Methuen Multi-Family Homes
With its long history and excellent housing market, Methuen, Massachusetts is a great town that also has the convenience of being a stone's throw of about 28 miles from ever-growing Boston. As mentioned, the area is rich with housing opportunities; prospective residents will find single-family homes, condos, and apartments all on the market and looking for residents. As a result, investing in the area as a property owner is a great idea, especially considering that the town is currently experiencing a bit of a buyer's market at the moment. In fact, based on current market forecasting, the area is expected to experience steady property value growth in the next five years.
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Purchasing a Multi-Family Home
With the area currently experiencing a buyer's market, it's advisable to invest in a property in town, and while many people opt to purchase single-family homes, it can be a much more stable investment to consider purchasing a housing option like a duplex or apartment that can house more than one family.
Not only will one of these properties provide rental income, but with the steady year-over-year growth of Boston, which is augmented by major companies moving into the area, the surrounding suburbs in the Boston Metro Area are sure to see an increase in property value. With this in mind, purchasing now and yielding a profit in the coming years can be a great idea, and multi-family housing is a great portfolio builder if done right.
In many cases, prospective property owners balk at owning one of these properties due to the fact that they can often cost upwards of a million dollars, but these are typically safer investments, and banks recognize this. As a result, in many cases, it can be easier to get a bank loan on an apartment, duplex, or condo building because of the fact that these properties so rarely experience foreclosure. Simply put, they are a safer bet and a better return on investment for a financial institution and for the investor.
Additionally, the property values in this town, which hover around $343,000 at the median, are very reasonable considering the town's convenient positioning. Add to this the fact that the price per square foot is much lower than the Boston Metro average, and it's clear that purchasing property in this town at this point in time is a great idea.
If this sounds like something that you'd like to consider, then reach out to us at Boston City Properties; we have years of experience in Boston suburbs like Methuen, and we can help you find your ideal property.
Selling a Multi-Family Home
There are usually several reasons to consider selling a property of this type, but whatever this reason is, it's important to understand that the area is currently experiencing a buyer's market, which means that a sale may or may not quite go for the asking price. That being said, the Boston Metro Area is certainly experiencing a period of growth, which means that a person looking to sell their property shouldn't have a lot of trouble finding a wide selection of buyers that may be interested. For this reason, during the sales process, it's crucial to be patient; buyers will attempt to purchase the property for lowball values, so it's important to remember that other bids will come around, so don't settle.
When it comes time to sell, there are some features of a property of this type that are important to upsell. These include the fact that multiple family homes have a tendency to bring in a steady source of income for the owner, and even when a tenant is late, the steady income from the other tenants typically can keep a property like this safe from foreclosure. Additionally, these types of properties are increasing in popularity due to their compatibility with a busy tenant's lifestyle; they come equipped with convenience features and there's a maintenance staff on-hand that takes care of things like snow removal and area upkeep.
Finally, it's also important for any buyers to understand that this type of property can be optimized when it comes to monthly profits; owners can effectively select the most reliable tenants through leases. If you're considering selling a property like this in town, give us a call at Boston City Properties or check out our site for more information about property sales in the area.
Neighborhoods in the Area
With a population of nearly 50,000, this town has a lifestyle that seamlessly blends suburban and urban. Some of the most popular neighborhoods in the area include:
- Marsh Corner – Compared to other Massachusetts neighborhoods, properties in Marsh Corner are more inexpensive. The majority of residents in this area commute to work, and there's little crime.
- Howe Street – Also a fairly cheap area to rent a unit in a larger property, Howe Street is known for its apartment opportunities.
- Grosvenor Corner – As one of the more premium places to live in town, Grosvenor Corner has higher rental rates than other Massachusetts neighborhoods.
- Merrimack Street – This area of town has a few apartment opportunities that have a rent price that actually falls lower than about 51 percent of Massachusetts neighborhoods.
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