Millbury Multi-Family Homes

Home ownership is oftentimes considered to be the American dream, but there are several options for housing that many don't consider. For instance, owning a home that can be used by multiple families is a great way to actually invest in the real estate market in a set area, and Millbury, which is fairly close to Boston, has a booming market for these types of homes. The area has good schools, family-friendly areas, and some good mass transit options. As a result, the town is a great option for those seeking out opportunities.

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Purchasing a Multi-Family Home

One of the best aspects of living in a Boston suburb is how friendly the area is to homes that can house more than one family. Millbury, which is about 45 miles from Boston by car, is absolutely friendly to this sort of living, and there are few better towns to purchase a home of this type. For those that don't know, a home like a duplex, triplex, quadplex, condo, townhome, or apartment building all fall into this category, and as you may expect, these types of housing arrangements are well-known for fostering a sense of community among the residents.

As a result, these homes are great for investors; you can purchase one and rent or sell units inside of the property and turn a fairly stable profit. Also, properties in town are actually fairly inexpensive for a Boston suburb, and the median house or condo value in the area is around $339,900 or so, which means that the pricing falls well below typical state levels. As a result, there are certainly some opportunities in town; this is a suburb of Boston in commuting distance from the city, so professionals will be interested in the area due to the town's suburban charm.

Purchasing a home of this type should still be well-researched; you'll want to investigate the neighborhood of town, understand the state of the property, and research the level of housing demand in the area. Fortunately, this town is a market that's on the rise, so it'll be worthwhile to purchase a unit in the area and rent it out or sell units to potential condo buyers.

If you're interested in pursuing one of these types of investments, contact us to purchase a home that can accommodate multiple families in Millbury.

Selling a Multi-Family Home

With an expanding real estate market in and around the Boston area, a property owner that has a home for multiple families might consider this a good time to sell. Fortunately, these homes are very marketable, and when it's time to put the property on the market, finding interested parties shouldn't be too difficult. Additionally, a property owner should also have no issue selling a multi-tenant unit even if there are tenants currently residing on the property, as long as the tenants' rights are observed.

One of the best features of selling one of these properties with existing tenants is that property buyers can see what each unit looks like occupied, which can help boost the value of the actual sale. In Massachusetts, property owners can sell homes with tenants, and the tenants can even stay out the lease terms with the new owner, and in some cases, extend as well.

In order to sell the property, it's important for an owner to consider the most important aspects that make it unique in comparison to other nearby properties. Does the duplex, triplex, quadplex, condo, or apartment have hardwood floors? If so, this is very valuable for people trying to invest in local properties. Has the property recently undergone a renovation? Renovations are a tried-and-true means of increasing the value of a property, and they simply make the area look better that's for sale.

When the selling process begins, expect there to be a negotiation phase because most buyers won't immediately want to pay the exact asking price for a new property. That being said, it's almost inevitable that a potential buyer is going to attempt to lowball the price of a new property, which is why it's very important to remain in control, and only go lower than the asking price when it's within a reasonable range; if it's too low and the buyer doesn't seem to want to negotiate reasonably, find another buyer.

Sign up with Boston City Properties if you're looking to list your home in town with multiple units – we'll help you find a buyer willing to give you what your property is worth.

Neighborhoods in the Area

This town is known for having five distinct neighborhoods that provide a fairly varied but safe overall experience. These include:

• Paul Revere Village – This neighborhood is also the home to a namesake condominium, and as a result, there's a deep sense of community in the area.
• Tiffany Circle – Tiffany Circle has its share of properties, and it's in this area where a visitor would find some of the most well-maintained duplexes and triplexes.
• The Western Side of Town – This area of town has a strong natural presence; there are a lot of trees and this is considered one of the more dog-friendly areas.
• Worcester Acres – Considered a very safe part of town, Worcester Acres is very family-friendly and has easy access to local freeways.
• The Town Center – The town's center is very well-maintained and has a very quaint atmosphere that makes it feel very cozy for residents. There are housing opportunities in this area, and it's a prime area for purchasing real estate due to the wide open spaces.

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