Millis Multi-Family Homes

Being 19 miles from a major metropolitan area yet keeping a suburban feel has its advantages, and as a result, the small town of Millis, MA, is a great option for professionals that need to commute. When it comes to properties, this small town has a wide variety of home types to choose from, but for investment value, housing units that can accommodate multiple families are a great option for anyone looking to make a good return on investment.

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These types of units, which include duplexes, condos, and apartments, are plentiful in the area and are also great income earners, so if you're looking for an opportunity to invest in the ever-growing Boston suburb market, this town is a good place to start.

Purchasing a Multi-Family Home

So, why purchase a housing option of this type? Firstly, this housing option is one of the most versatile because not only will it provide you with monthly income, but you can also segue it into a full-fledged housing opportunity for yourself. In fact, with owner-occupied financing, you'll just have to have a building with less than four units and you'll be able to get better loans with better interest rates.

This type of arrangement is perfect for hands-on property owners, and even you as the property owner aren't handy with things like repairs and maintenance, you can hire a management company to handle these aspects of the property.

Additionally, even if you're not planning on staying on-premise, a multiple family property is an excellent portfolio builder. With this type of investment, you can accumulate long-term wealth, and many investors use purchased rental properties as a means of providing support after retirement. When you're investing in single-family homes, the typical strategy is to execute quick flips that will provide a quick return on investment, but for homes with multiple families, you're playing a more long-term game, which is very advantageous for a town that's so close to Boston, which itself is undergoing a growth cycle.

While this type of portfolio building takes time and a cash investment in maintenance, rehabilitation, and renovation, owning a rental property is often considered a hedge investment due to the fact that it's widely regarded as safe from inflation. This is why, after a few years have passed, you'll almost invariably see a profit by investing in one of these housing units.

Purchasing one of these properties isn't the same as purchasing a one-family home, so rely on our expertise at Boston City Properties; contact us today so that we can show you what's available in the Millis area.

Selling a Multi-Family Home

So, you're ready to sell your property in this town, and you're wondering where to start so that you can make a quick sale. Selling a property with tenants isn't quite as cut and dry as selling a vacant single-family home, but there are techniques that you can learn in order to make things simpler. At Boston City Properties, we have a lot of experience helping clients list and sell their owned dwellings that are designed for multiple families, so follow these steps in order to make a successful and quick sale.

One of the first things that you should have prepared immediately is a sort of "due diligence" package. Any experienced property buyer will definitely want details; they'll request rent records for existing tenants, income and expense figures for running the property, lease records, and utility bills. Just be sure to have these ready for an interested buyer's perusal before they even as for it; it can facilitate a quick buying process if the negotiations go well.

Next, you should either get to work on any problems that exist on the property. Have a light switch that has a cracked plate? Are there problems with the baseboards in some parts of the property? How about non-working lights in some common areas? These definitely need to be fixed pronto because prospective buyers love tours of the property and any issues can quickly sour the deal. Also, if any area looks unclean, this can also turn a buyer off, so really pay special attention to getting rid of rust spots and general accumulated grime.

Also, to really expedite the sales process, you can reach out to local owners of surrounding properties; these individuals are typically looking to bolster their portfolios, so a local building like yours can really be attractive, especially if they can save money by using a single maintenance crew to manage the buildings that they own in the neighborhood.

Boston City Properties is committed to helping our clients make the best of their real estate sales, and we specialize in selling properties of this type. Give us a call or contact us on our page in order so that we can help you sell your listing.

Neighborhoods in the Area

Millis, as a smaller town of just over 8,000 residents doesn't have a set of neighborhoods save for the overarching one, but the properties in the area have a median home value of 401,600, which puts it in line with this area of Massachusetts but also sets it slightly higher than other areas of the country. The workforce blends both white- and blue-collar, and there are many residents that choose to commute to and from Boston.

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