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Lynnfield Multi-Family Homes

Lynnfield, which is a town that is located in Essex County, is located about 14 miles north of Boston, which makes it a great place to live, especially for professionals who want a taste of suburban life. The housing industry is booming in this area; in fact, the median price for a condo has nearly doubled in value since the year 2000, and it is still growing.

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Purchasing a Multi-Family Home

With such a growing market, now is the time to purchase a home in the area, and deciding to purchase a multi-unit home is a great way to increase your income. As the property increases in value, simply rent out the units that are not being used. In this area, the median for condos is about $628,000; however, townhouses and other attached homes have a higher median of $912,000. With that being said, it is very likely that a home that is purchased now will be worth well over one million dollars in a few years.

Since this is a more prestigious area of Massachusetts, the homes are rather large. This means that the units inside the home should have at least two bedrooms and two bathrooms. In fact, many of the homes in the area have more because a spacious interior is preferred. Also, look for homes with stainless steel appliances, hardwood floors, and spacious walk-in closets. Many of the homes in the area have fireplaces in each of the units, which is a great addition to any New England home.

In addition, many of the homes in the area sit on a large lot of land, and with multiple unit homes on the property, that provides space for things like a pool, a tennis court, and a garden space to enjoy when the weather is warm. When purchasing a home of this type in the area, consider whether a condominium or an apartment building with this type of amenities is preferred or something more along the lines of a townhouse or a duplex. Regardless of the type of multi-unit home you are looking for, Boston City Properties can help you find a great real estate opportunity in the area. Call us today so that we can assist you in your search.

Selling a Multi-Family Home

Since this is such a great area to live, there are more individuals interested in moving into the area than there are available homes and units to purchase. That being said, as the area grows, this demand is only going to increase, which will increase the property value as well. When the value of a property increases, some owners opt to sell the home so that they can make a profit on their investment.

One of the best ways to ensure that a profit is made is to ensure that the property is up-to-date with all of the latest interior trends. Kitchens should have matching appliances, and stainless steel appliances will help to increase the value of the home. In addition, make sure that the bathroom is updated as well because these spaces are often important for a potential buyer. If you can wow them in the kitchen and the bathroom, they will be more willing to accept the price that the property is listed for.

Another thing that can help increase the property value of a multi-unit home is to have tenants living in the units when the property is listed. This allows the potential buyers to see what the property looks like with tenants, and it also provides them with an immediate source of income. If you need help listing a home with multiple units, contact us at Boston City Properties today so that we can help you find a buyer quickly.

Neighborhoods in the Area

This is a very safe community to live in, which makes it a great option for professionals looking for a place to raise a family. There are two main neighborhoods in the town, which are:

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