Medway Multi-Family Homes

Medway, Massachusetts has a bustling real estate market that is growing thanks to the steady growth of the Boston job market. As a result, investing in one of the properties in town is a great idea for just about anyone that wants to grow out their investment portfolio, and some of the most advantageous properties to invest in are multi-family homes. These homes include duplexes, triplexes, quadplexes, condos, and apartments, and while the city does have standard single-family units, these types of properties aren't as sure of a bet as properties that can house more than one family.

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The town is also great for its optimal location; it falls only about 40 miles away from Boston, which means that commuting is quick and easy for residents.

Purchasing a Multi-Family Home

For those considering adding a property from this town to their portfolio of investments, it's absolutely crucial to understand that the city is currently undergoing a growth spurt; there are several new construction projects, and thusly there are several great opportunities. As of the last year, the city has demonstrated a growth trend of 5.4 percent, which is very impressive and a sure sign of things to come. The median home value in the area is approximately $443,000, which is far less than nearby towns like Sherborn and Norfolk.

Many prospective property owners worry about the viability of owning a property of this type due to the cost, but fortunately, it's actually easier to purchase a property that houses multiple families than single-family units. This is because banks are more inclined to provide loans for these types of homes due to their low foreclosure rate. While foreclosure rates are definitely low in this town (about 1.1 percent), banks also favor these properties due to their low vacancy rates.

Additionally, an owner can engage a property management company to help manage a property of this type. While this will require an investment, these companies are excellent for easing the cost and effort of maintaining the property; they manage tenant issues, rent collection, property maintenance, and will even handle the unfortunate business of tenant evictions. Management companies also ensure that each unit is equipped with top-of-the-line appliances, and in many cases, these companies can help make renovations easier, which will increase the market value of the property.

Currently, the homes in this area come in one-, two-, and three-bedroom configurations. This provides a lot of variety for those looking for a place to stay in the area. Additionally, in comparison to the single-family domiciles in the area, these homes can be much shorter term, which can be advantageous to potential tenants looking to either live in the area temporarily or who are looking to purchase their own homes when they become available.

There are a lot of great reasons to seek out one of these types of properties, and while the process can be a bit complex, we at Boston City Properties are well-versed in the property buying process, so give us a call.

Selling a Multi-Family Home

When a property owner is looking to sell a duplex, condo, or apartment, it's absolutely imperative that the property is priced appropriately and is well in-line with the property values in the surrounding town. This is a town that has its share of properties that are designed for multiple tenants, so having a property that's priced too high can mean a long period on the real estate market.

Conversely, it's also important to stay calm during the negotiation process; buyers will attempt to lowball the price of the property, which can be upsetting. When this happens, take a step back and counter the proposal with a price that's more in line with the proposed home value, and let negotiations proceed from there. Also, remember that when the prospective buyer proposes a price that's unrealistically low, this is a sure sign that the buyer isn't being serious. When this is the case, it may be best to move on to other offers. Need help creating a listing for a home in this area? Contact Boston City Properties today so that we can help you find a buyer.

Neighborhoods in the Area

Despite its relatively large size, the town only has a couple of neighborhoods, which include:

• Camp Breezy Meadow – Often considered one of the best neighborhoods for families in the state, Camp Breezy Meadow has parks and forested lands that are truly beautiful. Real estate in the area is also very well-kept, and properties here have a tendency to be 63 percent more expensive than other Massachusetts property values.
• Town Center – Like Camp Breezy Meadow, the area in this town's town center is very well maintained. Properties here also have a slightly higher value than in other parts of the state due to some very impressive homes that have a lot of history.

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