that you can find your ideal property type. If you're going residential, you'll be able to choose to invest in single-family homes or multi-family homes, but if you're thinking another type of real estate investment, then commercial is also another option. Here's a breakdown:
- Single-Family Homes – These can be rented or sold, but if you're planning on selling these for a profit, you can upgrade them in order to force the appreciation rate. If you want a steady cash flow, renting these out is the way to go.
- Multi-Family Homes – These stand out because they can also provide a property for you to live in as well. With one of these properties, which include duplexes, apartment buildings and complexes, condos, and townhomes, you can make steady cash from rent. Additionally, these are good long-term investments due to the fact that these tend to appreciate.
- Commercial Properties – These have a tendency to appreciate even more than multi-family units, and typically the lease periods on these properties are longer as well. This means that these are also great long-term investments as well.
Real Estate Market Overview and Neighborhoods
This town has four neighborhoods of note:
- The South Section – The town center rests in this neighborhood. Most real estate here is owner-occupied. This particular area stands out due to the fact that its current vacancy rate is 0.0 percent.
- Monponsett – This part of town is also known as Breezy Hill and it borders Halifax and is named for the Monponsett Twin Lakes, which also border this part of town. As a result, much of this area is beautiful, and as a result, home values are somewhat higher here.
- Burrage – This area, which is named for Albert Burrage, is a neighborhood that's known for its industrial complexes. This is a good area for multi-family properties; in fact, there are rental complexes in this part of town.
- Brentwood – This area of town, like many neighborhoods in the area, has properties that are predominantly owner-occupied. With that said, rental prices are around $1,300, which is lower than most Massachusetts neighborhoods. This town neighborhood is considered one of the best neighborhoods for children and families, which makes this an excellent place to consider a residential investment.
The average market rent for this town is about $1,366 per month, which is significantly lower than the average for the Boston suburbs. The median home value in many of the neighborhoods is about $395,976, which, once again, is fairly low for this area of the country. The homeownership rate in town is also very high; of the 10,758 people in town, more than 90 percent live in owner-occupied homes.
As a result, about 9.7 percent of the population rents, which is still significant enough to be worth an investors interest. Additionally, since many of the homes here have more than three bedrooms, there are also investment opportunities for those looking to convert homes to multi-family properties like duplexes and townhomes. About 25 percent of the homes here have four bedrooms, which heightens the potential for converters.
While there has been new construction in the area, only about 10 percent of the homes here are from 2000 or after. In fact, when you compare this number to the number of homes that originate before 1939 (23.3 percent), you'll see that there are several properties in town with long histories.
Choosing the Right Investment Property
It's not easy to find a property without a professional, which is why it's beneficial to find a brokerage that can work with you to ensure that you invest in the right real estate for you. Boston City Properties understands the real estate market of towns like this one and we also have licensed professionals on-staff that can help you through the purchasing process as well, so give us a call at 617-247-1933.
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