Medfield Multi-Family Homes

Medfield is a town in the Boston Metropolitan Area that has a lot going for it, especially for those that would like a suburban oasis from which to commute to Boston. The market itself is very stable, and there's a wide variety of single-family homes in which to purchase, but one somewhat overlooked real estate resource that's worth considering is the market for homes that can accommodate multiple families.

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These types of homes are a real resource and are perfect for a property investor that wants a relatively stable monthly income. Loans for these properties are easier to come by and the long-term prospects of a property of this type in the Boston suburban area also look very bright when you consider the city's recent steady growth.

Purchasing a Multi-Family Home

So, what types of properties do these homes entail? Homes that accommodate multiple families vary significantly, but all can be a great investment. Here are a few types:

• Duplexes, Triplexes, and Quadplexes – The advantage of this type of property is that the property owner can convert many of the single-family homes in the area into this type of unit. A large enough home that may have three floors can easily be transformed into a triplex with only a few modifications. As a result, rather than the whole unit being allotted to a single tenant's family, up to three family's can live and pay rent in a converted building of this type.
• Condos and Townhomes – These types of properties have units that are owned by the tenants. As a result, the property owner can hire a management company to help run the day-to-day operations of the property. With unit owners paying a mortgage and HOA fee rather than rent, this is a very safe style of property to invest in.
• Apartments – For the short term, apartment rental is a fairly stable style of real estate investment. Tenants that rent units in an apartment building or converted house sign leases that can be short or long term. This is a very advantageous style of property ownership because the lease ensures that quality tenants live on the property.

While it might seem difficult to get a loan that might allow for the ownership of one of these property types due to the high costs of the properties themselves, it's actually a fairly straightforward process. Banks will provide million-dollar loans for these types of properties due to the fact that they tend to have a low vacancy rate and they also tend to foreclose less often than single-family homes.

Additionally, with steady growth in the area, purchasing property in this town can be a great way to see a return on investment; Boston is steadily growing and this city is only about 28 miles from the city. This means that as the next influx of tech professionals begins, many of these individuals will look to the surrounding suburbs for housing, which is when property values will increase.

If you're looking for a duplex, condo, or apartment investment opportunity in town, contact us at Boston City Properties; we understand the area and can help you get connected with a property that suits your needs.

Selling a Multi-Family Home

With a relatively large share of condos and apartments in the area, there are typically a lot of people waiting for an opportunity to own a property. For this reason, finding a prospective buyer when it's time to sell should be fairly easy.

While it will take time to meet up with prospects, median property values, which are on the rise, makes this town a hot market. This means that it's crucial to ensure that any for-sale properties are well-maintained and ready for a competitive market. If you're looking to list one of these types of properties, let us at Boston City Properties help you find a buyer. Contact us now!

Neighborhoods in the Area

This town has two chief neighborhoods that have housing opportunities. These include:

• High Street – Also known as Granite Street, this neighborhood is known for its relatively lush vistas and its beautiful real estate. Property here is typically more expensive than in most Boston suburbs, but it's also not uncommon for homes here to have amenities like pools and expansive patios.
• Town Center – This town has property values that are relatively high compared to other parts of the state, and the properties in this neighborhood are actually 86 percent more expensive. Also, this area is very popular with commuters, 80 percent of the population commutes via car to Boston.

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